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Tax Deadlines

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If you are worried that you may have missed the much publicised lodgement deadline for individual Income Tax Returns, worry no more….

That deadline of 31 October 2017 only applies if you lodge your own income tax return.

Etairos receives the tax agent lodgement extension for the majority of our clients, meaning that lodgement is required by 15 May 2018 for 2017 Income Tax returns, not 31 October (earlier dates may apply for high value tax payers or late lodgers from the 2016 tax year).

Similarly, Business Activity Statements (BAS) for the 30 September 2017 quarter were due 30 October 2017 if self-lodging, but due 27 November 2017 if lodged through Etairos’ tax lodgement program deferral.

As provided each year, the ATO in recognition of the Christmas/Summer Holiday break and interruptions to normal business automatically provide 8 weeks for all quarterly BAS for 31 December 2017, meaning that BAS will not be due before 26 February 2018.

Monthly BAS are always due on the 21st day of the next calendar month or the next business day if that falls on a weekend or public holiday.

As with annual tax planning, some simple planning can reduce or defer the GST payable each quarter. By example, if you lodge BAS quarterly on a cash basis, and you have an invoice for commercial rent payable that is due on 1st January 2018 for the month of January, if that invoice was paid 31/12/17 instead of 1/1/18 (1 day early), then the GST credit would fall into the December quarter instead of the March quarter, so paying 1 day early brings forward that tax credit 90 days. Other prepaid or paid accounts will have similar effect of bringing forward your eligible tax credits so creates a cash flow advantage, but should only be done if it does not affect ongoing cash flow.

No similar extensions are provided for your Super Guarantee Payments (SGC) which are due 28 days after each quarter end. The September 2017 quarter was due on 30 October 2017 and the December 2017 quarter will be due 29 January 2018. SGC payments can be paid more frequently (eg monthly) if that suits your cash flow planning/management better, but quarterly is the legal minimum.

With only about 6 weeks to Christmas and the likely shutdown for most, consideration needs to be made for not only booking the Company Christmas Party and your own holidays, but also arranging your business closedown period, employee leave, customer and supplier closedown/holidays but also setting aside money to pay for employee leave and ongoing overhead costs during the inevitable slowdown in business/trade and your own cash flow.

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