frequently asked questions

When are my superannuation payments due?

Super contributions have to be paid for all eligible employees at least four times a year, by the quarterly cut-off dates shown below.

  • Quarterly PeriodPayment cut-off date
  • 1 July - 30 September28 October
  • 1 October - 31 December28 January
  • 1 January - 31 March28 April
  • 1 April - 30 June28 July

When a cut-off date for payment falls on a weekend or public holiday, you can make the payment on the next working day.

What happens if I do not pay employee superannuation on time?

If you have not met your obligations, you must lodge a Superannuation guarantee charge statement - quarterly by the due date (shown below) and pay a super guarantee charge to the Australian Taxation Office.

The super guarantee charge is made up of:

  • super guarantee shortfall amounts
  • interest on that amount (10% per annum)
  • an administration fee ($20 per employee per quarter)

  • Quarterly Period
    Due dates for lodgment of the Superannuation guarantee charge statement - quarterly and payment of the SGC to the ATO
  • 1 July - 30 September28 October
  • 1 October - 31 December28 January
  • 1 January - 31 March28 April
  • 1 April - 30 June28 July

When will my individual income tax return be finalised?

Our standard turn around time once we have received all the information required to complete your taxation return is three weeks. Please keep in mind that if you have complex tax matters which require further work or research, our turnaround time will extend accordingly in order to establish your correct tax position. Should this be the case, you can be assured that we will maintain open communication with you so that you are aware of both our process, and the progress we have made on your individual taxation return.

Can I withdraw money from my Self Managed Superannuation Fund?

Yes, you are able to withdraw money from your self managed superannuation Fund if you meet at least one of the following conditions:

You have retired and reached the required preservation age. The preservation age will vary between the ages of 55( isborn before 1 July 1960) and 60 years old (if born from 1 July 1964) , depending on your date of birth;

You have turned 67 years of age;

You meet the "transition to retirement" rules. Under these rules you are able to withdraw no more than 10% of your account balance as at the start of the financial year, in condition that you have reached the required preservation age;

You suffer from a total and permanent disability;

You are under 60 years of age and have a terminal illness or

You are able to show that you are suffering from severe financial hardship or other compassionate grounds.

Please note, the account balance of the member will be transferred to his/her nominated reversionary upon the death of that member.

When are my Business Activity Statements Due?

The due dates for Business Activity Statements are dependant on the form type and lodgment method.

The Australian Taxation Office provide extensions for tax agents which apply to most form types. Please contact us for more information.

Do I need to pay superannuation, work-cover & payroll tax for contractors?

As an employer you are required to pay superannuation only if you hire contractors under a contract for labour and required to pay work-cover if the contractor is considered to be a worker under Work Safe Victoria.

In regards to payroll tax, you are only required to pay it in certain circumstances as stated Division 7, Part 3 of the Payroll Tax Act 2007.

Why do I pay FBT?

Fringe Benefit Tax arises out of an employer/employee relationship through the provision of non-cash benefits by an employer to an employee. Some common examples include allowing an employee to use a car for private purposes or by paying for an employee''s gym membership. The FBT obligation is levied on the employer, however it is common practice to salary package FBT into the total remuneration package of an employee. In most circumstances, there are numerous opportunities to reduce the FBT liability arising from these situations which can also have a positive after tax effect on an employee''s net pay. We believe in exhausting every avenue to find the optimal tailor specific salary package which employers can use to remunerate their employees.

Why do I pay Tax Audit Insurance?

Audit Insurance like many other forms of insurance such as life insurance and health insurance is offered to the client for "peace of mind". Audit insurance will cover the professional fees associated with an audit arising from state and commonwealth bodies. We will generally recommend this form of insurance in situations where there is an increased risk of an audit, e.g. a significant change in trading conditions or substantial purchases. In general, clients who have taken out audit insurance have saved thousands of dollars in professional fees associated with an audit. Please do not hesitate to discuss with us the opportunities which may be available to minimise the risk of high audit costs.