Essential Due Dates for your Diary – 2017 Financial Year
by Clayton Childs in Taxation Blogs
Given the ever increasing role of business as the Australian Government’s ‘tax collector’, I am often involved in conversations with client’s lamenting trying to keep up with the next thing that is due for lodgement, or the next payment that is required to be made to the Australian Taxation Office (ATO).
Unfortunately this is now just a part of doing business in Australia and there does not appear to be any relief in sight – if anything legislative changes have a tendency to make things more complex, not simpler.
In an attempt to assist navigating this lodgement ‘minefield’, we have compiled the key lodgement due dates in relation to the 2017 financial year for your convenience below.
Superannuation now often represents a significant proportion of an individual’s assets. A number of factors have contributed to increases in superannuation including compulsory employer contributions (superannuation guarantee), taxation concessions / incentives, the removal of compulsory cashing of superannuation benefits upon retirement and default levels of insurance coverage.
I read a lot about the need for increased fairness and equity in society… that we are living in a world where the goal of being a more fairer and equitable society is under attack, where the masses are being subjected to increased inequality at the hands of the few. Our political leaders and media seem hell bent of reminding us daily that it’s tough and it’s getting tougher.
Labor suggest their proposal has come from their focus on inequality in our society. This issue has set some false pretenses about trusts acting as another safe harbour for wealthy people to reduce their tax, where in fact this is incorrect. Trusts are not a new concept, they can be traced back hundreds of years. In addition, contrary to Labor’s view, the number of trusts has not substantially increased in recent years, it has in fact merely grown by 2% according to ATO statistics.