Superannuation - Aston Accountants

Upcoming lodgements & payments – April & May 2018

Find out what payments and lodgements are due in April and May 2018 for you and your business!

Individuals

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.

Businesses

Quarterly Business Activity Statements (BAS)

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.

Monthly Activity Statement for April

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.

Quarterly Super Guarantee Contributions

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.

2018 FBT Return Lodgement

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

First Home Super Saver Scheme

Help to buy your first home

The First Home Super Saver Scheme (FHSS) was introduced to reduce the pressure on affordable housing. Access to this scheme applies from 1 July 2018.

From 1 July 2017 concessional and non-concessional contributions you make to your super fund can be applied to be released to help you purchase your first home. Release requests can only be made after 1 July 2018.

Concessional/before tax contributions include salary sacrifice amounts, contributions by your employer and any other contribution you have claimed a tax deduction for. Non concessional/after tax contributions are contributions you voluntarily make from your after tax dollars.

To be eligible:

applicants must be over 18 years of age
you must not have owned any property in Australia previously
you must not have used the FHSS already
intend to live in the property you wish to purchase as soon as practical after purchase
intend to live in the property for at least 6 months in the first year of owning the property

And no, don’t think about using the release funds to purchase a house boat, a motor home, vacant land or any other type of premises not capable of being occupied as a residence.

How much can you release from your super?

Eligible individuals can apply to release 100% of non concessional contributions and up to 85% of concessional contributions but are limited to a maximum of up to $15,000 in one financial year. The maximum that can be released is $30,000 in total across more than one financial year.

Will there be tax?

Of course there will be tax! The ATO will work out the tax to withhold from your released funds at your estimated marginal tax rate less a 30% tax offset or at 17% tax.

And yes, the released funds are also included in your taxable income in the year you request the release. But the amount won’t affect any family tax benefit calculations for that same year.

If your request to release the funds is granted, there is a 12 month time limit to sign a purchase or construction contract. Although it is possible to request an extension, if not granted, you can be requested to recontribute the release amount back to your super fund or pay further tax on the release amounts.

Please note the above is factual information only. If you would like advice concerning the FHSS and your personal situation please contact us. One of our authorised representatives would love to help you out.

Contact Us

in News / Self Managed Super Funds by Melissa de Largie

New Single Touch Payroll – how will it affect you as an employee?

The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.

How will it affect me?

Downsizing into Superannuation

The Government has released a Fact Sheet on their plan to encourage older people to downsize from homes that no longer meet their needs and to free up housing stock for young families starting out.

From 1 July 2018, older Australians will be provided with greater flexibility to contribute the proceeds of the sale of their home into superannuation, reducing a current disincentive to downsizing.

Read the Fact Sheet Here.

in Capital Gains Tax / News / Self Managed Super Funds by Emily Yip

Recent changes affecting super contributions

From 1 July 2017, the following key changes to the contribution rules now apply: