The ATO has announced a series of lodgement deferral dates due to COVID-19, available to businesses for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports.
The extended lodgement dates for particular lodgements are listed below:
• Company income tax 2018-2019 returns: 5 June 2020
• Fringe benefits 2019-2020 tax returns:25 June 2020
• SMSF 2018-2019 annual returns: 30 June 2020
As requests for lodgement deferrals for BAS, annual GST returns, PAYG summary annual reports and taxable payment reports are determined on a case-by-case basis, request approvals will be issued within a 28-day period. While deferring a lodgement may be beneficial to your business in the short term, it is still important to consider your tax liability and the long term effects of lodgement deferrals on your cash flow.
Always discuss your options with a financial advisor or accountant before deferring as you may accrue more debt than expected otherwise. Depending on your financial circumstances, the ATO is also accepting payment-only deferral applications until 14 September 2020 for income tax, FBT and excise payments.
Our team at Lee & Lee are here to help you. Please email or phone us on 07 3103 8551 to talk with us about how we can help you!
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony’s expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony’s understanding of the business and tax environments, together with his experience and can do attitude enables him to deliver creative solutions outside the square as much as inside, A positive thinker I find Tony inspiring, guiding clients and associates to a prosperity mindset.
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony Lee and his team at Lee & Lee is without a doubt Australia’s number one accounting firm.
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.