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;
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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.