Understanding your ATO lodgement & payment requirements (plus key dates!)
As a business owner, understanding and staying on top of your ATO requirements is crucial. This involves lodging forms, reporting to the ATO, and making ATO payments — but it doesn't have to be a daunting task. At Ascent Accountants, we're here to make navigating the tax landscape as seamless as possible. Plus, the Tax Office sends notifications when forms or correspondence are added to your myGov account.
Gone are the days of drowning in paper forms and reminders cluttering your mailbox. The Tax Office has embraced the digital age, and now, all correspondence, forms, and reminders are sent straight to your myGov account. It's recommended that you setup your myGov account for your business to access these records. However, you should now your key lodgement and payment dates so you don’t miss anything.
Key dates to remember (or better yet, write down).
1. Tax Returns (for the year ending 30th June)
- With Ascent Accountants by your side, you have until May 15th to lodge and pay your taxes stress-free.
- If you prefer the DIY approach, you've got until October 31st to get it done.
- If you have outstanding tax returns from previous years, October 31st is your deadline.
- Started a new entity in the previous 12 months? You've got until February 28th to get that entity lodged.
- For those high earners out there, give yourself until April 1st to lodge and pay the 30th June tax return.
2. BAS lodgements & payments
It may help to think of your Business Activity Statements, in terms of seasonal deadlines:
- September quarter: due by November 25th.
- December quarter: due by February 28th.
- March quarter: due by May 25th.
- June quarter: due by August 25th.
3. Monthly Instalment Activity Statements or Monthly Business Activity Statements lodgements & payments
Remember to lodge and pay by the 21st of the following month.
- July: must be lodged and paid by 21/8.
- August: must be lodged and paid by 21/9.
- October: must be lodged and paid by 21/11.
- November: must be lodged and paid by 21/12.
- January: must be lodged and paid by 21/2.
- February: must be lodged and paid by 21/3.
- April: must be lodged and paid by 21/5.
- May: must be lodged and paid by 21/6.
4. Superannuation payments to employees on their wages
Make sure your employees' super is squared away:
- September quarter: paid and received by October 28th.
- December quarter: paid and received by January 28th.
- March quarter: paid and received by April 28th.
- June quarter: paid and received by July 28th.
Feeling overwhelmed?
Ascent Accountants is here to lend a helping hand. Whether you need clarification on key dates, assistance with obtaining forms, or expert advice on your entity's obligations, we've got you covered. Even though we don't receive your forms automatically, we can log onto your Tax Office account and lodge on your behalf, thanks to our Tax Agent portal.
Your peace of mind is our top priority. To talk about this and more, contact us today.
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The Australian Government’s expanded 5% Deposit Scheme, which commenced on October 1, offers a fast-tracked path to home ownership for many aspiring buyers. By drastically reducing the deposit required and eliminating Lenders Mortgage Insurance (LMI), this program aims to unlock the door to your very own home sooner than ever thought possible. However, like any major economic policy, it has significant implications that buyers and taxpayers must consider. Here is a breakdown of how the scheme works, who qualifies, and what the potential impact could be on the property market. What is the 5% Deposit Scheme and how does it work? The scheme is designed to make home ownership more achievable, particularly for those struggling to save a 20% deposit. Low Deposit: The home buyer secures a loan with a minimum deposit of 5% (for First Home Buyers) or 2% (for single parents/legal guardians). Government Guarantee: Instead of the buyer paying LMI (which protects the lender), the Australian Government provides a guarantee to a Participating Lender. This guarantee allows the lender to provide a home loan covering up to 95% or 98% of the home's value without the usual LMI fee. No LMI: The buyer avoids paying Lenders Mortgage Insurance, significantly reducing upfront costs. Key features of the expanded program include no income caps, as well as unlimited spots and no waiting list. The Scheme also makes a wider choice of home types available (houses, apartments, house/land packages, vacant land with a building contract, new or existing homes). It’s not just for first home buyers!
Christmas can be the most wonderful time of the year—it can also be one of the most expensive. The key to enjoying the festive season and reducing the risk of financial stress is careful planning. As your financial partners at Ascent Accountants, we want you to focus on what truly matters—time with friends, family, and peace of mind. Six essential budgeting tips to help you take control of your Christmas spending. 1. Make a detailed budget list. The sooner you start, the more control you have. Begin by listing every expense you anticipate, including gifts, food, clothes, travel, and entertainment. Once you have your total, check it against your available funds. If the total feels too high, look at where you can cut back or spread the cost. Being realistic from the beginning prevents surprises later. 2. Prioritise what truly matters (and pay your priority debts!). When money is tight, focus your funds on the essentials and the things that genuinely bring the most joy. Order your list by priority (e.g., gifts for children first, then shared family meals, then travel). It’s okay—and essential—to say 'no' to extras that don’t fit your budget. Always consider your priority payments and debts before any other Christmas spending. Priority debts, like rent, electricity, or car insurance, must always come first as they significantly impact your day-to-day life if left unpaid. 3. Be cautious with credit and 'Buy Now, Pay Later' arrangements. It's tempting to use a credit card or a Buy Now, Pay Later option, especially when promotions promise delayed payments. However, small instalments add up quickly, and missing a payment can result in fees and/or negatively impact your credit record. If you do use credit, only borrow what you can comfortably afford to repay, and make a solid plan to pay it off as soon as possible in the new year. 4. Compare prices & shop smart. Always take time to research before you buy. Comparing online and in-store prices can result in significant savings. Be wary of high-pressure sales events like Black Friday, which often encourage impulse spending. Before purchasing, ask yourself three questions: Do I really need this? Is this on my original budget list, or is it extra? Is this truly a bargain if I don't actually need it? 5. Suggest a 'Secret Santa'. If your family or friend group has traditionally bought gifts for everyone, suggest switching to a Secret Santa arrangement. Setting a sensible spending limit or pooling funds for one thoughtful gift makes things easier and less expensive for everyone. Often, homemade gifts or vouchers for experiences are more meaningful and last longer in the memory than expensive presents. 6. Plan ahead for next year. The best way to guarantee a calm, affordable Christmas next year is to start preparing now. After this year's holidays, take note of exactly what you spent and where the money went. Set a goal for next year and start a small savings fund. Even setting aside $5 or $10 a week can make a monumental difference in managing next Christmas without stress. Need to tidy up your finances after the holidays? If the Christmas period leaves you needing advice on debt consolidation, setting up a savings plan, or just better budgeting habits for the new year, contact the team at Ascent Accountants. We can help you build the confidence to hit your financial goals!
As the end of the year approaches, businesses are gearing up for the festive season, which means planning the annual Christmas party and showing appreciation with gifts. While the cheer is high, so too are the complexities of Fringe Benefits Tax (FBT). Getting the FBT treatment wrong can turn a simple celebration into an unexpected tax bill. As your trusted advisors at Ascent Accountants, here is a breakdown of the key tax rules, with a focus on the crucial $300 per person limit, to ensure your end-of-year generosity is tax-effective. The critical $300 minor benefit threshold. The Minor Benefits Exemption is your best friend for managing FBT. A benefit is generally exempt from FBT if its total notional taxable value is less than $300 (GST inclusive) per person, and it is provided infrequently and irregularly. Christmas parties (entertainment) The location and cost of your party are the key factors for FBT.
