With the new financial year upon us, we thought you might like a quick 'ready reckoner' of tax obligations for your strata clients:
With the new financial year upon us, we thought you might like a quick 'ready reckoner' of tax obligations for your strata clients:
- Single Touch Payroll (STP) Finalisation. All strata companies with employees should complete their online STP Finalisation Process prior to the due date of 14 July. The ATO has said that for the 2020-21 financial year, they will accept finalisations up until 31 July due to the impact of COVID19 on businesses.
- Notify owners of schemes that earned income from common property (eg: phone towers, commonly owned units etc) of the income / deductions to put in their own personal tax returns. This should be done in a timely manner so owners don't prepare their returns without declaring this information. See TR2015/3 or view our summary for more details.
- Arrange for strata tax returns for any schemes that earned non-mutual income (interest, laundry, status certificate fees) during the financial year. To cehck if a scheme requires a tax return for a particular year, download the Income Tax Flyer from our downloads page.
- Contact your accountant to notify the ATO of all other schemes that DON'T need a tax return to be prepared (otherwise they can sit on ATO records as outstanding).
- April to June BAS is due and payable by 28th July (or 25 August if lodged through a registered agent)
- Arrange for lodgement of any 2021 Annual BAS.
Remember, the ATO requires schemes that have earned ANY non-mutual income, including status certificate fees, to submit a tax return. It might seem unfair but this even includes those that have had any such income completely offset by expenses.
Ascend schedule our tax compliance work in advance each year based upon due dates, client requirements and availability. Should you have any queries in relation to your clients' obligations this tax season, please contact our office.
The above content is of a general nature and should not be relied upon as professional advice. Ascend encourages readers to seek advice from suitably qualified professionals in relation to their specific circumstances and not to rely solely on the information provided above. Please contact our office for more information.
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