Adam Hoskins, Head of Accounting at Rethink Accounting Newcastle

It is now February, and before we know it, we will be celebrating the end of another financial year on June 30. There are still some key dates and pieces of information to remember coming up to 30 June which are as follows:

  • You receive an automatic extension to the 28 February 2014 for lodgement and payment of the December 2013 Business Activity Statement (BAS).
    The Fringe Benefits Tax (FBT) year ends on 31 March 2014.
  • The March 2014 quarter BAS is due for lodgement and payment by 28 April 2014, unless you lodge using a BAS/Tax agent, which reverts to the due date of 26 May 2014.
  • The majority of 2013 income tax returns are due for lodgement by 15 May 2014. This may differ depending on what structure the entity is, the size thereof or if returns remain outstanding from prior years. Check with your accountant for details thereon.
  • FBT returns are due for lodgement by 25 June 2014, if lodged electronically.
  • Distributions of discretionary trusts need to be determined, by the trustees, before 30 June 2014 for the 2014 financial year. Ensure you advise your accountant of any new potential beneficiaries of income, so they can report details thereof to the ATO.
  • For superannuation to be deductible to the employer, it needs to be paid by the 28th day of the month subsequent to the quarter in which it relates ends i.e. 28th April 2014 for the March 2014 quarter.

Disclaimer: This editorial provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particularly investment objectives, financial situation and individual needs. Charter Financial Planning and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this editorial. Charter Financial Planning Limited ABN 35 002 976 294 AFSL Licence No. 234665. Principal Address 750 Collins Street GPO Box 2830AA Melbourne VIC 3000.

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