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Tax Planning 2024  New

Our tax planning workbook for 2024 is now available for download.  With this calculator you can –

  1. Update YTD profit to include missing items and to exclude non P&L items.
  2. Project YTD profit to the end of the financial year using one of three options.
  3. Make tax reconciliation adjustments to that projected profit to calculate taxable/net income.
  4. Explore tax planning opportunities and calculate tax payable by all entities and individuals in the client group.
  5. Account for tax on deductible payments by client to associated entities or individuals.
  6. Account for contributions tax and Division 293 tax on deductible super contributions where applicable.
  7. For discretionary trusts, view the marginal tax rate for beneficiaries and income available at that rate.
  8. Calculate tax saved or deferred from tax planning.

For a demonstration of this calculator in action go to the video on our YouTube channelMake sure that your quality setting in YouTube is HD.

Calculations/2024/Tax Planning

Practice reminders

21 Mar 2024

Activity Statements

Lodge and pay February 2024 monthly business activity statement.

31 Mar 2024

Income Tax Returns

Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.  Payment for companies and super funds in this category is also due by this date.

Lodge tax return for the head company of a consolidated group (excluding large and medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.  Payment for companies in this category is also due by this date.

Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large and medium trusts.  Payment for individuals and trusts in this category is due as advised on their notice of assessment.

21 Apr 2024

Activity Statements

Lodge and pay quarter 3, 2023–24 PAYG instalment activity statement for head companies of consolidated groups.

Lodge and pay March 2023 monthly business activity statement.

28 Apr 2024

Activity Statements

Lodge and pay quarter 3, 2023–24 activity statement if electing to receive and lodge by paper and not an active STP reporter.

Pay quarter 3, 2023–24 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.

Superannuation Guarantee

Make super guarantee contributions for quarter 3, 2023–24 to the funds by this date.  Note: Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 May 2024.

30 Apr 2024

TFN Report

Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2023–24.

Lost Members Report

Lodge lost members report for the period 1 July 2022 to 31 December 2023.

15 May 2024

Income Tax Returns

Lodge 2023 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups) and are not eligible for the 5 June concession.

Due date for companies and super funds to pay if required.  Note: Individuals and trusts in this category pay as advised on their notice of assessment.

21 May 2024

Activity Statements

Lodge and pay April 2024 monthly business activity statement.

Fringe Benefits Tax

Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.

Lodge and pay Fringe benefits tax annual return if lodging by paper.

26 May 2024

Activity Statements

Lodge and pay eligible quarter 3, 2023–24 activity statements if you or your client have elected to receive and lodge electronically.

PAYG Withholding Variations

Request information for PAYG withholding variation applications for 2025 (letter available in “letters” module)
28 May 2024

Super Guarantee

Lodge and pay quarter 3, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.  Note: Employers who lodge a Superannuation guarantee charge statement can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

Use the ATO Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.

5 Jun 2024

Income Tax Returns

Lodge tax return for all entities with a lodgment due date of 15 May 2024 if the tax return is not required earlier and both of the following criteria are met:

  • non-taxable or a credit assessment in latest year lodged
  • non-taxable or receiving a credit assessment in the current year.

Note: This includes companies and super funds but excludes large and medium taxpayers and head companies of consolidated groups.

Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2024 provided they also pay any liability due by this date.  Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.

21 Jun 2024

Activity Statements

Lodge and pay May 2024 monthly business activity statement.

25 Jun 2024

FBT Return

Lodge and pay 2024 Fringe benefits tax annual return for tax agents if lodging electronically.

30 Jun 2024

Super Guarantee Contributions

Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2023–24 financial year.

Child Care Subsidy and Family Tax Benefit Payments

If any of your clients receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the client and their partners must lodge their 2022–23 tax return by 30 June 2024, regardless of any deferrals in place. For more information see the Services Australia

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