Author name: Oddball

15 May Lodge 2020 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession. Due date for companies and super funds to pay if required. Note: Individuals and trusts in this category pay as advised on their notice of assessment. 21 May Lodge […]

21 April Lodge and pay quarter 3, 2020–21 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay March 2021 monthly business activity statement. 28 April Lodge and pay quarter 3, 2020–21 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 3, 2020–21 instalment notice (form R, S or

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions

From Government Compulsory director ID exposure draft rules released Treasury has released the exposure draft to implement director identification numbers as part of the Government plan to modernise how business registers are managed. Under the program, 31 business registers managed by ASIC will be consolidated into a single platform and directors will be issued with

The ATO has clarified the tax treatment of JobKeeper payments handed back to the Government. The clarification comes after the Super Retail Group, Dominos Pizza and Toyota collectively returned more than $20 million in JobKeeper payments after reporting exceptional trading results. Where a business has handed back JobKeeper despite qualifying for the payments, the ATO

When it is time to take your lump sum of superannuation and retire it is important that your funds are not only invested in the most suitable assets for your retirement but also to ensure your superannuation is invested in the most suitable superannuation structure. What most people require in retirement is an income stream from

The first criminal conviction has been handed down by the Heidelberg Magistrates Court on three counts of making a false and misleading statement to the Commissioner of Taxation, in order to receive $6,000 in JobKeeper payments to which Raed Saleh was not entitled to. The ATO understands how vital the JobKeeper payment is to the

What’s due for March 21 March – Activity statements – February monthly activity statements – final date for lodgment and payment. From Government CGT rollovers – proposed general business restructure to replace In 2019, the Board of Taxation started a review of CGT roll‐overs. A new recently released consultation paper is the next key phase of this

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed. A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related to you

21 February Lodge and pay December 2020 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically. Lodge and pay January 2021 monthly business activity statement. 28 February Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).   Payment (if required)