Category: Key Dates for Business

Key Dates for Summer 2019/2020

Posted on December 11, 2019 by - Blog, Business Tax, Featured Articles, GST, Income Tax & FBT, Key Dates for Business, Small Business, Superannuation

Many key dates are looming for business including those relating to Activity Statements, superannuation, and more…. 

DECEMBER 2019 

1 December – Due date for income tax payments for companies that were required to lodge by 31 Oct.  
21 December – November monthly Activity Statments – due for lodgement and payment . 

JANUARY 2020 

15 January – Due date for lodgement of income tax returns for companies and trusts that were taxable medium to large businesses in the prior year and are not required to lodge earlier. If you fail to lodge by the due date, your 2019/2020 income tax return will be due on 31 October 2020. 
21 January – Due date for lodgement and payment of December 2019 monthly Activity Statements. 
28 January – Due date for October-December 2019 Superannuation Guarantee contributions to be made to a complying fund on behalf of your employees. 
31 January – Final date for lodgement of October-December 2019 TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries. 

FEBRUARY 2020

21 February – Due date for lodgement and payment of January monthly Activity Statements. 
28 February – Due date for lodgement and payment of October-December 2019 quarterly Activity Statements, including electronic lodgements. 
28 February – Due date for lodgement and payment of Annual GST returns or Annual GST information reports – if you do not have an income tax return lodgement obligation. 
28 February – Due date for lodgement and payment of income tax returns for self-preparing entities that were not due at an earlier date. If you fail to lodge by the due date, your 2019/2020 return will be due on 31 October 2020. 
28 February – Due date for lodgement and payment of income tax returns for medium to large businesses (taxable and non-taxable that are new registrants). 
28 February – Due date for lodgement and payment of Superannuation Guarantee Charge Statement if you failed to pay Superannuation Guarantee charge on time for the October-December 2019 quarter. Superannuation Guarantee Charge is not deductible. 

Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day except in the case of Superannuation Guarantee contributions. 

SINGLE TOUCH PAYROLL

Posted on June 13, 2019 by - Blog, General, Key Dates for Business, Small Business, Superannuation

1 July Employers with less than 20 employees should start transition to Single Touch Payroll (STP)

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO.

If you are using a solution that offers STP reporting, such as payroll or accounting software, you will send your employees’ tax and super information to the ATO each time you run your payroll and pay your employees.

The information is sent to the ATO either directly from your software, or through a third party – such as a sending service provider.

If you have a software provider, they can tell you more about the type of STP solution they offer. For a list of available STP solutions visit the https://api.gov.au/productregister/

There will also be a number of options available for employers who do not use payroll software, such as http://No-cost and low-cost Single Touch Payroll solutions.

Options will depend on your number of employees:

  • Large employers with 20 or more employees should now be reporting through STP, or have applied to the ATO for a later start date.
  • Small employers with 19 or less employees will need to report through STP from 1 July 2019. This is a gradual transition, and the ATO is providing flexible options.
    • If you’re an employer with four or less employees you will have additional options.