Welcome!
Hi There,
I hope you are well! It has been a while since I wrote my first (and only 😬) newsletter.
As you know, it is getting to the pointy end of the tax season. Most clients tax returns will be due by the 15th of May. That is fast approaching.
It is that time of the quarter, BAS time! We still have a while to get the lodgements done, however the due date always rolls around quickly. Living life by quarters can be rough, can't it?😂.
I would also like to touch on preparation for the 2024 tax season.
BAS time!
Yes, it's that time again. BAS season seems to come around quickly, as does the due date, for this quarter, the 28th of May.
It is important we get on top of these quickly. There are 2 reasons for this:
- It keeps the client happy
- It gives the client time to pay the BAS
I'll throw one more in - time for me to review. We need to remember that the ATO is very strict on lodgements and payments at the moment.
Remember, if you are having any issues, please reach out. I'm here to help.
Tax lodgements, Extensions and Lodgement Status.
As you are aware, many lodgements are due on the 15th of May. This is fast approaching.
As tax agents, we have targets we need to meet - 85% on-time lodgements.
If you are having troubles getting the return lodged on time, or you have a new client with an overdue tax return, you can apply for an extension. You can get up to a 6 week extension.
It is important to keep the ATO updated on any issues with lodgements and payments as they have been ruthless of late.
If you have any issues getting your clients tax returns lodged, please reach out so we can work out a solution.
Here are the important steps to remember:
- Letter of engagement signed
- ID check and added to XPM
- Bank Reconciliations are up to date
- Prepare workpapers
- Prepare Financial Statements
- Prepare tax return(s)
Remember to reach out earlier rather than late and enough time needs to be allowed for my review.
Preparation for 2024 Tax Season.
Last but not least, the 2024 is rapidly coming to a close.
I highly recommend that you speak to your clients about their 2024 tax returns. It will help the client stay engaged with you and to help plan for any potential tax payable.
Items you need to consider before year end:
- Tax planning
- Prepaid expenses
- Purchase of assets up to $20,000
- Dividend statements - due by the 30th of June
- Trust Distributions - Due by the 30th of June
- Division 7a loans (loans form the company to a director or associate) - Consider new loans and repayments
If there is anything you would like to see, or if you have any feedback on this newsletter, let me know.
Have a great week!
Cheers,
Daniel
