Tax Tips: Are you up to date with your tax lodgements?

As we near the end of the calendar year, it is timely to remind our clients of the need to prepare any tax returns and BAS statements that may be outstanding.

Earlier this year I launched a strategy to enable all of our clients to get up to date with their outstanding lodgements.

This involved Lowensteins’ staff sending emails and/or phone calls to relevant clients.

Once again I emphasize the importance of getting all your figures up to date.

The failure to do so can result in fines and penalties being imposed of up to $1050.00 per outstanding return. These fines and penalties may apply to both tax returns and BAS statements.

Superannuation

The government is funding a program for the Australian Tax Office (ATO) to enable it to enhance it’s monitoring of employers who are not paying the correct amount of superannuation to their employees or who are not paying the contribution at all.

The program will take the form of strengthening the ATO’s capacity to enforce collection procedures from the employer’s company officers. The ATO could even obtain court orders to ensure collection of outstanding superannuation contributions.