APRIL 2015 QUARTERLY NEWSLETTER
We specialise in Businesses High Net Worth Individuals Companies Trusts Partnerships Sole Traders SMSFs APRIL 2015 QUARTERLY NEWSLETTER KEY DATES FOR THIS QUARTER 21 APRIL March 2015 monthly business activity statement – due date for lodging and paying except for small business clients (that is up to $10 million turnover) who report GST monthly and lodge electronically. 28 APRIL Quarterly activity statement, quarter 3, 2014–15 – due date for lodging and payment – paper lodgements. Broad range of services Quarterly instalment notice, quarter 3, 2014–15 – due date for payment. You only need to lodge if you are varying the instalment amount. Asset Protection Super guarantee contributions for quarter 3, 2014–15 – employers must make contributions to the fund by this date. Income Protection Business Planning Succession Planning Taxation Planning Specialist business development Wealth creation Taxation Audits April 2015 monthly business activity statement – due date for lodging and paying except for small business clients (that is up to $10 million turnover) who report GST monthly and lodge electronically. Income Tax Returns Fringe Benefits tax annual return — due date for lodging. Land Tax Payroll Tax Fringe Benefits Tax Capital Gains Tax Rollover relief from Capital Gains Tax Tax planning of Trusts GST Establishment of Business Structures Corporate Law Issues Financial Statement Preparation Other compliance Cash flow budgeting Preparation of regular management accounts 15 MAY 2014 Income tax returns for all other entities that did not have to lodge earlier Due date for : - lodging - company and superannuation funds to pay if required Individuals in this category to pay as advised on their notice of assessment. 21 MAY 26 MAY Quarterly activity statement, quarter 3, 2014–15 – due date for lodging and payment – tax agent lodgements. 28 MAY Fringe Benefits tax annual return — due date for payment. Due date for lodging the Superannuation guarantee charge (SGC) statement and payment of the super guarantee charge for quarter 3, 2014–15 if the employer did not pay enough contributions on time. 21 JUNE May 2015 monthly business activity statement – due date for lodging and paying except for small business clients (that is up to $10 million turnover) who report GST monthly and lodge electronically. 30 JUNE Super guarantee contributions must be paid by this date to qualify for a tax deduction in Suite 6, Level 1 15-17 Forest Road Hurstville NSW 2220 PO Box 609 Hurstville BC NSW 1481 SUCCESS IS EARNED T: 02 9580 4055 F: 02 9588 2136 [email protected] www.facebook.com/BMLpartners www.bmlpartners.com.au www.linkedin.com/company/bml partners www.twitter.com/BMLpartners MYOB IN THE CLOUD MYOB has a range of new products to suit everyone, with some offerings as low as $16.00 per month! MYOB offers the best of both worlds with their MYOB Account Right Live product working on the desktop and in the cloud. Having your MYOB file in the cloud not only provides your business with many time savers including bank feeds and memorised transactions but it assists us to reduce your accounting fees as we are working on the same “live” file. If you are already paying your “MYOB cover” subscription you may be eligible to move one of your files to the cloud for free! With the financial year end around the corner now is the time to make the move! Contact us as soon as possible if you want to discuss this in more detail and we can provide additional information. FBT YEAR END IS COMING UP—31 MARCH If you have a company car please don’t forget to record your closing odometer amount on 31 March. This is required in order to complete your 2015 FBT return. We have started sending out our annual “FBT Client Questionnaires” by email so please keep a look out for these and return them as soon as possible. The due date for lodgement and payment of FBT returns is 21 May 2015. TIME LIMITS FOR FAMILY ASSISTANCE PAYMENTS The ATO has reminded taxpayers who want to claim family assistance payments for the 2014 financial year that they must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be eligible. This deadline applies to taxpayers who intend to lodge a claim for: - Family Tax Benefit; - Child Care Benefit; and - Single Income Family Supplement (SIFS). These people must also lodge their 2014 Individual income tax returns by 30 June 2015 to receive their full Family Tax Benefit and SIFS entitlements (whether lump sum payments or payments that have been received throughout the year). If they do not need to lodge an income tax return for the 2014 financial year, they must notify Centrelink by 30 June 2015. These are separate requirements, so taxpayers can lodge their claim for family assistance lump sum payments even if their income tax returns have not yet been lodged or finalised. ATO UPDATE REGARDING THE 'DIRECTOR PENALTY REGIME' The release of this ATO fact sheet follows a number of recent cases involving directors being largely unsuccessful in arguing why penalties under the director penalty regime should not apply to them. The ATO has issued a new fact sheet aimed at helping directors (and those that are about to become a director) understand their obligations under the Director Penalty Regime in respect of unpaid and unreported Pay As You Go (‘PAYG’) and Superannuation Guarantee Charge (‘SGC’) amounts. In particular: Directors will be personally liable for unpaid PAYG withholding or SGC amounts. - Director penalties can apply even if an individual is no longer a director of a company, or is a newly-appointed director. - The ATO is likely to issue a director penalty notice to collect company debts where the company hasn’t engaged to resolve outstanding obligations. - Payment is the only option to remit the penalty if the associated company liability was not reported within three months of the due date (e.g., if an SGC statement was required to be lodged by 28 August, but this had still not been done by 28 November). - The ATO recommends that address details with the ATO and ASIC are kept up to date to ensure any time-sensitive action can be taken by impacted directors. 4% GONE, BUT CAPITAL WORKS SHOULDN'T BE FORGOTTEN On the 18th of July 1985, legislation was first introduced to allow owners of residential investment properties to claim capital works deductions. This allowed owners to claim a loss for the wear and tear of the structural and fixed items contained within an investment property such as walls, ceilings, roofs, windows and doors. When the legislation was initially introduced, owners could claim capital works deductions (depreciation for structural items of a building) at a rate of 4% per year for up to twenty-five years. However, on the 16th of September 1987 an amendment was made to the legislation, where the owners of residential properties in which construction commenced after this date could only claim capital works at a rate of 2.5% over forty years from construction completion. As more than twenty-five years have passed since the original legislation was introduced, owners of residential properties built between the two dates can no longer claim the 4% deduction for capital works. This doesn’t mean that the owners of properties in which construction commenced prior to 1987 won’t be entitled to claim any capital works deductions. Capital works deductions are potentially still available for any recent renovations. Substantial depreciation deductions are also available for any of the plant and equipment assets contained in the property.
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