21 APRIL 2015
• March 2015 monthly activity statement except for small business clients who report GST monthly and lodge electronically using a registered agent.
28 APRIL 2015
• Super guarantee contributions for Quarter 3 (January – March 2015) are to be made to the fund by this date. Employers who do not pay minimum super contributions for Quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement - quarterly (NAT 9599) with the ATO by 28 May 2015. Remember, the super guarantee charge is not tax deductible.
15 MAY 2015
• Income tax returns for the 2014 financial year for all other entities that did not have to lodge earlier and are not eligible for the 5 June 2015 concession. Due date for lodging and due date for company and super funds to pay where required. Individuals and trusts in this category to pay as per their notice of assessment.
21 MAY 2015
• April 2015 monthly activity statement - due date for lodgement and payment.
• Final date for appointing a tax agent for a fringe benefits tax role. You must tell us by this date to make sure you receive the lodgement and payment concessions for fringe benefits tax returns.
26 MAY 2015
• Quarter 3 activity statements (January - March 2015) - due date for lodgement and payment (all lodgement methods).
28 MAY 2015
• Superannuation guarantee charge (SGC) statement - quarterly and paying the super guarantee charge for Quarter 3 (January – March 2015), if the employer did not pay enough contributions on time.
5 JUNE 2015
• Income tax return lodgement for the 2014 financial year, including companies and super funds where the return is not required earlier and both of the following criteria are met: non-taxable or refund as per latest year lodged and non–taxable or receiving a refund in the current year. This is for all entities with a lodgement end date of 15 May 2015, excluding large/medium business taxpayers. Income tax returns due for individuals and trusts with a lodgement end date of 15 May 2015 provided they also pay any liability due by this date. This is not a lodgement 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 2015
• May 2015 monthly activity statement – due date for lodgement and payment.
30 JUNE 2015
• Last day for appointing a registered agent for an activity statement role. You must tell us by this date to make sure your Quarter 4 activity statements are linked to us.
• Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2014–2015 financial year.
INVESTING IN PROPERTY
Many SMSFs invest in property as part of the fund's investment strategy. However, some funds do not consider the risks and issues associated with holding a property investment and how it can impact on other aspects of the fund.
Trustees should be aware of the following:
Trustees are required to invest in accordance with the investment strategy of the fund. When deciding whether to invest in property, trustees should consider if it meets the liquidity requirements of their fund. For example, when members retire and start receiving pensions, there needs to be sufficient money in the fund to meet the minimum pension payment requirements.
Superannuation laws only allow funds to borrow in limited circumstances. When an SMSF borrows money to invest in property it needs to do so via a limited recourse borrowing arrangements (LRBA). These borrowings need to be made on commercial terms to avoid income tax consequences such as income being deemed non-arm’s length income and attracting non concessional tax rates.
Related party transactions
If property is being leased to a related party, trustees need to ensure compliance with the super laws, such as in-house asset rules, sole purpose test and arm’s length requirements.
Use of property in retirement
When an SMSF starts to pay a pension, all property investments must continue to be maintained in accordance with super laws, in particular the sole purpose test and in-house asset rules. For example, members are not able to occupy or lease residential property on retirement without the asset first being sold or transferred to the member(s) as a benefit payment. The transfer of any asset from an SMSF to a member must be permitted under the rules of the fund and a capital gains tax (CGT) event will occur, with possible taxation implications for the fund.
Trustees need to consider insurance to cover events which can impact on the SMSF’s property investment general insurance. Trustees should ensure they have adequate insurance to cover property repair or replacement costs in the event that the property is damaged. Trustees should be aware that as a property owner, they can be sued, which may put the fund’s assets at risk, thus should ensure they have third party liability insurance.
There is no specific guidance other than the rules of the superannuation laws as to what trustees can invest in relation to property. The trustees of the fund are ultimately responsible for managing the fund, so professional advice should be applied when making investment decisions.
CHILD CARE, PUBS, BARS, TAVERNS AND INDUSTRIAL CLEANING INDUSTRIES
The ATO will be conducting super obligation audits from 1 July 2015 focussing on employers not making their super contributions for their eligible employees in the child care, pubs, bars and taverns and industrial cleaning industries.
The ATO has issued a letter to employers in these industries to educate and remind them of their super obligations. Key reminders in meeting your super obligations are as follows:
In order to claim family assistance payments for the 2014 financial year, you must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be eligible.
This deadline applies to clients who intend to lodge a claim for:
You and your partner must also lodge your 2014 individual income tax return by 30 June 2015 to receive the full Family Tax Benefit and SIFS entitlements. If you or your partner does not need to lodge an income tax return for the 2014 financial year, you must notify Centrelink by 30 June 2015.
This applies to payments that are a lump sum payment, as well as when payments have been received throughout the year. A delay in lodging by 30 June 2015 (even by one day) will result in you not being paid the full family assistance entitlement by Centrelink.
If you or your partner has a deferral of time to lodge the 2014 income tax return by the ATO, it does not change family assistance lodgement requirements.
If you have any questions in relation to family assistance, phone Centrelink on 13 61 50.
Receive FREE information and advice on Accounting & Taxation every QuarterSignup