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Upcoming Tax Calendar for February and March
Lipins Partners • Feb 17, 2023
Welcome back to work after what was hopefully a restful and lovely summer break! And welcome to 2023, where we are truly looking forward to working with you and your business this year.
In order for you to be across your tax obligations as you get back into the swing of things, below are the key compliance dates coming up. If you have questions or need help with any of the following, we are here to help.
KEY TAX DATES – FEBRUARY 2023
- 21 February 2022 – GST – Monthly Activity Statement and payment for January.
- 21 February 2022 – PAYG withheld – Monthly Activity Statement and payment for January.
- 21 February 2022 – PAYG instalment – Activity Statement and payment for monthly reporters for January.
- 28 February 2023 – GST – Quarterly Activity Statement and payment for the October to December 2022 quarter.
- 28 February 2023 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the October to December 2022 quarter.
- 28 February 2023 – GST Annual Return – Lodgement and payment of annual GST return or Annual Information Report for GST payers who are not required to lodge an annual tax return.
- 28 February 2023 – SMSF Annual Return – Lodgement of annual return and payment of outstanding income tax for SMSFs if 2021–22 was your first year in operation.
- 28 February 2023 – Superannuation guarantee – Lodgement and payment of superannuation guarantee statement.
- 28 February 2023 – Company tax return – 2021–22 lodgement and payment of company tax return if you do not lodge with us.
KEY TAX DATES – MARCH 2023
- 21 March 2023 – GST – Monthly Activity Statement and payment for February.
- 21 March 2023 – PAYG withheld and PAYG instalment – Monthly Activity Statement and payment for February.
- 31 March 2023 – Fringe Benefits Tax – The last date of the 2022–23 FBT year.
- 31 March 2023 – Company tax return and consolidated head companies – 2021–22 lodgement and payment of company tax return if your company has more than $2 million in total income and you do not lodge with us, unless you are required to lodge earlier.
- 31 March 2023 – Superannuation fund tax return – 2021–22 lodgement and payment of superannuation fund tax return if the fund has more than $2 million in total income and you do not lodge with us, unless you are required to lodge earlier.
- 31 March 2023 – Individual tax return – 2021–22 lodgement and payment of individual tax return if your latest tax return resulted in a tax liability of $20,000 or more.
- 31 March 2023 – Trust tax return – 2021–22 lodgement and payment of trust tax return if the latest tax return resulted in a tax liability for the trustee of $20,000 or more.
Anything keeping you up at night?
If you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call, email us or text us. We are here to help.
Traditionally, life’s big milestones were often summed up as getting married, buying a house, having a baby and later settling into retirement. And while all of these are still momentous and memorable life moments, today there are several other modern milestones to add to that list. These could be launching your own side hustle, investing in a property with a friend, choosing to have a child on your own, or deciding to travel in a campervan. Aside from all these moments being a cause for celebration, these milestones also mark an important point in your life to reconsider the security you have in place to not only protect yourself and everything you’ve worked towards but also the ones you love. Considering Life Insurances Big changes in your life are a time to take stock of the things you’ve achieved, your future goals and what’s important to you. And more often than not, life’s big milestones come with added financial responsibility. For this reason, it’s important to consider how you would continue to meet these responsibilities if something were to happen to you. Pooling money with family or friends to buy property can be a great way to break into the property market, however, it comes with its own unique considerations. In particular, having a plan for how you will manage and share the financial responsibility which extends to how you would cover both your shares of the mortgage if something were to happen to either of you. Life Insurance, Critical Illness Insurance and Total and Permanent Disability Insurance (TPD), are all ways to help protect yourself and people that are important to you, helping ensure that if you passed away or could never return to gainful employment, neither your friends or your family would be left to cover the cost of your financial commitment. Similarly, if you were diagnosed with a Critical Illness or experience a traumatic event that left you totally and permanently disabled, you would have lump sum payment to help offer you financial security and assist with ongoing expenses, or debts. Considering Income Protection While big life achievements are generally a result of considerable planning and preparation, you can’t always predict what will happen in life. This means that if you’re considering launching your own venture as your next big milestone, it can be helpful to have protections in place that can help prevent your goals from being railroaded in the event of an illness or accident. Often, increasing earning power is a motivator to launch a business, so it may be worthwhile considering how you would maintain this financial security if something were to happen to you. Income Protection can give you an alternative source of income if you’re temporarily unable to work due to an illness or injury that's left you totally or partially disabled. Whether you’ve launched a solo side hustle or are working with a small team, it can help you stay on top of personal living expenses, medical costs and business expenses, leaving you to focus on recovering. Every Australian is different and has their own unique ambitions, goals and milestones. If you’d like help reviewing your personal financial situation, please reach out. Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors.
The March Board meeting of the Reserve Bank of Australia (RBA) concluded with a decision to maintain the official cash rate at 4.35%, following a thorough review of recent economic indicators. The official statement for this decision is available on the RBA's website .
Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position. How does tax planning affect your business? The primary goal of tax planning is to reduce the amount of taxes your business owes. But it’s also about making sure you stay compliant with all the tax laws and regulations applicable to your business. But what are the main advantages? Let’s take a look at five of the big benefits of careful, strategic tax planning. By planning your tax across the year, you can: Maximise your profits – strategic tax planning helps your company find the best available tax incentives, deductions and credits. This reduces your overall tax liability, cuts your annual tax costs and increases your overall profitability as a business. Boost your cashflow – tax planning is a great way to open up more liquid cash and achieve a better cashflow position for the business. When you cut down the company’s tax payments, that frees up cash and helps you achieve a positive cashflow position. Stay compliant and mitigate your risk – being proactive with your tax planning keeps the company compliant with the relevant tax laws and regulations. It’s a sensible way to tick the compliance boxes and reduce the risk of costly penalties and legal issues. Drive your strategic growth – smart use of tax planning helps you reduce your tax costs and reassign those funds to your strategic business goals. It’s a golden opportunity to invest in areas that promote long-term growth and competitiveness. Give your business a competitive edge – if managed well, efficient tax planning leads to lower operational costs for the business. This gives you a competitive edge when it comes to pricing, innovation, sales and revenue generation. How can our firm help you with tax planning? Getting strategic with your tax planning has many advantages for your financial stability as a business. But to maximise your planning, it’s important to work with an experienced adviser. As your tax adviser, we’ll help you look ahead across the whole financial year, looking for the opportunities to reduce your tax liability and find the best tax deductions and incentives. If you’d like to know more about the impact of tax planning, we’ll be happy to explain. Get in touch to talk about tax planning.