With the end of the 2016 Financial year fast approaching it is essential that we submit all relevant information to ensure the process runs as smoothly as possible.
Below are the most important dates and tasks that must be completed in the final two months of the financial year:
15 May
2015 tax returns for all other entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June 2016 concession.
Due date for:
- lodging
- company and super funds to pay if required
Note: Individuals and trusts in this category to pay as advised on their notice of assessment.
21 May
- April 2016 monthly activity statement – due date for lodging and paying.
- Final date for appointing a tax agent for a fringe benefits tax role. You must tell us who your new clients are by this date to make sure they receive the lodgment and payment concessions for their fringe benefits tax returns.
- Fringe benefits tax annual return – due date for lodgment (if lodging by paper).
26 May
Eligible quarterly activity statement, quarter 3, 2015–16 – due date for lodging and paying if you lodge using any of the following:
- electronic commerce interface (ECI)
- electronic lodgment service (ELS)
- Tax Agent Portal
- BAS Agent Portal
- Standard Business Reporting (SBR)
28 May
- Fringe benefits tax annual return – due date for payment.
- Due date for lodging the Superannuation guarantee charge statement – quarterly (NAT 9599) and paying the super guarantee charge for quarter 3, 2015–16 if the employer did not pay enough contributions on time.
For more information click here.
5 June
Tax return lodgment, including companies and super funds where the tax return is not required earlier and both of the following criteria are met:
- non-taxable or a credit assessment as at latest year lodged
- non–taxable or receiving a credit assessment in the current year.
This is for all entities with a lodgment end date of 15 May 2016, excluding large/medium taxpayers and head companies of consolidated groups.
- Tax returns due for individuals and trusts with a lodgment end date of 15 May 2016 provided they also pay any liability due by this date*.
*Note: This is not a lodgment end date but a concessional arrangement where you will not have to pay failure to lodge on time (FTL) penalties if you lodge and pay by this date.
21 June
May 2016 monthly activity statement – due date for lodging and paying.
25 June
2016 fringe benefits tax annual return – lodgment due date for tax agents (if lodging electronically). Payment (if required) is due 28 May.
30 June
Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2015–16 financial year.
Please ensure that you complete all necessary information and get organised for the above dates in due time.
2016-17 Budget
With the release of the 2016-17 budget on 3 May, we saw a budget that plans to ensure Australia continues to successfully transition from the mining boom to a stronger, more diversified and new economy.
This will be done in three ways…
Firstly Australia aims to increase jobs and growth through a Ten Year Enterprise Tax Plan aimed at boosting new investment and creating new jobs.
Secondly, a strong emphasis on fixing current problems in the tax system will be implemented through closing off generous superannuation tax concessions for Australia’s most wealthy. This will be better targeted at the superannuation tax concessions to support working Australians build independent wealth for their retirement, and reward hard-working people and businesses that employ them greater tax relief to earn more without being taxed more.
Finally, Australia will ensure that the government lives within its means to balance the budget and reduce the burden of long-term debt.
This will be done primarily through the investment of infrastructures such as roads, dams, rail and public transport as well as the promise for real, affordable funding for health and education services.