Melbourne Cup. gambling winnings taxable

Are Your Melbourne Cup Gambling Winnings Taxable?

This year, the Melbourne Cup or the race that stops a nation, as is locally known, will be on November 5 and as it draws near, the question of whether the Australian Taxation Office (ATO) considers gambling winnings taxable often crop up.

With a total prize pool of 8 million dollars, the Melbourne Cup 2019 is expected to draw a big crowd of spectators and gamblers alike. Australia has the highest rate of gamblers in the world with 80% of its adult population engage in gambling.

Are Melbourne Cup Gambling Winnings Taxable?

So, are gambling winnings taxable? The ATO views money gained from gambling activities not as an income but as a result of good luck. In Australia, gambling winnings, including lottery winnings, are not subject to taxes.

The only time gambling winnings become taxable is when you own a betting or a gambling business and you place a bet yourself. The winnings from your bet-backs or lay-offs, as they are called, are treated by the ATO as gambling sales and gambling sales are taxable.

If you are a professional gambler, the ATO may also tax your winnings. Over the years, the ATO has pursued people who make their living from gambling. There was a cop who was fined $5500 for hiding gambling winnings from the ATO. There was also the case of Zeljko Ranogajec and David Walsh and their “Punters Club” that the ATO treated as a business and not a hobby.

Want to learn more if the ATO treats Melbourne Cup gambling winnings taxable? Read the rest of the article here.

How much will you and your family need in retirement?

How much will you and your family need in retirement?

Although the projected growth in the pool of superannuation savings is certainly heading in the right direction, the harsh reality facing those not far off retirement is that they will have nowhere near enough to retire on!

Increasing life spans, governments continually changing rules and the fact that superannuation savings are not important to many out there (until they are near “retirement” age) is leaving many short, especially the older workers.

It is simple; most people retiring in the next 20 years will not have the lifestyle in retirement they are seeking, or they certainly deserve!

Two options will arise if they are to afford a comfortable retirement, firstly, they will have to work for longer and secondly, the increased contributions required to fund their super will leave them short of time.

As a result, many will be disappointed with their standard of living in retirement.

What can you do to fix this problem?


2019 Tax Notes

Coming to the end of another financial year, we at Financially Sorted thought that its important to make you aware of a few changes that may affect you. Some of these changes are the biggest shake up since GST was introduced in July 2000. Please read them and let us know immediately if we can help!

Tax office to double audits of ‘dodgy’ rental deductions

(Source: NTAA – Voice Magazine June 2019)

Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on:

  • Over-claimed interest;
  • Capital works claimed as repairs;
  • Incorrect apportionment of expenses for holiday homes let out to others;
  • Omitted income from accommodation sharing.

Assistant Commissioner Gavin Siebert says that, this year, the ATO has made rental deductions a top priority:

“A random sample of returns with rental deductions found that nine out of 10 contained an error.  We are concerned about the extent of non-compliance in this area and will be looking very closely at claims this year.”

The Government recently allocated additional funds to the ATO to extend its program of audits and reviews of rental properties.

“We use a range of third party information including data from financial institutions, property transactions and rental bonds from all states and territories, and online accommodation booking platforms, in combination with sophisticated analytics to scrutinize every tax return,” Mr Siebert said.

“Once our auditors begin, they may search through even more data including utilities, tolls, social media and other online content to determine whether the taxpayer was entitled to claims they’ve made,” he said.

While no penalties will apply for taxpayers who amend their returns due to genuine mistakes, deliberate attempts to over-claim can attract penalties of up to 75% of the claim.

In the 2017/18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions.

The ATO audited over 1,500 taxpayers with rental claims, and applied penalties totaling $1.3 million; including the following:

  • In one case, a taxpayer was penalized over $12,000 for over-claiming deductions for their holiday home when it was not made genuinely available for rent, including being blocked out over the seasonal holiday periods.
  • Another taxpayer had to pay back $5,500 because they had not apportioned their rental interest deductions loan to pay for living expenses.

“This tax time, our message to taxpayers is clear.  If you are renting out a room or a property, any money you earn must be declared as income and any deductions you claim may need to be apportioned for private use,” Mr Sibert said.

It’s time to ensure that your rental properties are following the correct legislation – we will be asking more questions if things don’t seem right! Its better to get things lodged correctly rather than to go through an audit down the track and possibly pay fines & penalties.

Single Touch Payroll Update

(Source: NTAA – Voice Magazine June 2019)

The ATO has reminded employers that legislation has been passed to extend Single Touch Payroll (‘STP’) to include all employers from 1 July 2019.

This will be a gradual start, and not all employers will start reporting at the same time.

Most software providers are offering STP – enabled products, although some providers have asked the ATO for a later start date (a deferral) for their employer clients to report through STP, so it may be worthwhile checking with the relevant provider.

We provided more in-depth notes about this in our recent June 2019 newsletter – please refer to it if you haven’t already.

If you have even one employee, this can not be ignored. Action is required!

Action required: Your insurance inside superannuation funds

You may have read or heard in the media about changes to do with your superannuation and insurance or you may have been contacted by your superannuation fund recently regarding life insurance inside your superannuation fund.

This is due to recent legislative changes where from 1 July 2019 superannuation fund trustees are prohibited from providing insurance cover where the member’s account has not received a contribution or rollover for a continuous period of 16 months or more.

Many of our clients have retained small balances inside their retail or industry funds so they don not lose their insurance coverage – this is now changing!

You can be excluded from this new rule (and retain your existing insurance) by making an election in writing to your super fund.

Super fund trustees are required by law to contact all members who have not had any contributions or rollovers for the period starting from 1 October 2018 to 1 March 2019 to offer them the opportunity to retain their insurance.

Should you wish to retain your current cover, you’ll need to follow the instructions provided by your super fund to opt-in.

If you do nothing, you will lose your insurance cover at the end of the period for which premiums have been charged.

This could have detrimental impact on you and your family as without adequate insurance cover you and your family may suffer financially should you pass away or become permanently incapacitated. Depending on your age and personal health conditions lost, you may find it difficult to obtain the same level of cover elsewhere.  

  • Need assistance with notifying your superannuation fund to opt-in to the insurance
  • Wish to review your current level of cover inside your superannuation fund to ensure it remains appropriate to your needs before deciding whether to opt-in or not
  • Have any questions

Please feel free to contact our office regarding these changes and the options thereon.

By doing nothing, your loved ones may suffer!

Instant asset write-off increased and extended

(source: ATO website)

Business clients should now be aware about the changes to the instant asset write-off.

The threshold has increased to $30,000 and has been extended to 30 June 2020.

The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
  • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
  • $20,000, before 29 January 2019.

Business clients can’t immediately claim a deduction for individual assets that cost $30,000 or more. You can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover.

June 2019 Updates

Single Touch Payroll Is Here – 1st July 2019!

What Single Touch Payroll (STP) Means

Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO.

Employers must send their employees’ tax and super information to the ATO when pay is processed in each pay period, using payroll in your accounting software which offers STP reporting,

  • Large employers with 20 or more employees should now be reporting through STP or have applied to the ATO for a later start date.
  • Small employers with 19 or less employees will need to report through STP from 1 July 2019. This is a gradual transition, and the ATO providing flexible options.

How STP Works

STP works by sending tax and super information from a business’s payroll accounting software to the ATO when each pay period is processed.

Employers process their payroll, pay employees and issue pay slips as per normal. After each pay period, this information is then sent to the ATO using the STP enabled software instructions.  Usually by a click of a button!

ATO systems will match the STP information to their employer and employee records. Employees will be able to see their year-to-date tax and super information through myGov and is updated every time wages have been reported by STP.

At the end of the financial year, employers need to finalise their STP data by making a declaration with the ATO through their software. This is due on the 14th July and replaces the previously required payment summary declaration.

There is also no need to provide employees with an annual payment summary/group certificate when you STP report. STP Reporting is replacing this requirement as you have already given them this information. This is made available to employees through myGov.

Payment summaries are required for the 2019 financial year where it has not been reported through STP or if you are exempt from STP Reporting.

What This Change Mean To You

  • Each time you prepare payroll and pay your employees, you will also send your payroll data using your STP enabled software.
  • If you made a mistake, do not panic, you can correct it in the next pay event which will update your STP data to the ATO.
  • You are not required to provide payment summaries to your employees for the payments you report and finalise through STP.
  • You will continue to report and pay your employees’ superannuation entitlements through your existing Super Clearing House (Superstream)
  • You need to submit the STP finalisation declaration of the financial year end.

Preparing For Single Touch Payroll

Determine how you will report through STP

  • If you already use a STP compliant software, you will need to register
  • If you use a spreadsheet for your payroll records, you will need to move to a software that is STP compliant.
  • If you currently use a desktop software that does not support STP reporting, you will need to move to a software that is STP compliant.
  • If you do not use a payroll solution that offers STP reporting, you will need one.
  • If you currently do not use any of the STP compliant products for your STP reporting obligation, do not worry, Xero has a range of STP compliant products that can support you.

Let us know if we can assist you in transitioning to STP Reporting.

Review your business process and data

  • Check your employee information is accurate, including names, addresses and dates-of-birth
  • Review superannuation data and payments are correct

Who will do your STP Reporting?

  • STP Reporting is sent to the ATO by the person who prepares payroll
  • Ensure who is submitting the STP Reporting is able and confident to do so
  • If you are using a registered tax or BAS agent to lodge your STP reports on your behalf, they will register for STP Reporting along with your registration.

Get Ready For STP With Xero

Getting ready for single Touch Payroll (STP) reporting is easy with Xero.

If you are using Xero Payroll, you are already using STP compliant software, you only have to opt in to STP Reporting.

This is a major change to the way we report staff information to the ATO – be sure that you are ready. Speak to us immediately if you need assistance.

Questions To Ask Before Applying For A Bank Loan

Even though many of us dislike the banks and we especially frown upon the profits they make year after year, if used correctly and wisely the banks can be utilised to help us create financial freedom in retirement.

Using the banks services to build wealth is a simply strategy.

We borrow money from the bank for as little cost as possible, and then use that to get a greater return than what the bank is charging us. This strategy can be used for capital, business or personal gains.

Most of you will find that at some stage or another throughout your life, you will need to apply for a bank loan of some type, either to make a major purchase like the purchase of your home or that investment property or maybe to keep your business operating or simply keeping alive the dream of creating financial freedom in your retirement.

Organising a bank loan can be a time-consuming process for any person which makes it important to ask yourself the right questions in order to not only give your application the best opportunity to succeed but to gain some reassurance that the loan is the best option to help you gain financial freedom.

There are a number of items that you all should consider before committing to taking out a bank loan.

1. What is the likelihood you will qualify for the loan?

It is important to attempt to have an idea early on about the likely success of your loan application.

Generally, the best way to gauge your chance of success is to contact the bank, and to enquire about the specific requirements that need to be covered before applying. Usually, the right loan broker can be used advantageously here.

Caution – there is a need to be careful. If lenders check your credit record and deny your request based upon what they find, this can have a very negative impact on your credit score. As a result, it will be even more difficult to borrow in the future because banks could look at that denial and decide that you’re too much of a risk. A worst-case scenario may then require you to consider alternative funding methods usually with much higher costs attached.

2. How much cash do you actually need?

Before applying for your loan, it’s good to have an idea of how much cash you will actually require. One way to determine this is to create a cash flow projection. Such a projection will help you align the requirements of your loan repayments with the terms and conditions attached. Always allow for a little more than what you think!

3. How much are your assets really worth?

Many people make the common mistake of overvaluing their assets, such as their private residence.

Generally, we always think our home is worth more than what the bank thinks its worth. As a result, you may submit an application with unreasonable expectations. Bank or lending institutions will always value your assets below the value you believe they are worth or even what we paid for them, and therefore, will only lend a percentage of the assets value. That percentage can vary dramatically depending on the bank you approach, as well as the age of your assets you are using for collateral. The idea here is to shop around and get different options.

4. Is your cash flow healthy enough to repay the loan?

You will most likely have to provide the bank with your latest tax return and even financial projections, so it’s important you present them with a plan on how you expect to meet your repayment obligations. Your wages and current liabilities are a couple of factors that will always be taken into account. Your cash flow represents how well you are positioned to meet any loan repayments. The healthier your cash flow is, the more likely you are to have your loan approved. The healthier your cash flow, the more likely the bank will lend you more.

5. Do you really need the loan?

A loan should always be secured to increase your capital growth or financial freedom, not to fund any of your current expenses. There’s no point to borrowing money to cover current costs, as you won’t generate additional revenue. You will find yourself in a very similar situation when your loan expires. The important thing here is before securing any loan, no matter what the purpose, identify the areas of your financial situation that can lead to growth, such as increased rental or investment income or capital appreciation.

We have qualified loan brokers that can help the loan process hassle free for you – let us know immediately if you would like to utilise this free service!

For Your Calendar…

  • 5 Jun Lodge tax return for all entities with a lodgment due date of 15 May 2019

    Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2019 provided they also pay any liability due by this date

    Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.

  • 21 Jun Lodge and pay May 2019 monthly business activity statement.

  • 25 Jun Lodge 2019 Fringe benefits tax annual return for tax agents if lodging electronically. Payment (if required) is due 28 May.

  • 30 Jun Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2018–19 financial year.

Financially Sorted May Updates

May 2019 Updates

Labor confirms 1 January start date for negative gearing and CGT proposal

Source – Accountants Daily (29.03.2019)

With the Federal election tipped for May 2019, Labor has announced that it will implement its plan to restrict negative gearing to new investment properties and halve the capital gains tax discount from 1 January 2020.

The date, announced by shadow treasurer Chris Bowen, will limit negative gearing to new housing, with all investments made prior to the date to be fully grandfathered.

Likewise, the CGT discount will be halved to 25 per cent for investments entered into after 1 January 2020.

The announcement will bring greater certainty to investors who were waiting on Labor to provide more details around its proposal.

The Parliamentary Budget Office has costed the two measures to raise $2.9 billion over the forward estimates period to 2022-23, and $35.1 billion over the next decade.

Mr Bowen has also announced that Labor will revamp the Build-to-Rent scheme, giving institutional investors a tax concession to encourage the building of new rental properties.

If elected, the opposition will cut the managed investment trust withholding rate in half, from 30 per cent to 15 per cent, on tax distributions attributable to investments in build-to-rent housing.

The argument by Labor is “the benefits of both negative gearing and the capital gains tax discount are skewed towards the wealthy”.

Just this week, the Institute of Public Accountants general manager of technical policy Tony Greco had called on accountants to advise their clients on the proposed changes ahead of the May federal election.

Any questions around the proposed changes, feel free to contact Financially Sorted.

Proposed Superannuation Guarantee Amnesty

Source (

You should be aware that under the current law, if you’ve missed a payment or haven’t paid an employees’ super on time, you are required to lodge an SG charge statement.

Until law giving effect to the proposed Superannuation Guarantee Amnesty is enacted, the ATO will continue to apply the existing law, including the application of the mandatory administration component ($20 per employee per period) to SG charge statements lodged by employers.

The proposed Superannuation Guarantee Amnesty bill had not been enacted when Parliament concluded on 22 February 2019.

New law required

If passed into law, the proposed amnesty will be a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty.

The legislation to give effect to the proposed amnesty was introduced into Parliament on 24 May 2018.

Subject to the passage of legislation the proposed amnesty is intended to be available for 12 months from 24 May 2018 to 23 May 2019.

If enacted, we will apply the new law retrospectively to voluntary disclosures made during this period. You will be entitled to the benefits of the amnesty for any SG shortfalls you’ve voluntarily disclosed – subject to the eligibility criteria.

Who will be eligible for the proposed Amnesty?

To be eligible for the proposed amnesty you will need to have:

  • voluntarily disclosed amounts of SG shortfall or late payments that have not been previously disclosed for any period from 1 July 1992 up to 31 March 2018
  • made the voluntary disclosure within the proposed 12-month amnesty period (between 24 May 2018 and 23 May 2019)
  • not be subject to an audit of your SG for the relevant periods.

What if my SG is audited?

You won’t be eligible for the benefits of the proposed amnesty for any periods that are currently subject to an audit of your SG.

An audit of your SG can be initiated at any time by the ATO. The ATO may also audit your SG in response to employees who advise they haven’t received their SG.

How can I access the proposed amnesty?

If you’ve missed a payment or haven’t paid an employee’s super on time, you should lodge an SG charge statement and pay the amount owing to us.

We will apply the current law to this statement however, if legislation is enacted, we will apply the benefits of the proposed amnesty retrospectively.

When do I need to pay the amount owed?

Payment is essential for you to be eligible for the benefits of the proposed amnesty.

What Legacy Will You Leave?

Unfortunately, when there is a death of someone close to you, family or friend, or maybe a family member is diagnosed with a serious illness, we tend to find the time to do what we need to do in these situations; we do what’s required to be done.

Is this sustainable or do we go back to bad habits?

When such a situation arises, it got me thinking of what the legacy that will remain? What is the legacy that he or she has left?

I therefore raise the question, what is the legacy or the things that you are working upon today that will remain once you’re gone?

If we look at someone like Steve Jobs, he left an amazing legacy – to me he was an absolute genius. He changed the way people communicate with each other via the iPhone, the way people listen to music via iTunes, the way we use personal computers via the invention of both the iPad and the iMac and the way children’s movies are made through Pixar productions. His legacy will remain for a long time and will not be forgotten.

What will your legacy be?

Maybe it is as a leader – to teach your children how to become successful in their chosen field or how to become financially secure?

Maybe it will be your generosity – to create a charity or help some people out that are a lot less fortunate than you are?

Maybe it is motivation or the ability to succeed – maybe run that marathon to show that with the power of the mind, anything is possible; to be the best that you could possibly be?

There is no right or wrong legacy; and no legacy is too small or too large!

What is important to you?

What or how do you want to be remembered?

I would love my legacy to be one of success, honesty, and to give your best at everything you do. I always strive to surround myself with people that I trust and are better than me in what they do – something that I constantly use in business today. I would love to pass these attributes onto my children one day!

For Your Calendar…

  • 15 May Lodge 2018 tax returns for all entities that did not have to lodge earlier

    Due date for companies and super funds to pay if required.

  • 21 May Lodge and pay April 2019 monthly business activity statement.

    Final date to add new FBT clients to your client list

    Lodge and pay Fringe benefits tax annual return if lodging by paper.

  • 26 May Lodge and pay eligible quarter 3, 2018–19 activity statements if you lodge electronically.

  • 28 May Pay Fringe benefits tax annual return if lodging electronically.

    Lodge and pay quarter 3, 2018–19 Superannuation guarantee charge statement

Federal Budget 2019: More winners than losers

Our Federal Treasurer, John Frydenberg has handed down his first Budget, and as anticipated, from a pre-election budget it contained tax cuts for individual and tax concessions for small and medium size businesses.

A stronger economy and a secure future were the promise in announcing a A$7.1 billion surplus, tax cuts and extra funding for infrastructure and services to regional Australia in the 2019/20 budget.

Many of the proposed personal income tax cuts build on the Coalition government’s 7-year Personal Income Tax Plan measures announced in last year’s Budget and subsequently legislated in 2018.

The Budget also confirmed a number of recently announced changes to superannuation. These include the removal of work test and expansion of the non-concessional contributions bring forward provision for Australian aged 65 and 66.

This budget made a strong election pitch but “their biggest test is whether Liberal can get re-elected in the coming months to enable them to deliver on these budget commitments.”


Wage and salary earners

The Treasurer announced A$158 billion in personal income tax cuts through more than doubling the low and middle-income tax offset from 2018/19.

This will benefit more than 10 million people earning up to A$126,000 a year.

This will be done by the Government increasing the non-refundable Low and Middle Income Tax Offset (LMITO) for the 2018/19, 2019/20, 2020/21 and 2021/22 financial years. The maximum offset will increase from $530 to $1,080 per annum and the base amount will increase from $200 to $255 per annum. The LMITO will be received in 13 weeks’ time as a lump sum when individuals lodge their income tax return from 1st July 2019.

From July 2024, Frydenberg says the government will cut the 32.5 per cent marginal tax rate to 30 per cent, applying to all taxpayers earning between A$45,000 and A$200,000. With these changes, by 2024/25, around 94% of Australian taxpayers are projected to face a marginal tax rate of 30% or less.


The instant asset write-off will be extended to June 2020 and increased from A$25,000 to A$30,000. The write-off allows small business with a turnover of less than A$10 million to claim an immediate deduction for a purchase below that amount but will be expanded to businesses with turnover of up to A$50 million, or another 22,000 businesses.

Businesses will also be able to claim the deduction every time they make a purchase under the cap.

Building and transport industries

The government announced increased investment in infrastructure spending, to improve rail links and address road black spots, with the Treasurer naming several projects in major state capital cities and also rural and regional Australia.

The budget includes increasing the Urban Congestion Fund to A$4 billion from A $1 billion, to cut travel times in Australia’s rapidly-growing cities.

A A$500 million Commuter Car Park Fund would improve access to public transport hubs.

He promised A$2.2 billion for roads, A$1 billion to improve freight routes and access to ports and A$100 million for regional airports.


A A$525 million skills package would create 80,000 new apprenticeships in industries with skills shortages and double to A$8,000 the incentive payments to employers per apprenticeship placement.

There were also announcements to create new training hubs, give new apprentices a A$2000 incentive payment, and invest in science, technology and research.

Rural areas

The budget papers commit to major spending in regional and rural areas to expand water infrastructure, provide drought relief and upgrade regional airports.

Older Australians

Frydenberg announced A$725 million for aged care, with 10,000 new home care packages and capital works focused on regional Australia.

Single pensioners will get a A$75 one-off cash payment for their energy bills, while couple pensioners will get A$125.

Health sector

Australians suffering from cancer, heart disease, epilepsy and who live in rural areas are likely to benefit from several major investments in assistance programs and medication. The budget also contains A$461 million for youth mental health and suicide prevention.

Superannuation industry and older Australians

People approaching retirement will be able to boost their superannuation balances, with those aged 65 and 66 years able to make voluntary contributions without satisfying the work test, from July 1, 2020. Currently, people aged 65 and older must work a minimum 40 hours over a 30-day period.

Frydenberg said the measure will align the work test with the eligibility age for the Age Pension, due to rise to 67 years from July 1, 2023. About 55,000 people will benefit from the reform.

People aged 65 and 66 will also be able to access the “bring forward arrangements” to make three years’ worth of non-concessional contributions (capped at A$100,000) to their super in a single year. This currently stops at 65 years.

The age limit for spouse contributions will be increased from 69 years to 74 years.



There were a few measures for corporate Australia, although many of the largest companies would benefit from spending in infrastructure, either as providers or users of improved services.

Regulatory burden on business

Business will pay more fees to regulators, through the industry funding model for the Australian Securities and Investments Commission (ASIC) and higher levies to the Australian Prudential Regulation Authority (APRA).

As part of a response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, there will be extra funding to ASIC of A$38.5 million in 2019/20 and A$118 million in 2020/21, possibly funded by extra fees to business.

APRA will get A$16.9 million and A$19 million over the same period.

The budget allocates the Australian Taxation Office an extra A$1 billion over four years to expand its Tax Avoidance Taskforce.

Tax integrity and black economy

Australian Business Number (ABN) holders will be required to lodge their income tax return and confirm the accuracy of their details on the Australian Business Register annually to retain their ABN status.

The start date of amendments to Div 7A will be delayed by 12 months to 1 July 2020.

The ATO’s Tax Avoidance Taskforce will extend its operations and expand its activities, including increasing its scrutiny of specialist tax advisors and intermediaries that promote tax avoidance schemes.

The ATO will receive funding to increase activities to recover unpaid tax and superannuation liabilities with a focus on large businesses and high wealth individuals.

A dedicated sham contracting unit will be established within the Fair Work Ombudsman to address sham contracting behaviour by some employers.


The government has not introduced measures that would encourage Australians to save outside the superannuation regime.

Sport Integrity 

The Government will establish a new body, Sport Integrity Australia, to carry out anti-doping and integrity functions, and a National Sports Tribunal to hear and resolve rule violations. The Government has also signed up to the Council of Europe Convention on the Manipulation of Sports Competitions.


It is important to note the Budget announcements are still only proposed at this stage and to be legislated. The Coalition will need to win the Federal election next month and have the support of crossbench Senators. Changes can also be made prior to these proposals becoming law.


CPA Update (03.04.2019)
Australian Unity (03.04.2019)
Sources. Accurium (03.04.2019)

March 2019 Updates

How much will you and your family need in retirement?

Although the projected growth in the pool of superannuation savings is certainly heading in the right direction, the harsh reality facing those not far off retirement is that they will have nowhere near enough to retire on!

Increasing life spans, Governments continually changing rules and the fact that superannuation savings are not important to many out there (until they are near “retirement” age) is leaving many short, especially the older workers.

It is simple; most people retiring in the next 20 years will not have the lifestyle in retirement they are seeking, or they certainly deserve!

Two options will arise if they are to afford a comfortable retirement, firstly, they will have to work for longer and secondly, the increased contributions required to fund their super will leave them short of time.

As a result, many will be disappointed with their standard of living in retirement.

What can you do to fix this problem?

1. Start contributing to your superannuation earlier – The earlier in life that you start contributing extra to super the better your retirement will look. There is no time like the present to take control and begin saving, even a little amount will go a long way!

2. Understand how your superannuation is performing? Review your superannuation, could it could perform better in an alternative retail or industry fund, or will utilising the benefits of a Self Managed Superannuation Fund (SMSF’s) give you greater results? It is predicted that SMSF’s will continue to grow to become the most popular vehicles for retirees by far.

You need to compare and analyse, because the smallest of adjustments earlier on in your life can make a massive difference by the time you reach your 60’s when you need your superannuation for retirement.

Although our younger population will do better in the future years, as they will have the benefit of the superannuation guarantee for the whole of their working lives, they will most likely still struggle to afford a comfortable retirement without additional input and strategies.

We are able to help you project where you will be at retirement age and create a plan to get you to where you want to be. Get in touch with us immediately to help.

Tax Update

The Australian Government is delivering tax reforms for Australian businesses. The reforms deliver tax relief for more than 3 million small and medium businesses.

Immediate deductions up to $20,000

The $20,000 instant asset write-off has been extended to 30 June 2019

This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000. What does it mean for your business?

If your business has a turnover of less than $10 million, you can instantly claim the business portion of most depreciating assets that cost less than $20,000 each.

You can claim the deduction through your tax return, in the year the asset was first bought and used or installed ready for use.

Assets of $20,000 or more can be put into a small business asset pool where you can claim a proportion of the amount as a deduction each year.

Does this apply to you or do you need help – speak to us today about clarifying the benefit of this measure!

How Can We Learn From One Of The Best?

The late Steve Jobs’ impact on our lives can never be overestimated!

His ideas and innovations have touched nearly all of us in one shape or another – from computers, the way we purchase movies and music, to the way we communicate with the iPhone.

I loved reading his autobiography and it would be high in my recommended readings for you all.

For all business owners, whether you are a startup or have been involved in business for many years, his greatest legacy is the set of principles that drove his success – each and every time!

What can we as business owners learn from someone who had so much success?

1. Do what you love.

Are you just getting up and going to work each and everyday – or do you actually love what you are doing? Do you have a passion for the products or services you provide?

2. Put a dent in the universe.

What is your vision – do you even have one? Are you continuously working towards your vision each and every day or are you just doing what needs to be done to stay ahead of your competitors? You must never, ever lose sight of your big vision. If you haven’t got one, then create one!

3. Make connections.

We can all learn lessons and skills from the most unlikely of sources. Steve Jobs once took a calligraphy class that didn’t have any practical use in his life – well, that was until he built the Macintosh. Don’t live in a bubble, connect ideas from varying fields. The world holds so many experiences for us all, never put the blinkers on or close your eyes to anything!

4. Say no to 1,000 things.

Never ever let a customer dictate to you what your business does and what your business looks like – it’s your business so make your own rules and then learn to say NO sometimes. What do you need to say “no” to? When was the last time you said “no” to a customer?

5. Create insanely different experiences.

The Apple products have enriched so many lives. What are you doing to enrich the lives of your customers? Are they looking forward to further business with you – maybe even camping out the night before for the release of your next product?

6. Master the message.

You can have the greatest ideas or best products in the world, but if you can’t communicate them, they will fail. What ideas do you have and how are you sharing them with your customers? Do they even know what products or services your business can help them with? If not, tell them!

7. Sell dreams, not products.

Are your products capturing the imagination of your customers? Your customers don’t care about your products; they care about themselves, their hopes, their ambitions. Steve Jobs taught us that if you help your customers reach their dreams; you’ll win them over each and every time. Are you helping your customers reach their hopes and ambitions?

There’s one thing that we could all learn from the late Steve Jobs – believe in yourself, believe in your vision and love what you are doing! Have a passion for what you are doing and ensure that your customers also love and have a passion for your products!

For Your Calendar…

  • 21 Mar Lodge and pay February 2019 monthly business activity statement

  • 31 Mar Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.

    Payment for companies and super funds in this category is also due by this date.

    Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.

    Payment for individuals and trusts in this category is due as advised on their notice of assessment.

A Letter to our Politicians…

Dear Politicians (to all political parties),

I am writing this open letter to you in hope that this time you sit up and pay some attention to the public.

Remember us? The people that you are supposedly representing?

Over the past few years, we have seen some major policy changes that can only be viewed as revenue grabbing. As a self-employed accountant, I see the outrage each and every day. From my clients to the general public, who are sick of having their hard earned money attacked again and again.

It is about time that you look at your job like any business owner should. After all, you are in the business of running a country!?! If you haven’t noticed, you are racking up a heap of debt. You need to look at your spending and see where all the money is going. This constant increase in debt may not feel like your problem but it is our children that will bare that burden. A burden they do not deserve to inherit.

As people, we have been subjected to some major taxation changes over the last few years, and yet we haven’t even got to the election yet. I am sure you will make many promises, but can we really afford it as a country?

Firstly, you attack the superannuation industry. You want people to save more for their retirement through superannuation. Then, at the same time, if we do the right thing and save (supposedly too much), you will penalise us with extra taxes. Please Explain? Both the general public, our industry and I are very confused.

Please explain how I should be advising my clients when you won’t guarantee them a secure and comfortable retirement but penalise them for establishing their own retirement fund?

As an accountant, let me give you some free advice (or maybe I should charge you – please provide an address where I can send an invoice too)? If you can’t see the bleeding obvious, maybe you should have a look at your spending rather than just saying that tax revenue has dropped.

It is quite simple; no business can spend more than they earn and survive in the long run. Along with this, every business should always have a buffer in their bank account to cover unexpected occurrences that may arise. Why do our Federal government’s, that you are supposedly in control of, consistently spend more than what is coming in? Would any other business owner get away with such ludicrous discrepancies?

Finally, as with any business, if the team or people you surround yourself with can’t make this happen, then coach them. If it still doesn’t resolve your issues, perhaps get a better team around you to help!

The last few years would show that it is time to get a team around you that can control spending and balance the books in the positive rather than the negative. Surely this would be a better strategy than continually attacking the Australian public with different taxes or levy hikes because you can’t manage your books and get this country into a surplus.

On behalf of my clients and the Australian public, I plead that leading into the election, you revisit the budget, cut the wasteful spending of our money, and work towards creating a surplus.

Politicians, feel free to visit my business website at and download some of the free brochures and resources on how to run a business and manage your money successfully. Alternatively, I am happy to organise a meeting with a few of my clients (taxpayers), that would be more than happy to explain how the real world works and the difficulties they face – just let me know!


Peter J. Locandro 


A proposed election could bring changes. Click below for a further look at the potential changes that could be on the horizon…

Australians face dramatic wholesale changes to the way they get mortgages, insurance, financial advice and superannuation after a damning royal commission report that exposed years of misconduct in the nation’s finance industry.

Our treasurer, Josh Frydenberg, has immediately welcomed the report, describing it as a “scathing assessment of conduct driven by greed and behaviour that was in breach of existing law and fell well below community expectations”. He said the message to the financial sector was “misconduct must end and the interests of consumers must now come first – from today the sector must change, and change forever”.

The report recommends sweeping changes to the system, including:

  • Tearing up the way mortgage brokers are paid, pushing to end trailing commissions and replaced with a fee paid by the home loan borrower;
  • Forcing mortgage brokers to “act in the best interests” of borrowers for the first time;
  • Ban dishonour fees on basic accounts;
  • Making financial advisors renew their contracts annually to end “fees for no service”;
  • Giving workers a superannuation account that will follow them from jo-to-job to get rid of multiple accounts eating their savings;
  • Regulators – retain APRA & ASIC, but there needs to be a new authority, independent of government, to oversee the “twin peaks”;
  • Car dealers offering finance should be covered by consumer credit protections;
  • Banning unsolicited “hawking” of superannuation and insurance products.

In summary, the customer can no longer come second to profit – this is the theme guiding the report into misconduct in banking, superannuation and other financial services. The message should be to ask questions at all times, and if still not sure, get further advice. Speak to us today if you have any doubts on any financial advice or products that you currently have or are looking at!

Accountants and financial advisers have been advised to prepare for further upheaval in the superannuation regulatory landscape in light of the upcoming federal election and the possibility of a change in government, according to SMSF experts.

Smarter SMSF co-founder and chief executive Aaron Dunn explained to accountants and advisers that they should be considering how potential policy changes to super by a Labor government could impact on their clients and plan accordingly.

Specifically, Dunn said Labor has clearly stated it expects to lower the annual non-concessional cap from $100,000 to around $75,000, which would lower it from four times the concessional cap to three times the cap.

He noted this would have a flow-on effect on the bring-forward rule, which would also reduce it down to $225,000.

Furthermore, he pointed out Labor has proposed to further reduce the high-income super contributions threshold from $250,000 to $200,000.

In addition, the ability to carry forward unused concessional contribution cap amounts is going to be scrapped if there is a change in government, he said.

“We’re only just about to start to see the benefits of this unused catch-up contribution legislation,” he said.

“But Labor have made very clear that they don’t see the benefit of having that piece of legislation in place, so they would look to repeal the use of that, which may in essence disappear before we even have the ability to start to use that legislation.”

Under the carry-forward rules members were entitled to begin using the benefits of from 1 July 2018, they would not have accumulated a year’s worth of unused contributions until the subsequent financial year.

He expressed frustration at the prospect of Labor disallowing the tax deductibility for personal contributions, where the government last year scrapped the 10 per cent rule so anyone who was eligible to contribute to super could claim a tax deduction for personal super contributions within the overall concessional cap of $25,000.

“So in essence, [Labor will be] reinstating the 10 per cent rule, ensuring that contributions can be claimed only for those that would be substantially self-employed.”

Australia’s dividend taxation regime is a complex puzzle at the best of times.

Labor’s proposed Retiree Tax will hurt retirees and low-income earners especially by abolishing tax refunds for share dividends.

It’s estimated that Labor’s $45 billion tax grab will hit 900,000 individuals, 200,000 self-managed super funds and 2,000 super funds.

The current system introduced by the Howard-Costello government – ensures that taxpayers with a zero tax liability and excess imputation credits would be refunded the full amount of pre-paid tax.

This is not a radical idea – millions of taxpayers over-pay their tax and get a refund each & every year.

If the proposed changes become law, in effect, this means that taxpayers with a zero liability, and corporate income, could face a marginal tax rate at whatever the company tax rate was at the time.

A range of arguments have been proposed in support of this reform by Labor. Their argument, “cash refunds are some sort of rort. Shareholders are rich anyway. The money is better spent on public hospitals”.

Supposedly, only 8 per cent of taxpayers are impacted.

Chris Bowen…Labor now proposes to roll back to the first version of the tax.

Case Study

Maybe Nana and Pops, aged over 60, have organised their financial affairs so that their share portfolio is in a SMSF and provides them with a refund of some imputation credits also. They worked hard when they were younger, saved for their retirement, sort proper advice and worked the extra mile to provide a better life for themselves and their family. Now the Labor party want to take that extra income from them and give it to people who refuse to do the same for themselves.

Explain to me how that is fair?

These people are not rich or wealthy, but they are about to face a marginal 30 per cent tax rate under a new Labor government, and will lose a portion of their current income.

The numbers go down once I account for the pension guarantee that Labor has proposed – but not by much. We are being invited to believe that this tax grab on the elderly won’t have any flow-on effects to their children and loved ones.

Capital gains tax will also be a big issue as we approach the next election – the Coalition has promised to leave it unchanged; Labor wants to increase it, by reducing the present discount from 50 per cent to 25 per cent.

Let’s look at the history. Prior to 1985 Australia had no specific capital gains tax but there was still a general agreement within the major parties that some form of capital gains tax was a must.

So in September 1985, the Hawke-Keating government introduced capital gains tax, to apply only to realised gains on assets acquired after that date.

Case Study

    Currently Proposed
Investment purchase price $350,000    
Investment sale price (after 12 months of ownership) $800,000    
Capital Gain $450,000    
Discount   50% 25%
Assessable Capital Gain   $225,000 $337,500
Assume Marginal Tax Rate 45.00%


$101,250 $151,875


Although this is a simple example, you can see the dramatic change in the taxes; great, extra revenue for the government, bad for investors, as less profit will remain in their pocket.

Questions to arise.

  • Will investors actually sell &/or buy?
  • Will investors expect greater returns, for example, higher rents or dividends?

Again, the government is spruiking the fairness argument. My argument is that if someone is taking a risk and investing their money, they need to be rewarded in the long run. Not pay more taxes!

I believe such policy is very short term focused!

In summary, with superannuation, investments, etc. taxpayers need to be encouraged to do more and invest more. Why limit the amount of contributions into superannuation? They will then not be a burden to the government in the future requesting Centre Link benefits and will probably take care of their loved ones as well.

The 2019 calendar year has started off with some major developments – what will the reminder of 2019 bring us?

(Sources. Herald Sun (05.02.2019))
(Sources. Self Managed Super Magazine (05.02.2019))

February 2019 Updates

Handy tips to help pay off your home sooner

1. Make extra payments

If you’re not in a fixed rate term, you could add extra to each loan payment, or deposit large amounts (such as tax return refunds, dividends or bonuses). By doing so, you could save on interest and pay off your loan sooner.

2. Consider setting up more frequent repayments

You may like to think about changing the frequency of your repayments. For example, if you make fortnightly repayments instead of monthly repayments, you’ll be reducing your total interest charges and paying off interest earlier.

3. Save on interest payable with an offset account

If you have an eligible loan, you may be able to link an offset account to it. The more money you have in your linked offset account, the less interest you’ll need to pay on your home loan.

4. Repay principal and interest

If you’re looking to pay off the total amount of your home loan rather than just the interest, then switching from interest only to principal and interest is something you could consider.

The above are just some general tips that many of our clients have utilised to build their wealth. If you need help in reviewing your loans, refinancing or organising new finance, please contact Financially Sorted immediately to organise a free no-obligation with our mortgage broker.

ATO opens up on what triggers an audit

(12 December 2018 –

Being audited is a dread or even fear common to virtually all businesses and taxpayers alike. Recently, the ATO have revealed what red flags usually trigger an audit, and whether the self-employed are more likely to be audited.

The ATO uses a range of tools and techniques to identify taxpayers that may warrant closer scrutiny. Reviews and audits are selected based on their assessment of the level of risk.

Business margins are looked at, different industries &/or occupations are grouped with those not within the averages, closely looked at. The ATO is also using technology to its advantage with many government departments now having the ability to share information. An example of this is where the State Revenue office discloses to the ATO the disposal value of properties.

Are the self-employed more at risk of an audit?

A common idea is that self-employed people are much more likely to be audited than employees, because of the fact that they do their own reporting, and often blend work and personal in order to simply get the job done.

But the tax office spokesperson told My Business that this is not true, with no discernible difference in audit rates among business owners and employees.

“Being self-employed is not a factor that will influence whether a taxpayer is more or less likely to be scrutinised. For example, for small businesses, the ATO uses small business benchmarks, data matching and other risk indicators to identify businesses that may be avoiding or having trouble meeting their tax and superannuation obligations.”

Likewise, an audit does not necessarily mean that one has done something wrong — merely that something is unusual and warrants a closer look.

If the ATO find a discrepancy, they accept that sometimes mistakes can be made and give the taxpayer the opportunity to provide extra information or context in terms of their situation and consider this (where the law allows us to) in determining if any penalties should apply.

You’ve been put on notice for an audit — now what?

If the ATO does issue notice that it plans to conduct an audit, either of you personally or for your business, the first thing to do is ensure that receipts for everything are to hand and that all documentation is correct.

“A review or audit usually involves looking at the taxpayer’s affairs to ensure the information provided is accurate and complies with their tax and superannuation obligations.”

The ATO prefers to work with taxpayers to obtain information cooperatively, which may require a range of interactions including meetings either by phone or in person.

When facing an audit or review, the ATO strongly recommends that you should be open and honest in your dealings with investigators, and to:

Tell the ATO about anything that could delay the audit or review,

Provide complete and accurate information when requested, and do so in a timely manner,

Allow investigators to take copies or extracts from receipts and documents if needed during face-to-face meetings, and

Give investigators unfettered access to premises, documents and records if requested.

The ATO (and other Government bodies, for example, CentreLink) have certainly increased audit activity. If questions arise, please do not hesitate to contact us immediately. The consequences for not doing so can be quite harsh.

Highly anticipated STP law secures passage

(Accountants Daily 05 December 2018)

Single touch payroll (STP) will now cover businesses of all sizes after legislation was passed by the Senate.

What is Single Touch Payroll?

Single Touch Payroll, also called STP or one touch payroll, is an ATO initiative that requires employers with 20 or more workers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees.

What does that mean for you?

Digital connectivity is becoming a necessary part of running a business in Australia. Instead of typically reporting payment once at the end of a financial year, certain employers will now be required to send information to the ATO with every pay run. STP takes effect from 1 July 2018, though many Xero users will have longer to make the switch.

The Senate has passed the Bill proposing to extend STP to employers with 19 or less employees from 1 July 2019.

The passage of legislation follows months of uncertainty for the small business sector after STP was officially rolled out for employers with 20 or more employees from 1 July 2018.

In preparation for the rollout across all businesses, the ATO began seeking expressions of interest from digital service providers to develop low-cost STP software for the micro business sector.

ATO Commissioner Chris Jordan has also pledged to ease micro businesses into the STP regime, stating that they will not be forced into purchasing payroll software, with a number of alternate options set to be available, including the option of allowing their registered tax or BAS agent to report quarterly, rather than each time they run their payroll.

Exemptions to STP reporting will also be available to businesses that have no internet or an unreliable connection.

The ATO have advised that there not going to force people to put in a business, accounting system and payroll software.  A lot of people will have basic accounting software but not the component that does the payroll.  Some of the software providers might be looking at that as an opportunity to get people in to maybe a more upgraded sort of accounting system.

STP will be a massive change for all small businesses out there. We will be advising our clients further as it gets clearer as to what is expected and as it gets closer.

For Your Calendar…

  • 21 Feb Lodge and pay January 2019 monthly business activity statement.

  • 28 Feb Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals

    Lodge and pay Self-managed superannuation fund annual return

    Lodge and pay quarter 2, 2018–19 activity statement for all lodgment methods.

    Pay quarter 2, 2018–19 instalment notice

    Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.

    If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.

    Lodge and pay quarter 2, 2018–19 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time.

December 2018 Updates

ATO using external agencies for some overdue lodgements

(Source – CPA Australia)

Starting in November 2018, the ATO have begun referring taxpayers that have overdue lodgement obligations to an external collection agency to follow up the overdue returns and activity statements.

From the end of November, the ATO will begin sending letters directly to affected taxpayers’ nominated addresses. This letter will ask taxpayers to seek their agents help to get their obligations up to date or to contact the ATO immediately. If they take no action, the ATO will refer them to an external collection agency.

The ATO will notify agents via email of their affected clients. Agents will also receive an example of the letter the ATO will send to their clients.

The ATO (on their website) has now updated the information it provides taxpayers if they don’t lodge.

If you don’t lodge

Tax returns, activity statements, other documents and information must be lodged or returned by certain dates.

If you can’t lodge by the due date, you should contact us as soon as possible so we can work together to reduce the risk of a penalty.

If you don’t lodge on time:

The ATO may contact you after the due date by    

  • SMS,
    • messages in MyGov,
    • letters,
    • phone.
  • a penalty may be applied,
  • The ATO may refer selected lodgment obligations to an external collection agency to obtain lodgment on our behalf,
  • The ATO may take stronger action if you are unwilling to work with them to address your lodgment obligations or do not meet agreements to lodge.

Failure to lodge on time penalty

If you don’t lodge on time, a failure to lodge on time penalty may apply.

External collection agencies

The ATO may refer some overdue lodgments to external collection agencies to obtain lodgment on our behalf. They may notify you or your agent before referring your overdue lodgment to an external collection agency.

Are your returns or other lodgement requirements overdue? The ATO is now starting to contact those taxpayers with overdue obligations and will not be shy about imposing penalties also. Contact us immediately to sort out your overdue obligations before the ATO do so. The penalties for not getting up to date could be quite harsh!

Beware – private use of business cars

During November 2018, the ATO will also be writing to clients that have cars registered in their business name and have not lodged a fringe benefits tax return in the past.

This is just a friendly reminder that a car fringe benefit occurs when a business owns or leases a car and makes it available for their employees’ private travel. Don’t forget, business directors are also employees.

Private use of a company car includes:

employees using the car for private travel, such as travel between work and home,

garaging the car at or near an employees’ home and making it available for private use – even if the car is not used by the employee.

Worried about whether this affects you, contact us immediately to find out more.

Money saving Tips

Leading into Christmas, many people will get into financial trouble. They will spend too much buying gifts that are well beyond what their wages or their budget allows.

Do you have enough money to pay for what you want?

Are you just spending on a credit card and it will take you until next Christmas to pay it back?

Sound familiar, well here are some simple money management tips that can help you:

1. Create a comprehensive budget or plan before you go shopping – write down how much money you receive from your wages or other sources. Compare that to all of your expenses, including the gifts you would like to buy to ensure you have enough money to cover everything you need.

2. Eliminate unnecessary costs – make a list of your current bills and their due dates and be sure to pay your bills on time to avoid late fees and penalty charges.

3. Find ways to pay less interest on your debts:

  • Focus on paying off debts with the highest interest rate first
  • Keep up with required payments (such as monthly minimums) on all your debts
  • Consolidate your debts into an “all-in-one” type of bank account or a secure line of credit so you can make a single payment each month

4. Set clear goals to help accelerate your savings – write down all the things you’re saving for, then work out how much you need to set aside each month to reach your goals in the timeframe you want then “pay” yourself this amount each month as if it is another bill.

5. Don’t pay more tax than you need to – this is where we as your accountant will make sure that this doesn’t happen.

6. Use technology to:

  • Set up payment reminders
  • Schedule future bill payments
  • Review your spending

7. Save for retirement now, regardless of your age – the earlier you start, the easier it will be later on.

8. Build a network of Advisors—reduce financial stress and start to feel financially secure:

  • Get help setting goals
  • Develop a customized financial plan
  • Prepare strategically for life’s financial milestones

This last tip may be the most important. People who feel financially secure are more likely to be working with an advisor than those who say they are struggling with their money. If you don’t have an advisor, we can help you – contact us immediately.

Co-working space on the way

In 2019, Financially Sorted will be in a position to offer an all inclusive, convenient and affordable office alternative to small businesses.

This will come in the form of professional desk space with access to amenities, meeting rooms and more.

The details are still being confirmed, but if you are thinking that you need to ‘get sorted’ in the new year (or know someone that does), stay tuned for more details…

For Your Calendar…

  • 1 Dec Pay income tax for taxable large/medium taxpayers, companies and super funds

    Pay income tax for companies and super funds

  • 21 Dec Lodge and pay November 2018 monthly business activity statement

  • 15 Jan Lodge tax return for taxable large/medium entities as per the latest year lodged

  • 21 Jan Lodge and pay quarter 2, 2018–19 PAYG instalment activity statement

    Lodge and pay December 2018 monthly business activity statement

  • 28 Jan Make quarter 2, 2018–19 super guarantee contributions to funds by this date