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.
|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|
|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|
|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|
|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
- 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:
- online through Australian Business RegisterExternal Link or Business PortalExternal Link
- by phone – if you’re an authorised contact for the business, phone us on the business enquiries line (not applicable for adding or updating public officer details)
- by lodging a form – order the Change of registration details form (NAT 2943) using our online publication ordering service for businessExternal Link
- through your registered tax agent or BAS agent.
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.