SBDC Tax tips - latest tips
The SBDC provides tax tips to our readership each month. Remember that if you require more detailed information relating to taxation, contact your tax accountant or the Australian Taxation Office.
Here are this month’s tips:
- Lodgement and payment of your tax returns and activity statements on time is very important if you want to save money, time and unnecessary hassle. If for some reason you are unable to meet your lodgement or payment obligations phone the tax office (13 72 26) before the lodgement and/or payment due date; explain your circumstances (you may be ill or experiencing unforseen cash flow problems) and request an extension to lodge your return and/or new payment arrangements.
- Tax/BAS agents who lodge activity statements electronically are given lodgement and payment concessions, by way of extended due dates. You will need to be a registered client of an agent and be on their lodgement list to get this concession.
- If you lodge your quarterly activity statements (quarters one, three and four) using the ATO’s online business portal you will get a two week lodgement and payment extension because the ATO wants to encourage electronic lodgements and use of the business portal instead of paper lodgement. Please note, the quarterly activity statement for quarter two (October to December) already has an eight week extension because of the festive season and is due on 28 February of the tax year.
- Remember that your annual GST return must be lodged before or when the tax return is due to be lodged – make sure that you know your date for lodgement, as some taxpayers may have different due dates, for example previous year’s tax payable, late lodgement, etc.
For more information about these tips, contact the SBDC on 13 12 49.