We’re fast approaching the end of yet another financial quarter so we thought we’d put together a timeline of upcoming tax deadlines for both personal and business entities that are worth adding to your calendar.

Many of you are likely across some of the first few of these and you may have already spoken with the Attune team about your March or April deadlines, but let’s take a look and have your calendar ready so you can keep them in your diary …

31 March 2023: 

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (exceptions may apply!)
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more (exceptions may apply!)
• Payments for companies and superfunds are due by this date 
• Individuals and trusts payments are due as advised on their Notices of Assessment

21 April 2023:

• Lodge and pay quarterly March 2023 BAS if you’re not using a registered Agent (more time here is one great advantage of having Attune on your side)

28 April 2023:

• Payment of March 2023 PAYG Instalment notice, or lodgement due date if varying
• Make super guarantee payments for Quarter 2, 2022-23

15 May 2023:

• Lodge 2022 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups) and are not eligible for the 5 June     concession.
• Due date for companies and super funds to pay if required

26 May 2023:

• Lodge and pay eligible quarter 3, 2022–23 activity statements if you have elected to receive and lodge electronically.

5 June 2023:

Lodge tax return for all entities with a lodgement due date of 15 May 2023 if the tax return is not required earlier and both of the following criteria are met: 

• non-taxable or a credit assessment in latest year lodged
• non-taxable or receiving a credit assessment in the current year

‍25 June 2023:

• Lodge and pay 2023 Fringe benefits tax annual return for tax agents if lodging electronically.

 30 June 2023:

• Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2022–23 financial year.

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If you’d like clarity on any of these deadlines or would like tailored advice on meeting your obligations, reach out the Attune team today on 1300 866 113 or send us an email to start the conversation.

‍Whether you’re in a situation where you may need to wind down a company or not, as a business owner, it’s worth understanding the difference between de-registration and voluntary liquidation.

They are two legal processes that can be used to wind up a business in Australia and while they may appear to be similar, there are some important differences between the two that can impact a company's owners, creditors, and other stakeholders.

Let’s look at each option independently first:

De-registration is the process of officially cancelling a company's registration with the Australian Securities and InvestmentsCommission (ASIC). It is typically used for small companies that are no longer active and have no outstanding liabilities or legal disputes. In order to de-register a company, the directors must ensure that all tax obligations have been met, any outstanding debts have been paid, and all assets have been distributed to shareholders or transferred to another entity.

Voluntary liquidation, on the other hand, is a more formal process that involves appointing a liquidator to wind up the company's affairs.This process is typically used when a company is insolvent, meaning it cannot pay its debts as they fall due, or when the directors decide that the company is no longer viable and wish to wind it up. The liquidator is responsible for collecting the company's assets, paying off its creditors, and distributing any remaining funds to shareholders.

What are the key differences and what impact do they have?

One key difference between de-registration and voluntary liquidation is the level of involvement required from ASIC. When a company is de-registered, ASIC is not involved in the process beyond processing the de-registration application. However, in a voluntary liquidation, ASIC must be notified of the appointment of the liquidator and the progress of the liquidation.

Another key difference is the impact on the company's directors. In a de-registration, the directors are responsible for ensuring that all legal requirements have been met before applying for de-registration.Once the company is de-registered, the directors are no longer liable for any outstanding debts or legal disputes. However, in a voluntary liquidation, the liquidator may investigate the conduct of the directors leading up to the liquidation and take action against them if they are found to have breached their duties.

For creditors and other stakeholders, there are also important differences between de-registration and voluntary liquidation. In a de-registration, creditors have no recourse against the company once it has been de-registered, so it is important for them to ensure that all debts are paid before the de-registration takes place. In a voluntary liquidation, creditors may be able to recover some or all of the amounts owed to them through the liquidation process, although this will depend on the value of the company's assets and the number of creditors.

As with any business decision that has such wide reaching implications, it is important to speak with the Attune team before deciding which process is most appropriate for your circumstances. We’re here to helpwith tailored, strategic advice to ensure you take the right path forward. Call the team on 1300 866 113 or send us an email to start the conversation.  

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‍If you’re considering up-skilling yourself for your current job or adding to your set of skills so you can improve your income, you’ve generally got the option of deducting the cost to do so.

This kind of deduction is formally called a self-education expense, and the word “generally” is relevant as there are some details to be aware before undertaking such study, which we’ll cover below.

How does it work?

To be eligible to claim a deduction for specific expenses relating to your self-education and study it must first be sufficiently relevant to your employment or earning your income. There are some conditions (direct from the ATOs website) you’ll need to satisfy that would make you eligible, such as:

• You're upgrading your qualifications for your current employment – for example, upgrading to a Masters qualification from a Bachelor qualification.
• You're improving specific skills or knowledge you use in your current employment – for example, a course that will allow you to operate more machinery at work.
• You're a trainee employee and the course you are undertaking forms part of that traineeship – for example, an apprentice hairdresser doing a certificate III in hairdressing which is a compulsory component of their apprenticeship.
• You can show that at the time you were working and studying, your course led, or was likely to lead, to an increase in employment income – for example, a teacher who will automatically get a pay increase as a result of completing the course.

 If however the study you are looking to undertake is only generally related to your employment, then you will not be eligible.

As an example, you are employed as an administrative assistant at a company that sells computers and you choose to study computer science at university. Although the course is generally related to your work, the high-level professional skills you’re learning at university aren’t specifically aligned with your current employment status, leaving you unable to claim the deduction.

If however, you were employed to build computers for the same employer and you selected the same course, you may be able to show that the skills you’re learning will progress your employment, allowing you to potentially even increase your income. 

What can be claimed?

Assuming you meet one of the above eligibility criteria, you’ll be able to claim a deduction for a range of self-education expenses. Including:

• General course expenses like; stationery, internet data usage, student union fees, trade, professional or academic journals
• Fees payable under FEE-HELP, VETStudent Loan (formerly known as VET FEE-HELP), but not the repayments on the loan itself. This doesn't include expenses paid under HECS-HELP, and others – Attune can help you check this and advise you as you plan for study.
• Self-education expenses you pay with your OS-HELP loan
• Textbooks, professional and trade journals
• Stationery
• Photocopying
• Computer expenses (see below)
• Student union fees
• Student services and amenities fees
• Accommodation and meals – when the course requires you to travel and be away from home for one or more nights. You can not claim the cost of accommodation and meals associated with day-to-day living expenses
• Additional running expenses if you have a room set aside for self-education purposes – such as the cost of heating, cooling and lighting that room while you are studying in it
• Allowable travel expenses.

And depending on the amount you use your computer for self-education purposes you could also claim a deduction on interest charged to you on any loans used to buy the computer, repairs as well as depreciation of the cost of the computer.

There is a few more details to self-education expenses that are worth understanding if what you see here doesn’t quite sound like you, so reach out and we can assist in clearing it up for you. One of those is the “$250 reduction in expenses” that the ATO applies depending on how you qualify for the deduction, but we won’t go into that detail here either.

We can discuss the finer points with you as part of helping you manage your strategy for studying and guide you through where expenses can be deducted or excluded.

If you’re interested, you can get started with the ATO’s own Self-education Expenses Calculator.

And, if you’re considering studying while you work and looking at how to claim it as a deduction, then speak with the Attune team first. We can help you put the right strategy in place so you’re in the best position you can be at tax-time. Call us on 1300 866 113 or send us an email to start the conversation.  

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‍Since its introduction, thousands of businesses have taken advantage of the (currently) generous instant asset write-off legislation. As the title above suggests (and you may already be aware), the deduction available for the asset is currently capped at $150,000, but there is currently no limit to the cost of the asset (see below for more on this).

Unfortunately, all things must end, and this piece of legislation is no different…

In May 2021 as part of the Federal Budget for 21-22, the government announced an extension of the InstantAsset Write Off to June 30, 2023. Despite the looming end to the opportunity to claim the write-off to the full value, there’s still time.

How does it work?

Temporary full expensing (TFE) allows businesses to deduct the full cost of eligible capital assets from their profits for the year, rather than depreciating the cost over several years. So in essence, you can deduct up to $150,000 per asset purchased in the financial year of which you are lodging.

 Here are some of the specifics:

• The asset must be purchased and in use during the year in which you are claiming the deduction.

• Depreciating assets may include new business vehicles and equipment. For businesses with aggregated turnover of less than$50 million, the assets can be second-hand or new. Businesses with an aggregated turnover of up to $5 billion may also be eligible, but we strongly advise a discussion with the Attune team prior to purchase to ensure eligibility.
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What assets are claimable?

In order to deduct an eligible asset you’ll also need to ensure there’s room in your taxable income to deduct from, you then should understand what assets are eligible for the Instant Asset Write Off… For example:

·      fixtures and fittings (such as shop or cafe fit-outs)

·      technology, such as laptops, computers, EFTPOS systems and securityequipment

·      tools, plant and equipment

·      office furniture

·      motor vehicles such as utes, delivery vans and most cars(deductions for these are capped at a certain limit each financial year –$64,741 in 2022/23)

·      motorbikes

·      solar systems.
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As you can see by this list, there are limits in some areas, most especially motor vehicles. Here are details of some of the exclusions:

·      ‘Expensive’ cars (for the 2022/23 financial year, this means cars costing more than $64,741)

·      Buildings and other assets that are eligible for capital works deductions

·      Assets located overseas

·      Some primary production assets (such as fencing and water facilities)that already have an existing instant write-off scheme in place

·      Assets that are not used in a business.

And of course, you must be able to show that the asset is used as part of your business – this includes the percentage of business use if it is a motor vehicle. Generally, a log book will allow us to convert your kilometres into a business use and thus deductible percentage.

I need a new business asset, what do I do?

If you’ve identified a need in your business for a new asset, we suggest you contact the Attune team first so we can assess your situation against what is possible so we can guide you toward the best outcome.Essentially, we’ll go over your financial situation and discuss the asset in question before offering advice on a price cap and ultimately how much can be deducted.

For more about the Instant Asset Write Off and your eligibility, call Attune on 1300 866 113 or send us an email to start the conversation. And don’t delay, there’s not long left until the June 30 deadline arrives!

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