These dates are from the ATO website and do not take into account possible extensions.
You remain responsible for ensuring that the necessary information is lodged on time.
BAS/IAS Monthly Lodgement – December Activity Statement: 21st January 2020 final date for lodgement and payment.
BAS/IAS Monthly Lodgement – January Activity Statement: 21st February 2020 final date for lodgement and payment.
2nd Quarter of FY 2020: BAS Lodgement – December Quarter 2019 (including PAYGI) 28th February, 2020 final date for lodgement & payment
When a due date falls on a Saturday, Sunday or Public Holiday, you can lodge or pay on the next business day.
A public holiday is a day that is a public holiday for the whole of any state or territory in Australia
New Gift Card Laws – Expiry Dates
The new laws apply to all gift cards and vouchers sold from 1 November 2019 onwards. Any gift card sold before 1 November 2019 date will continue to carry the same expiry period and fees as applicable at the time of purchase. The key changes of the new gift card laws are:
- a mandatory minimum three-year expiry period from the date the card is sold to a customer
- gift cards must clearly show the expiry date
- most post purchase fees can no longer be charged, including activation fees, account keeping fees and balance enquiry fees
The new law applies to all gift cards or vouchers sold on or after 1 November 2019, unless specifically excluded. This includes gift cards for online stores that trade in Australia.
The three-year requirement does not apply to gift cards that are:
- able to be reloaded or topped up
- for a good or service available for a limited time where the card or voucher expires at the end of that period
- supplied to a purchaser of goods or services as part of a temporary marketing promotion
- donated free of charge for promotional purposes
- sold for a particular good or service at a genuine discount
- supplied as part of an employee rewards program
- given as a bonus in connection with a purchase of a good or service for use in the same business (customer loyalty programs)
- second-hand gift cards
If you breach the laws you could be fined $30,000 in the case of a body corporate or $6,000 for individuals.
Super Compliance in 2020
Single Touch Payroll reporting means that the ATO is now able to see:
- Which employers are not reporting.
- Which employers are not accruing Super, or not accruing correctly.
- Which employers are not paying Super (the super funds report all payments received).
The ATO as regulator of Superannuation Guarantee now has the means to be proactive in chasing employer compliance. Government has a priority – the adherence to Superannuation requirements.
We might get an amnesty period for getting Super Guarantee up to date. The ATO discretion to reduce penalties will be diminished thereafter.
Source: The Institute of Certified Bookkeepers
Vol 11 Issue 7