IAS/BAS
Just a reminder that all IAS and BAS need to be lodged and paid by the 28th of February 2020. Also please be aware the ATO has issued new EFT codes. Your old EFT codes will still work but we ask you check to see if this code has changed and update it before your next payment.
MYGOVID
myGovID will be replacing AUSkey from the 27 March 2020. You will need to set up myGovID on your smart device to continue to access ATO Business Portal and other selected online government services from this date. We can help set this up so you are ready for the 27 March changeover.
LUXURY CAR TAX REFUNDS FOR PRIMARY PRODUCERS
Any eligible vehicles purchased after 01/07/2019 now can claim up to $10,000 of the luxury car tax (LCT) paid. To be eligible, the vehicle needs to be a AWD or 4WD “passenger car” and has a ground clearance of at least 175cm. The vehicle must be purchased either by an entity or an individual involved in a primary production business. This claim is limited to one car purchase per financial year. As accountants complete BAS or tax, they do pick up on these purchases and send the applications off.
If an eligible vehicle was delivered to a primary producer on or before 30 June 2019, they can only claim a refund of 8/33 of the LCT they have paid, up to a maximum of $3,000. We are able to lodge these application up to 4 years after the vehicle was purchased.
If you think you are eligible or would like some more information, please contact your regular accountant.
ASIC LOST MONIES
Currently there is $1.1 billion in lost money due to closed superfunds, bank accounts, investments and life insurance. If you think you might be eligible to receive some money back, go to https://moneysmart.gov.au/find-unclaimed-money and input your name. Any lost monies with your name attached to the accounts will show up and then you can follow the instructions to receive the money back.
SGC AMNESTY
Hot off the press – the government has passed the bill to allow a once off amnesty to encourage employers to self-correct historical Super Guarantee (SG) non-compliance dating from 1 July 1992 to 24 May 2018.
It will allow employers to claim tax deductions for payments of SG charge or contributions made during the amnesty period to offset SG charge.
The amnesty period will start from 24 May 2018 and end six months from the date the bill receives royal assent.
Don’t miss this opportunity.
FUEL TAX CREDITS
Eligible Businesses are able to claim up to 42.3 cents per litre of Diesel or Petrol for off-road fuel use and up to 16.5 cents for on-road eligible trucks.
Each BAS period we ask eligible businesses to return claim forms outlining fuel purchases for the quarter and allocations between each use.
Don’t miss out on any claim opportunities so please read these forms carefully and complete to ensure that we can make the maximum claim for you.
We need to work with litres rather than percentages of total fuel usage. Remember total fuel uses change each quarter.
KEY TAX DATES
| Date | Obligation |
| 28 February 2020 | – Lodge and pay December 2019 quarterly BAS – Lodge and pay December 2019 quarterly Instalment Notice – Lodge and pay December 2019 quarterly SGC (if required*) – Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised) |
| 21 March 2020 | Lodge and pay February 2020 monthly PAYG Withholding |
| 31 March 2020 | Lodge tax returns for individuals and trusts where prior year tax liability > $20,000 |
| 28 April 2020 | – Pay March 2020 quarterly Super Guarantee – Lodge and pay March 2020 quarterly instalment notice – Lodge and pay March 2020 quarterly BAS (if lodging by paper) |
| 15 May 2020 | Lodge 2019 tax returns for all entities that did not have to lodge earlier |
| 21 May 2020 | – Lodge and pay April 2020 monthly PAYG Withholding – Lodge and pay Fringe Benefits Tax Annual Return (if lodging by paper) |
| 26 May 2020 | Lodge and pay March 2020 quarterly BAS (if lodging electronically or through Tax Agent) |
| 28 May 2020 | – Lodge and pay Fringe Benefits Tax Annual Return (if lodging electronically) – Lodge and pay March 2020 quarterly SGC (if required*) |
| 21 June 2020 | Lodge and pay May 2020 monthly PAYG withholding |
| 30 June 2020 | Pay Super Guarantee contributions by this date to qualify for a tax deduction in the 2019-20 financial year |
* Employers who did not pay minimum super contributions by the due date (28 January 2020 & 28 April 2020) must pay the Super Guarantee Charge and lodge a Superannuation Guarantee Charge Statement by this date
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