End of Financial Year Newsletter
As the financial year comes to an end, it is a good time to reflect on what you’ve achieved in the last 12 months and what you would like to work towards in the new financial year. Here are some brief points valid for this time of year;
END OF FINANCIAL YEAR DEADLINES
If our office prepares your GST return, you will need to provide your information to us no later than the 19th July 2017.
If you have wages and our office prepares your group certificates you will need to provide your information in the first week of July 2017.
Your business tax returns are not due for lodgement until March 2018 – so unless you request us to do it urgently, we can take a number of weeks to complete it.
Taxable payments annual report is due by 28 August 2017.
We have updated our web page, please look to it for useful links and information.
Did you know that Miranda’s can assist you with all with all your BAS and GST needs? We work with MYOB, XERO and many other programs, which takes the stress off you when it comes to reporting GST. If you would like to make the new financial year a stress free time and let our office take care of all your reporting needs please contact Daniela to discuss these options.
WHAT IS DIV 7a TAX?
Division 7A is part of the Income Tax Assessment Act 1936 and is intended to prevent profits or assets being provided to shareholders or their associates’ tax free. The operation of Division 7A
A payment or other benefit provided by a private company to a shareholder (or their associate) can be treated by the ATO as a dividend for income tax purposes, and therefore render this amount assessable. This can apply under Division 7A, even if the participants treat it as some other form of transaction such as a loan, advance, gift or writing off a debt.
Division 7A can also apply when a private company provides a payment or benefit to a shareholder or associate through another entity, or if a trust has allocated income to a private company but has not actually paid it, and the trust has provided a payment or benefit to the company’s shareholder or their associate.
A Division 7A deemed dividend is generally unfranked. Given this, the most effective way to provide a payment or other benefit to a shareholder or their associate is to pay it as a normal dividend (with a franking credit if available) and for the shareholder to include it in their assessable income.
Division 7A doesn’t apply to amounts that are assessable to the shareholder or their associate under other parts of the income tax law, such as normal dividends or director’s fees.
Our office will be open extended hours for our individual clients for on the spot tax returns.
Monday from 5pm-7.30pm
Wednesday from 5pm – 7.30pm
Saturdays commencing the 15th July 2017
Our office welcomes your queries as we are here to support you. Please either call or email us at any time with any concerns or questions you may have!
You will see a few new faces at our office this year! We have sourced some very experienced customer service orientated staff, which will provide you with outstanding service and a wealth of knowledge.
Please contact our office should you wish to discuss any of the items in our newsletter.
The countdown to tax time has begun and we are busy getting ready to see all our clients’ friendly faces again this year.
HAPPY END OF FINANCIAL YEAR!!!
Please do not rely on this information as advice, you should contact us to assess your individual circumstances and how this applies to you.