In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc
This article will apply to businesses running as sole traders, companies, trusts and partnerships.
Find out what payments and lodgements are due in April and May 2018 for you and your business!
If you are required to pay PAYG Instalments quarterly, you should either have received a paper form, or have access to the form online via your MyGov account. Your due date for payment of Instalment is 28 April 2018.
You should have received a paper form by now, or have access to the form online via the Portal.
The due date for lodging and paying BAS is 28 April 2018, unless you are lodging through an agent like ourselves, then you enjoy an extension for lodgment and payment by 26 May 2018.
If you are required to report GST or PAYG Withholding on a monthly basis, your April Activity Statement will be due by the 21st May 2018.
For businesses that have employees, please ensure that you make your super guarantee contributions before 28 April 2018. Previously you would lodge the contributions via the Small Business Superannuation Clearing House (SBSCH). From 26 February 2018 onwards the Clearing House is accessed via the ATO’s online services (Business Portal). If you need a hand with setting up a Business Portal, or would like us to handle this whole lodgement process on your behalf, please contact us.
Businesses that have access to Xero’s Auto Super need to ensure their payment is authorised a few business days before the due day, for the payment to be debited in time.
The FBT year has ended 31 March 2018. For those who require a return lodgement, your FBT Return is due by 21 May 2018. Please contact us for instructions on the lodgement of the return.
Need more information? Contact Us
From 1 July 2018, if you have 20 or more employees, you’ll need to use Single Touch Payroll-enabled software to report your tax and super information to us.
This means that you need to do a headcount of the number of employees on 1 April 2018, if it is 20 or more employees then you are required to use Single Touch Payroll from 1 July 2018.
More information can be found on our article published earlier .
If you require assistance please get in touch with us!
We have recently been to the Xero Roadshow in Perth where we were shown some of the upcoming exciting features that Xero is implementing in the near future.
We thought we would share with you, in the following article, some of the hidden tips that Xero users could potentially try to speed up their bookkeeping process, giving Xero users more time to spend on things that matter to them the most, or just chill out on the beach with a cocktail in hand!
We explore the hidden calculator function, how to set your favourite report and how to set up Xero to Xero network key so you can potentially get paid faster!
The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.
Single Touch Payroll is a new system for employers to conveniently report their employee wages, withholding and superannuation information at the time when they prepare payroll on their accounting or payroll software.
