Your Year End Reminders and Obligations

As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points below to assist you.

BEFORE 30 JUNE 2015

  • Ensure your employee superannuation payments are received and allocated by your employees’ super fund prior to 30 June 2015 to ensure a tax deduction for this year. Any payments made between 1 July 2015 and 28 July 2015 will count towards your Superannuation Guarantee requirement but will not be tax deductible until the 2015 financial year.
  • If you operate through a trading company review shareholder loan accounts and make minimum loan repayments.
  • If you operate through a discretionary family trust ensure that a Trust Distribution Resolution for each Trust is signed by 30 June 2015.
  • Carry out a stocktake by 30 June 2015 – check with your accountant if you are required to undertake a stocktake as this may not be a requirement for your business.

1 July 2015

  • Make sure you are using the new ATO Tax Tables. You can either download these from ATO website OR ensure your payroll software has the most up to date rates. No need to worry about this if you are using Xero as the tax tables are updated automatically.

Also check the following:

  • Did your payroll software automatically updated for these changes last year? Or do you need to load these changes into your payroll software?
  • Check your first pay run from 1 July 2015 to ensure the changes are correct.
  • Review any salary packaging and calculations and make any adjustments to employee FBT contributions or other items where needed.

14 July 2015

  • Provide 2015 PAYG Payment Summaries to all employees

21 July 2015

  • Taxable Payments Annual Report due for lodgement with the ATO (building and construction industry)
  • Queensland payroll tax annual reconciliation due for lodgement and payment

28 July 2015

  • Quarterly Superannuation contributions due for employees (for the period 1 April 2015 to 30 June 2015).
    THIS IS A KEY DEADLINE! (Note: If you fail to meet your requirements by 28 July 2015, you must complete a Superannuation Guarantee Charge Statement and forward it to the ATO together with underpaid superannuation plus administration fees and interest by 14 August 2015. Superannuation Guarantee Charge payments are NOT tax deductible.)

14 August 2015 or before

  • Lodge your 2015 Annual PAYG Payment Summary Statement (for employees) with the ATO. Penalties apply for late lodgement.

Key Changes from 1 July

Businesses need to take note of a number of key tax changes that apply from 1 July 2015. These include:

  • SBE Company Tax Rate reduced to 28.5% and 5% tax discount for those unincorporated SBE tax payers.
  • Superannuation guarantee rate is still 9.5%.
  • 2% Temporary Budget Repair Levy continues.
  • Medicare levy increased to 2%.
  • $20,000 Immediate Deduction for SBE’s
  • Removal of Tax Free Threshold for Temporary Residents.
  • Zone Offset for some fly in/fly out employees abolished.
  • FBT Exemption increased.
  • Start-ups.

For a detailed list of the key changes from 1 July 2015 click here

Any questions?

Feel free to call our office any time on 07 3512 8888 or email us at mail@msitaylor.com.au – We can’t wait to provide you with better advice now for a beautiful future.