A1 BAS and Tax

Have you applied for your Director ID? It must be done by the 30th November, do it now to avoid the fine.

Calling all directors: We’re 5 days out from the deadline to apply for director ID! ⏱️ If you haven’t applied yet, it’s important to get started now to allow yourself enough time to gather your documents and set up myGovID (if you haven’t already).

Join more than 1.4m directors already on board! For more info and to apply, visit www.abrs.gov.au/director-identification-number

Do you know how the low and middle income tax offset (LMITO) works? 🤔

The LMITO reduces the amount of tax you need to pay, but any remainder can’t be refunded to you. The amount you’re entitled to will depend on your taxable income.

Learn how tax offsets could impact your return this tax time at www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-earner-tax-offsets/

Employers: Changes to super guarantee start from 1 July and include:
✔️ the super guarantee rate increasing from 10% to 10.5%, and
✔️ the removal of the $450 eligibility threshold. This means employees may be eligible for super, regardless of how much they earn.

To learn more about what these changes mean for you, visit www.ato.gov.au/business/super-for-employers/work-out-if-you-have-to-pay-super/

Businesses: Remember the next quarterly BAS is due 28 April. For clients that we lodge, the due date is 26 May.

Businesses: Remember the next quarterly BAS is due 28 April.

Even if you have nothing to report, you still need to lodge your BAS as ‘nil’.

Learn more about how to lodge your BAS, visit https://www.ato.gov.au/lodgeBAS

The Superannuation Guarantee for the January to March quarter deadline is Thursday 28 April 2022.

If you use the Pay Super option in your software we suggest you submit and approve these prioer to 2.00pm AEST, Thursday 14th April 2022, which should allow for contributions to reach the super fund providers no later than the payment deadline of 28 April.

This allows extra processing time due to the public holiday in the lead up to the due date.

Superannuation Guarantee contributions are changing. Currently super is payable when an employee earns $450 or more (before tax) in a calendar month. From 1 July 2022, employers will need to pay super contributions regardless of how much an employee is paid; the rate will also increase to 10.5%
For more information visit: https://www.ato.gov.au/Business/Super-for-employers/