What’s Going on in January – March 2024
Super Guarantee Contributions | Quarter 2 FY 2024
Superannuation Guarantee is the required amount of super which employers must pay on behalf of their employees, to their respective superfunds. Currently, this amount sits at 11% of an employee’s ordinary time earnings. This payment must be made in full by the due date, that being 28 days after the end of each financial quarter.
Penalties for late or short payment are set and strongly enforced by the ATO. If the super guarantee is not paid in full by the due date, employers will have to pay the Superannuation Guarantee Charge, which is a non-tax-deductible extra contribution to the employee’s superfund.
Lodge and Pay BAS and PAYG Instalments | Quarter 2 FY 2024
Quarterly ATO obligations will be due at the end of February. Relevant to businesses and individuals alike, these ATO generated notices are distributed at the end of each financial quarter to collect a variety of different tax payments.
PAYG is a form of tax prepayment for the current financial year. It is based on your last tax assessment and will become credit on your tax return. PAYG payment slips can be accessed via your MyGov account. Alternately, your accountant can download and send the slip to you.
If you need to vary your instalment amount, you must either notify your accountant or do so yourself via MyGov before the due date of each statement. Unfortunately, the ATO cannot alter these amounts after the due date. You can request a refund of PAYG instalments in the next quarter’s report as well. These prepayments may result in a tax refund when you lodge your tax return.
BAS and IAS forms are generated and due on the same dates as PAYG forms. To prepare yourself for your next lodgment, make sure that your books are all up-to-date and that your figures for the past quarter are ready to go. Contact our friendly team, we are here to help you.
Tax returns due for newly registered superfunds | Tax Agent Clients
If you established a self-managed-superfund during the 2022/23 financial year, this is your deadline! Unless otherwise advised when setting up the fund, you must lodge (and potentially pay) your first tax return by 28th February 2024.
Tax Returns for Certain Individuals, Companies and Trusts | Tax Payable >$20,000
If the Taxpayer had a tax debt of $20,000.00 or more after lodging your 2022 tax return, you must lodge your 2023 tax return by 31st March 2024.
To prepare yourself for your tax return, calculate your total income for the year (employer income, personal business income, rental income, dividends, stock, crypto etc.) and find out what sort of deductions you may be eligible for. If you are on a temporary visa, work out your tax residency status to determine how much tax you will need to pay. You can read about some of our tax return prep tips here.
As this deadline falls on a Sunday in 2024, you may lodge and pay by Monday 01/04/2024.
Contact our friendly team to help you with the lodgments, we are here to help you.
What if I can’t make a Due Date?
Running a business can be very time-consuming and stressful. If you find yourself unable to lodge your activity statements or tax returns on time, reach out to the ATO on 13 11 42 or to our friendly team to apply for a lodgment deferral before your due date.