Compliance Lodgement Dates: 1 July 2015 to 30 September 2015
With the new financial year already upon us, we want to let you know of some important dates relating to your lodgement and compliance obligations for the period 1 July 2015 to 30 September 2015:
21 July 2015
- For clients who lodge activity statements monthly: June 2015 monthly activity statement is due for lodgement and payment.
28 July 2015
- Quarterly PAYG instalment notice (form R, S or T) for the quarter ended 30 June 2015 is due for payment. No lodgement is required unless you vary the amount nominated by the ATO.
- If you did not pay the Superannuation Guarantee Contribution (SGC) (for the period 1st April 2014 to 30th June 2015) before 30 June 2015, please pay by 28 July 2015. Any payment after this date will not be deductible and in addition, the ATO may impose fines for non-payment by the due date.
- Lodgement and payment of June 2015 quarterly activity statement. If you lodge the activity statement by yourselves, it is due by 28 July 2015. However if our office is lodging the activity statement we have been granted an extension by the ATO to mid-August 2015.
14 August 2015
- If you are preparing the PAYG Withholding Payment Summary Annual Report, it must be lodged by 14 August 2015.
- If the PAYG Withholding Payment Summary Annual Report is prepared and lodged by our office, we have an extension to 30 September 2015.
21 August 2015
- The July 2015 monthly activity statement is due for lodgement and payment.
21 September 2015
- August 2015 monthly activity statement due for lodgement and payment.
30 September 2014
- PAYG Withholding Payment Summary Annual Report for businesses with Tax Agent involvement is due 30 September 2015. Business with only family members as employees, may be able to lodge the report by the due date of the income tax return if the report is prepared and lodged by us.
Toward the end of September 2015 we will communicate with you again to inform you of your tax compliance obligations for the period 1 October 2015 to 31 December 2015.
On other relevant matters, please note:
a) If you have employees, you should issue the 2015 PAYG Payment Summaries (former Group Certificates) to the employees by 14th July, 2015.
b) Small Business Accelerated Depreciation
The measures announced in the 2015/16 Budget on 12 May related to this matter have now become law and they will be in force until 30 June, 2017. You will be eligible to a 100% deprecation deduction for EACH item of equipment that costs (net of GST if the business is registered for GST) $19,999 or under. Both new and second hand assets are eligible for the accelerated depreciation deduction. In the case of a passenger vehicle that is used mainly for business purposes you can claim the accelerated deprecation for the business percentage only, provided the total purchase price of the vehicle is under $20,000.
Please note: if you purchase a car for say, $25,000 but after a trade-in of say, $7,000 you pay $18,000 only, you are not eligible for the accelerated depreciation. In this case, the cost of the asset is $25,000.
There were not changes to the treatment of superannuation in the 2015/16 Budget. Furthermore the Prime Minister has since stated that the government has no plans for any adverse changes in the future.
Please don’t hesitate to contact us with any queries relating to your taxation and accounting affairs on (02) 9713 1199
All of us at Gotsis Accounting are looking forward to seeing you soon.