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Lodge nil BAS in advance

Activity statements generally issue from the ATO by the end of the month but in some circumstances they can be generated early.

Business owners can access activity statements early in the following cases:

Quarterly clients who have elected to report and pay monthly are not eligible to lodge activity statements in advance.

All non-elected monthly, quarterly and annual lodgers can access activity statements early if they meet the following requirements:

Contact our office if you require assistance with the early generation of activity statements for your business.

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News

Expanded super for older Australians

April 12, 2019

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians.

Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at least 40 hours in any 30 day period in the financial year in order to make voluntary personal contributions.

This change in age will now allow individuals aged 65 and 66 who previously didn’t meet the work test to contribute three years of after-tax contributions in a single year, meaning up to $300,000 can be injected into an account with less than $1.6 million in super (tax-free pension threshold). This adjustment aligns with the increase for the Age Pension from 65 to 67.

Spousal contributions can now be made until age 74, up from age 65, without having to meet the work test. Under spousal contribution regulations, an individual can claim an 18% tax offset of contributions up to $3,000 made on behalf of a non-working partner. A further $3,000 can be contributed but with no tax offset.