Here is the latest ATO update as of June 19, 2018.

• Income tax return — How to lodge the annual income tax return for businesses depends on the type of business entity.

• Super contributions — too much can mean extra tax — There are caps on the amount taxpayers can contribute to their superannuation each financial year that are taxed at lower rates.

There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. If you contribute over these caps, you may have to pay extra tax.

The cap amount and how much extra tax you have to pay may depend on your age, which financial year your contributions relate to, and whether the contributions are:

  • concessional (before tax)
  • non-concessional (after tax).

To find out how much you contributed into your super fund to ensure you don’t go over the caps, contact your super fund or phone us on 13 10 20.

• CRT Alert 057/2018 — Information on the upcoming superannuation industry engagement forum.

• Fund Validation Service user guide — The user guide explains how fund trustees and users can populate the Fund Details Register, how to maintain this information and how to access the outputs provided by the Fund Validation Service.

• June and July 2018: Super remittance and recovery processing schedule — The ATO super processing schedules for June and July 2018.

June 2018

SuperStream Date From
Co-Contributions Remittance Tuesday 05 June
USM Recovery Wednesday 06 June
USM Remittance Wednesday 13 June
SG Recovery Tuesday 12 June
SG Remittance Tuesday 12 June
SHAsa Remittance Thursday 14 June
LISC Remittance Tuesday 19 June
SG Remittance Wednesday 20 June
USM Remittance Wednesday 27 June
Co-Contributions Recovery Tuesday 26 June
LISC Recovery Wednesday 27 June
ECI/Paper Week Commencing
Co-Contributions Remittance Monday 04 June
USM Recovery Monday 11 June
USM Remittance Monday 11 June
SG Recovery Monday 11 June
SG Remittance Monday 11 June
SHAsa Remittance Monday 18 June
LISC Remittance Monday 18 June
SG Remittance Monday 25 June
USM Remittance Monday 25 June
Co-Contributions Recovery Monday 25 June
LISC Recovery Monday 02 July

July 2018

SuperStream Date From
Co-Contributions Remittance Tuesday 10 July
USM Recovery Wednesday 11 July
USM Remittance Wednesday 11 July
SG Recovery Tuesday 17 July
SG Remittance Tuesday 17 July
SHAsa Remittance Thursday 19 July
LISC Remittance Tuesday 24th July
SG Remittance Wednesday 25th July
USM Remittance Wednesday 25th July
Co-Contributions Recovery Tuesday 31st July
LISC Recovery Wednesday 1st August
ECI/Paper Week Commencing
Co-Contributions Remittance Monday 9 July
USM Recovery Monday 16th July
USM Remittance Monday 9th July
SG Recovery Monday 16th July
SG Remittance Monday 16th July
SHAsa Remittance Monday 23rd July
LISC Remittance Monday 23rd July
SG Remittance Monday 30th July
USM Remittance Monday 23rd July
Co-Contributions Recovery Monday 30th July
LISC Recovery Monday 6th August

• Reporting of foreign exchange (FX) gains and losses — Finalised rules for the reporting of foreign exchange gains and losses in the Local File — Part A for the second year of CbC reporting.

 Update your details — Taxpayers who change their address or authorised contact person must update their ABN details within 28 days.

It is a legal requirement to tell the Registrar of the Australian Business Register (ABR) within 28 days of any changes in your registered business details. These include changes to your:

  • postal, email or business address
  • associates
  • main business activity
  • Australian Company Number (ACN) or Australian Registered Body Number (ARBN)
  • public officer (this must be in writing and include the public officer’s name and a contact address)
  • name of trustees.

You should also tell us about any changes to your:

  • entity name or registered business name (registered with the Australian Securities & Investments Commission)
  • authorised contact person
  • financial institution account details.

We use this information to update the ABR. We may pass on the changes to other government agencies where we are authorised to do so.

How to update your details

You can update your details:

Authorised contact

Only primary contacts (including public officers), authorised contacts, registered tax agents, registered BAS agents, temporarily appointed tax professionals and specialist tax advisers can contact us on behalf of an entity.

Different entity types will have different primary contacts. For example:

  • If the trustee for a trust is a company, the primary contact will be the public officer.
  • If the trustee is a company that isn’t registered with us, and therefore doesn’t have a public officer, it is the director of the trustee company as listed with ASIC.

Updating AUSkey authorised contact

You should ensure that any update to your authorised contacts also includes a review of who has AUSkey access in your business. You may need to cancel or apply for newly appointed authorised contacts where applicable.

• When the Commissioner’s remedial power has been used — An index of the Commissioner’s use of his remedial power and links to the relevant legislative instruments and explanatory material.

  •  CCH