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TIPS AND ADVICE!

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  1. Be aware of the due dates for lodgment and payment of your tax and ASIC obligations. The ATO and ASIC are getting better at tracking due dates and imposing penalties for late lodgment, so it’s best to avoid the hassle and cost. If you would like clarity on the due dates that affect you, please get in touch.

  2. Sometimes cash flow is a little tighter than others. To avoid crystalising a debt, it’s tempting to avoid lodgment of a return or BAS. However, we strongly advise lodging your return and arranging a payment plan with the ATO. In this way, you can repay your debt in increments while you work on improving your cash flow. Yes, you will be charged interest but it is tax deductible, whereas a late lodgment penalty is not. The ATO is usually quite flexible and can adapt to your needs.

  3. The 2016 election has caused a delay in the tax-rate change. Usually, tax rates are changed on 1 July. This year, the date has been moved to 1 October. The new tax rate tables can be viewed at https://www.ato.gov.au/Rates/Tax-tables/

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