KEY DATES : October 2012


Date Category Description
     
21 Oct 2012  Activity statements  Final date to lodge and pay September 2012 monthly activity statements.
     
21 Oct 2012  PAYG instalments  Annual PAYG instalment notice - Final date for payment and, if using the rate method or varying the instalment amount, final date for lodgment.
If you have already lodged your annual income tax return, you should not vary your annual instalment.
     
21 Oct 2012  Activity statements 

Final date for head companies of consolidated groups to lodge and pay Quarter 1 (July - September 2012) PAYG instalment activity statement.

     
28 Oct 2012  Activity statements  Final date to lodge and pay quarter 1 (July - September 2012) activity statements.
     
28 Oct 2012  GST instalments  Final date for electing to pay GST by instalments (option 3) for June balancers if another reporting option was previously used.
Final date for opting out of option 3 for the current financial year (2012-13).
     
28 Oct 2012  GST  Final date for eligible quarterly GST reporters to elect to report GST annually.
     
28 Oct 2012  GST instalments  Quarter 1 (July - September 2012) instalment notices - Forms S and T. Final date for payment and, if varying the instalment amount, lodgment.
     
28 Oct 2012  PAYG instalments  Final date for eligible instalment reporters to elect to report annually (for June balancers).
     
28 Oct 2012 PAYG instalments  Final date for notifying your quarterly PAYG instalment reporting and payment choice for the 2012 income year (for June balancers).
     
28 Oct 2012  PAYG instalments  Quarter 1 (July - September 2012) instalment notices - Forms R and T. Final date for payment and, if varying the instalment amount, lodgment.
     
28 Oct 2012  Superannuation  Superannuation guarantee contributions for quarter 1 2012-13 (1 July - 30 September) to be made to the fund by this date.
If an employer does not make the minimum superannuation guarantee contributions for quarter 1 by this date, they must pay the SGC and lodge a Superannuation guarantee charge statement - quarterly (NAT 9599) with the ATO by 28 November 2012.
The SGC cannot be deducted from tax.
     
 28 Oct 2012  Activity statements Annual activity statement 2010-11 - TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries - final date for lodgment and payment.
     
31 Oct 2012 Superannuation  Final date to lodge DASP annual report.
     
31 Oct 2012 Superannuation  Member contributions statement (paper or electronic) - Only applicable for APRA funds.
Lost members report for 1 January 2012 - 30 June 2012.
     
31 Oct 2012 PAYG withholding  Final date to lodge the PAYG withholding where ABN not quoted – annual report.
You can use this to report amounts withheld because another entity did not quote their ABN. 
You do this at label W4 of the activity statement.
     
31 Oct 2012 PAYG withholding  Final date to lodge your PAYG withholding from interest dividend and royalty payments paid to non residents – annual report. Payments of dividends, interest, and royalties to nonresidents are subject to withholding. These amounts are reported at label W3 of the activity statement.
     
31 Oct 2012 PAYG withholding  Final date to lodge your PAYG withholding annual report – payments to foreign residents. Payments made to foreign residents for entertainment or sports activities, construction and related activities, and arranging casino gaming junket activities are subject to withholding. These amounts are reported at label W3 of the activity statement.
     
31 Oct 2012 GST 

BAS P - Annual GST return or Annual GST information report - Lodgment and payment (if required) is due when the income tax return is due.
If you use a tax agent, different lodgment and payment dates may apply.

     
31 Oct 2012 Income tax  Final date to lodge individual, partnership, and trust income tax returns, unless an approved SAP has been granted.
     
31 Oct 2012 Income tax  Income tax return lodgment due date for all June balancing company and superannuation funds where one or more prior-year returns were outstanding, as at 30 June 2012.
     
31 Oct 2012 Annual investment income reporting  Final date to lodge the Annual Investment Income Report (AIIR) for all investment bodies.
     
31 Oct 2012  TFN report TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries - final date for lodgment.

NOTE:

  • As some dates may vary, please ensure you contact the ATO to double check any dates in question.
  • When the due date for lodgment or payment falls on a Saturday, Sunday, or public holiday, it may be done on the next business day.


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 SUPER SEEKER

Improvements to the free online tool, SuperSeeker is making it much easier for people to keep track of their super. You can now log in to a secure system and see details of active accounts, as well as any lost super and super that the ATO holds on your behalf. You can also request a transfer of funds between accounts with one simple online form.

when you log in to SuperSeeker at www.ato.gov.au/superseeker you will need to have your tax file number close by to do an initial search.  To clarify your identity and create a secure login you will also need two of the following documents:

  • a notice of assessment from the ATO or super account member statement (from any of the last five financial years)
  • bank account details, a PAYG payment summary, a dividends statement or a Centrelink payment summary (from either of the last two financial years)

If you earn $37,000 or less per year, you may be eligible to receive a boost to your super annually effective from the 2012-2013 financial year.

However, there are limits on how much you can contribute to super before incurring extra tax. From 1 July 2012, the transitional concessional contributions cap for people aged 50 or over will cease, reducing the cap to $25,000.

If you exceed your concessional contributions cap by $10,000 or less for the first time since 1 July 2011 you may receive a once only offer to have your excess contributions refunded and taxed at your marginal tax rate, rather than paying excess contributions.

For more information about contributing to super visit www.ato.gov.au/supercaps

 CHANGES TO SUPER - EMPLOYERS TAKE NOTE!

From July 2013  the super guarantee will be increased from 9 per cent to 9.25 per cent and will gradually rise to 12% over the next 6 years. Employers will need to update their payroll & accounting systems to include the increases to the super guarantee rate.

Also changing from July 2012 is the upper age limit for employee guarantee liability. This will be removed, meaning employers may need to make super guarantee contributions on behalf of employees who are 70 years or older.

July 2014 sees more changes with the rate increasing from 9.25 per cent to 9.50 per cent. A new date and e-commerce standard will be introduced to medium and large employers. If you have 20 or more employees, you will need to use the new standard when making super contributions on behalf of your employees.

The new standard will mean:

  • fewer data quality issues
  • a simpler, more consistent contribution process
  • fewer lost accounts & unclaimed monies
  • faster processing of employees' money into their super account
  • lower overall processing costs

From 1 July 2015 to 1 July 2019
Small employers with less than 20 employees must use the new data and e-commerce standard from 1 July 2015 when making super contributions on behalf of your employees. This is subject to further consultation with industry.

You may find it beneficial to register for the Department of Human Services' free Small Business Superannuation Clearing House to help you meet your super guarantee obligations. You can register at www.humanservices.gov.au/smallbusinesssuper or phone the Department of Human Services on 1300 660 048.

 

   YEAR SUPER GUARANTEE RATE
   Current  9.00%
  2013-2014 9.25%
  2014-2015 9.50%
  2015-2016 10.00%
  2016-2017 10.50%
  2017-2018 11.00%
  2018-2019 11.50%
  2019-2020 12.00%

 

 BEWARE OF TAX RELATED SCAMS

The ATO are aware of some tax related scams that are currently circulating. The most notable one which we know a few of you have received is an e-mail claiming to be from the ATO. Please Note the ATO will
never send you an email requesting you to confirm, update or disclose confidential details such as credit card details, date of birth, Tax File Number etc, via an unsecure channel such as email. From time to time they will send you emails promoting new services or alerting you to due dates, eg. tax time is approaching or your business activity statement is due, but that is it.

One of the latest scams is an e-mail stating you are eligible for a refund and instructs you to click on a link to submit a form to receive it. Some also have attachments that are infected with viruses. If you receive one of these emails please contact the ATO via ReportEmailFraud@ato.gov.au or for individuals phone 13 28 61 and businesses can ring 13 28 66.   


APPOINTMENTS ARE NECESSARY

We expect clients to book ahead if they would like to access a staff member so we can schedule our appointment rooms availability and also assist us in providing the highest level of service to all clients. That is, unexpected interruptions are detrimental to the service being provided to the client we are working on at that time. So please be aware that during peak periods your accountant will not always be available to take your call or see you if you do not have an appointment, in these cases you are welcome to leave a message or send an e-mail directly to your accountant and they will respond as soon as they can.  

If you need an appointment please ring 03) 5722 9595 or you can request an appointment via our website. Otherwise we are more then happy for you to leave your work with us and should we have any queries we can contact you.

Please note that our accountants are booking out weeks in advance so be aware you may not get your first preference for your appointment.


   

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Kind Regards

 

The Team
Selwood Ackerly Accounting Services 
www.saaccounting.com.au

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