Many lodgement and payment deadlines are looming for business including those relating to Activity Statments, Superannuation, and more….
12 May – 3rd Quarter 2018/2019 Activity Staterments – due for lodgement and payment if lodging electronically
21 May – April 2018 monthly Activity Statements – due for lodgement and payment
21 May – FBT annual tax return – due for lodgement and payment for self-preparers
28 May – Due date for lodgement and payment of the Superannuation Guarantee Charge Statement if you failed to pay Superannuation Guarantee on time for the January-March quarter. Superannuation Guarantee Charge is not deductible
21 June – May monthly Activity Statements – due for lodgement and payment
25 June – 2019 FBT annual tax return – due date for lodgement and payment if using a Tax Agent who lodged electronically
30 June – Superannuation Guarantee payments must be received by Superannuation funds by this date in order to be deducted in 2018/2019
30 June – End of the 2018/2019 financial year
Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day.
Happy New Financial Year!
Deficit Levy to be abolished – thus resulting in a 2% tax cut for individuals with taxable income in excess of $180 000.
On 6 June 2017, the Fair Work Commission handed down its annual wage review. The decision varied the following:
- Minimum wage rates in Modern Awards – increased by 3.3% from first full pay period commencing on or after 1 July 2017 (rounded to the nearest 10 cents)
- National minimum wage – increased by 3.3% to $694.90 per week, or $18.29 per hour
- Wages for juniors, apprentices – most rates are expressed as a percentage of nominated adult rate so they receive a proportionate increase to the adult rate
- Wages for trainees and piece workers – most trainees are covered by the National Training Wage system that is included as a schedule in most awards. National Training Wages will also be increased by 3.3% from the first pay period on or after 1 July 2017. Piece rates will increase in accordance with the relevant provisions in the modern award, pay scale or transitional award.
- Supported wage system – employees with a disability: these employees are paid a percentage of the relevant adult wage, based on their assessed capacity. The 3.3% increase will also flow through to these employees.
Rental Property Deduction Crackdown
First Home Saver Scheme to Commence
Voluntary super contributions made from 1 July 2017, will be able to be withdrawn as a deposit for a first home. More information.
Single Touch Payroll
Available for some employers