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2014 Year End Reminders & Obligations

ABN Latest News

Another financial year is about to finish!

As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points below to assist you.

 Date

 Action Required

 BEFORE 30 June 2014
  • Ensure your employee superannuation payments are received and allocated by your employees’ super fund prior to 30 June 2014 to ensure a tax deduction for this year. Any payments made between 1 July 2014 and 28 July 2014 will count towards your Superannuation Guarantee requirement but will not be tax deductible until the 2015 financial year.
  • If you operate through a trading company review shareholder loan accounts and make minimum loan repayments.
  • If you operate through a discretionary family trust ensure that a Trust Distribution Resolution for each Trust is signed by 30 June 2014.
  • Carry out a stocktake by 30 June 2014.

 1 July 2014
  • Superannuation guarantee rate increases from 9.25% to 9.5%
  • 2% Temporary Budget Repair Levy commences
  • Medicare levy increases from 1.5% to 2%

 

 14 July 2014 or before
  • Provide 2014 PAYG Payment Summaries to all employees

 21 July 2014
  • Taxable Payments Annual Report due for lodgement with the ATO (building and construction industry)

 28 July 2014
  • Quarterly Superannuation contributions due for employees (for the period 1 April 2014 to 30 June 2014).  THIS IS A KEY DEADLINE!

(Note: If you fail to meet your requirements by 28 July 2014, you must complete a Superannuation Guarantee Charge Statement and forward it to the ATO together with underpaid superannuation plus administration fees and interest by 14 August 2014. Superannuation Guarantee Charge payments are NOT tax deductible.)

 14 August 2014 or before
  • Lodge your 2014 Annual PAYG Payment Summary Statement (for employees) with the ATO. Penalties apply for late lodgement.

 1 April 2015
  • FBT rate increases by 2% to 49%

Key Changes from 1 July 2014

Employers need to take note of a number of key tax changes that apply from 1 July 2014. These include:

  • 2% Debt Tax for high income earners
  • Medicare Levy increase
  • Superannuation guarantee increase
  • Fringe Benefits Tax (FBT) increase

 
Please urgently check these key things:

  1. Has your payroll software automatically updated for these changes? Or do you need to load these changes into your payroll software?
  2. Check your first pay run from 1 July 2014 to ensure the changes are correct
  3. Review any salary packaging and calculations and make any adjustments to employee FBT contributions or other items where needed.
Category
ABN
Published
24 Jun 2014
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