Important News Alert
December 2015 Newsletter
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Client Alert: December 2015
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Season’s Greetings from the team at BMG Accountants

Our office will be closed for the Holidays from 23rd December 2015, Wednesday.

We will re-open on Monday, 4th January 2016.

We thank you for choosing to work with us and we wish you a relaxing  break and look forward to teaming up with you again in 2016.

Tax News

Important Dates for 2015 Financial year

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Tax News
Having a party or giving gifts this festive season?

We don’t mean to sound like the Grinch, but when it comes to planning the work Christmas party, there’s more to think about than finding out who’s been naughty or nice. 

You may want to consider if you’ll be able to claim a tax deduction, or need to pay fringe benefits tax (FBT) when rewarding your employees with gifts or parties this Christmas.

For your work Christmas party you’ll need to consider:
  • how much it costs
  • where and when it is held – a party at work on a normal work day is treated differently to an event outside of work
  • who is invited – is it just employees or are partners, clients or suppliers also invited?

When it comes to Christmas gifts, you’ll need to consider:
  • the amount you spend
  • the type of gift – gifts such as wine or hampers are treated differently to gifts like tickets to a movie or sporting event
  • who you are giving the gift to – there are different rules for employees and clients/suppliers.

Hiring extra staff for busy times?

Are you taking on extra staff over the busy holiday period? You should check if they’re employees or contractors. 

You may only need workers for a few days or weeks, but it's important you're clear on the working arrangement for both tax and super purposes. Just because someone has an ABN doesn’t automatically make them a contractor. Someone could be an employee even though you only use them for:
  • casual, temporary, on call and infrequent work
  • busy periods
  • short jobs, specific tasks and projects.
To help you work it out, you can use the ATO Employee/contractor decision tool. Based on your answers to some simple questions, you'll receive a report that tells you whether your worker will be an employee or contractor for tax and super purposes.

Employers who have used the tool say it provides certainty they’re making the right decision. They especially like the fact they can keep a copy of the results for their records.

Help for drought-affected businesses
The ATO is supporting people affected by drought. Talk to us if you need help with your tax and super obligations – we’ll work something out that works for you. 

Options available if you've been affected by drought include:
  • extensions of time to pay tax bills or make lodgments
  • payment plans tailored to your circumstances.
There are also tax measures that may assist drought-affected taxpayers such as accelerated depreciation for primary producers and the small business tax relief measure.

Want to pay your tax early?
To give you greater flexibility and choice you can now prepay your tax, including activity statement amounts.

Previously, if you paid early our system would automatically refund any credits back to you. 

So if it’s helpful for you to plan ahead and you want to prepay your activity statement, you can.

Find out about:

Please contact BMG Accountants for further discussion.
Important Dates for Your Calendar Source for 2015 Financial Year 
Date Obligation
15 January Tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals) – due date for lodging, unless required earlier.

Payment for large/medium entities with a 15 January due date is:
  • 1 December 2015 for companies and super funds
  • as stated on their notice of assessment for trusts.
Note: You cannot self-assess a lodgment deferral from this date or assume a later date for lodgment on the basis that the taxpayer will be non-taxable in the current year.
Tax return for the taxable head company of a consolidated group (including new registrants) that has a member who has been deemed a large/medium entity in the latest year lodged – due date for lodging unless required earlier.

Payment was due 1 December 2015.
21 January Quarterly PAYG instalment activity statement, quarter 2, 2015–16 for head companies of consolidated groups – due date for lodging and paying.
December 2015 monthly business activity statement – due date for lodging and paying except for small business clients (that is up to $10 million turnover) who report GST monthly and lodge electronically.
28 January Super guarantee contributions for quarter 2, 2015–16 – employers must make contributions to the fund by this date.

Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge aSuperannuation guarantee charge statement – quarterly (NAT 9599) with us by 28 February 2016.

Note: The super guarantee charge is not tax deductible.
31 January TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries in quarter 2, 2015–16.
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systEmise Christmas eCards

It's the best time of the year!
Reach out to your clients and share the holiday cheers by sending them a custom eCard designed especially for your brand.
See a wide range of designs you can choose from by clicking here.

systEmise News
systEmise and BMG Outsourcing will be closed from 21st December 2015, Monday and will re-open on Monday, 4th January 2016.

For more information contact us at or visit our website.
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