MHP News

February 2018

The new year has arrived and is well under way! We hope you have started the year successfully and that the year brings you great things, financially and personally.

Our MHP newsletter will now be issued to you bi-monthly. Be sure to continue to tune in to make sure you are up to date with all the latest news, changes and important deadlines in the tax and accounting world. 

In House Tidbits

Hamilton Reaches a Milestone!

Hamilton has recently celebrated his 60th Birthday! This milestone also coincides with his 20 year anniversary at McDonnell Hume Partners. Congratulations Hamilton! A fabulous 'double' celebration.

 

Holiday Refresh

The staff at MHP had a lovely break. We hope you too had some down time over the holiday period. We returned on the 6th January and hit the ground running. We are ready and raring to make 2018 a fabulous tax and accounting year.

Has the new year brought on some new and exciting ideas and ventures for you? Be sure to talk to our team to help guide you through your ideas and thoughts. We can make sure you have considered all the relevant tax and accounting implications and assist you turn your ideas into reality. Talk to us to get the right advice. This link talks about the advantages to using a Registered Tax Agent to assist in your accounting and tax matters.

https://www.ato.gov.au/Newsroom/smallbusiness/General/Getting-the-right-advice-on-GST-and-tax/

Tax Time 2017

15 May 20018 Due Date

Do you need to lodge your income tax return by 15 May 2018!? Not sure? Please read below!

You must lodge your 2017 tax returns if you have not already lodged and are not eligible for the 5 June 2018 concession.

If you are a company or super fund in this group you also need to pay on this date (if required).

Note: Individuals and trusts in this category pay as advised on their notice of assessment.

If you fit into this category and you have not yet submitted your information to us for processing, it is essential you bring your work in to us asap. Remember the ATO imposes fees for late lodgement of your income tax returns!

We will be contacting clients in this group in the immediate future.  

Single Touch Payroll

*ATTENTION EMPLOYERS*

Single Touch Payroll will change the way you report your employees' tax and super information to the ATO.

It means employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and super information to the ATO directly from their payroll solution at the same time they pay their employees. This means your employees' wages, super, withholding and allowances will be available in 'real time' for the ATO to review.

Employers may need to update their payroll solution to report through Single Touch Payroll.

For employers with 20 or more employees, Single Touch Payroll reporting starts from 1 July 2018.

The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019.

This will be a big change for employers and its important you keep up to date with any changes and additional information. This will be a mandatory change. If you are employing staff and not currently using an accounting software system please talk to us to guide you through the transition of upgrading. 

Watch this video from the ATO to find out more or visit ato.gov.au/singletouchpayroll

We will keep you updated as more information is released.

Small Business Superannuation Clearing House (SBSCH)

Do you use the ATO's Small Business Clearing House facility? If so, please click on the link below and read about what's new. The use of this function is about to change. You will now require an authentication credential, either an AUSkey or Manage ABN Connections via myGov to access this service. This change will be effective come the end of February therefore, you will need to action this change to be able to pay your employees superannuation from this date.

https://www.ato.gov.au/Newsroom/smallbusiness/Super/Use-the-Small-Business-Super-Clearing-House-/

Don't use the SBSCH? Then check out this great function! It is for Employers with 19 or less employees and it is free! It takes the hassle out of paying super and is super stream compliant. Have a read and let us know if you are interested and we can assist in setting you up.

https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/

28 February is a BIG Lodgement Day!

Be sure you meet your obligations this month. Below are the Due Dates for 28 February 2018 as listed by the ATO.

  • Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).

         Payment (if required) for companies and super funds is also due on this date.
         Payment for trusts in this category is due as per their notice of assessment.

  • Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).

         Payment (if required) for companies and super funds is also due on this date.
         Payment for trusts in this category is due as per their notice of assessment.

  • Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.
    Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.

  • Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.

  • Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31October 2017 due date at finalisation of a review of the SMSF at registration.
    Note: There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.

  • Lodge and pay quarter 2, 2017–18 activity statement for all lodgment methods.

  • Pay quarter 2, 2017–18 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.

  • Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.
    If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.

  • Lodge and pay quarter2, 2017–18 Superannuation guarantee charge (SGC) statement – quarterly if the employer did not pay enough contributions on time.
    Employers lodging a Superannuation guarantee charge statement – quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
    Note: The super guarantee charge is not tax deductible. 
    Use our Super guarantee charge statement and calculator tool to work out the super guarantee charge and help prepare the Superannuation guarantee charge statement – quarterly.

 
AND.....Don't forget to lodge and pay January 2018 monthly activity statements on or before 21 February.  

QUICK BITS

Businesses: Fuel tax credit rates increased on 5 February 2018.

If you use fuel in heavy vehicles on public roads or in other machinery for your business, check the latest rates at ato.gov.au/fueltaxcreditrates

 

 

Employers: Do you provide a company car to your employees?

If they're using the car for personal use, such as attending football matches on the weekend, you'll probably have to pay fringe benefits tax (FBT).

To find out more, visit ato.gov.au/fbt and watch this video

https://www.facebook.com/atogovau/videos/1683241095029863/

 

 

Deductions: Keep on top of your finances. Use the ATO app's myDeductions tool to take the hard work out of monitoring your deductions. Get started today – download the app at ato.gov.au/app

 

Out Of Interest

Have your New Year Resolutions gone by the Wayside?

Stay on track to meet your money goals this year. ASIC's MoneySmart.gov.au have developed some handy tips for ways to set, achieve and stick to your goals. Make 2018 'The Year'!

https://www.moneysmart.gov.au/tools-and-resources/news/new-years-resolutions

Financial Attitudes and Behaviours: The Power of perspective

A fun finish to our newsletter- look at the financial attitudes and behaviours of everyday Australians. Some interesting facts!

Take a look at the article published by MHP Private Wealth and see if you can adopt some healthy financial habits.

http://www.mhpwealth.financialknowledgecentre.com.au/kcarticles.php?id=1607 

Please contact us for any clarification on any tax matters or issues pertaining to your individual circumstances. 

Be sure to check out the links below and keep up to date with the due dates for your tax obligations 

Kind Regards

The Team
McDonnell Hume Partners 
www.mhpartners.com.au

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