Tax Time 2023 ATO Processing Dates The ATO will start full processing of tax returns on the 7th of July 2023 with refunds being released from the 16th July 2023. Please be aware that to ensure you receive your full entitled refund, all your income is declared. Most importantly, ensure your income statement is finalised [...]
Tax Time 2023 - In Business Know your important dates 30 June Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2022–2023 financial year. 14 July Submit finalised STP Report (if you pay employees) 28 July Lodge your Q4 BAS 29 August TPAR Businesses and government entities [...]
Paying super contributions As an employer, you must pay super contributions for your eligible employees to a complying fund or retirement savings account to avoid the super guarantee charge. Super payment due dates An employee's fund must receive their super payments on or before the quarterly super due dates. Payments can be made at least [...]
WORKING FROM HOME – A NEW APPROACH The Australian taxation office is making changes to the methods available for calculating work-from-home deductions. From the 1st of July 2022, taxpayers can continue to claim their actual expenses, or alternatively, they can use the revised fixed rate method. Revised fixed-rate method. The revised fixed-rate method apportions the [...]
Superannuation 2022   With the end of another financial year approaching fast it is important to ensure that you have met your superannuation obligations for the year and look ahead at changes that apply for the new financial year. The latest changes all appear to be positive ones and increase the opportunities to make contributions [...]
Tax Time 2022   Wilson Colman is full steam ahead, setting up for the fast-approaching 2022 Tax Season. After 16 years with us and almost 10 years as a partner, John Day will be retiring as a partner on 30 June 2022. You will still get to say goodbye during the next 6 months as [...]
Year-End Checklist Income Income Statements are required to be finalised by 14 July and will be accessible on MyGov once finalised. Eligible Termination Payment (ETP) statements. Commonwealth of Australia Government Allowances statements for payments like Newstart, Youth Allowance and Austudy payment statements. Pension or Annuity statements. Details of interest earned on bank accounts including joint [...]
As a Company Director, you will need a Director ID. A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities. You will need to apply for your Director ID yourself to verify your identity.  Please note that we [...]
Super for Employees, Employers and SMSF What is Super Stapling From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the [...]

COVID assistance snapshot: August 2021 COVID assistance snapshot: August 2021 The continuation of the COVID-19 pandemic and the increased lockdown and stay-at-home orders being mandated primarily due to the current ‘Delta variant’ have required both State and Federal Governments to provide further economic assistance. Whilst the support is welcome, keeping up with the latest assistance […]