Silver & Young

Looking to steer clear of a tax bill? The Australian Taxation Office (ATO) has outlined some simple steps to help you avoid an unexpected tax bill next tax time. 📊💡

Key tax dates September — mark your calendar! 📅

September 21:
- Lodge and pay August 2024 monthly installment activity statement

September 30:
- Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent excluding large withholders whose annual withholding is greater than $1 million.
- Lodge Annual TFN withholding report 2024 if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries.

Mark your calendars! Here are the dates you need to know in June. 📅

A big thank you to all of our clients and friends for voting for us in the Liverpool ! We were honoured to win 2 awards last night, Business of the Year & Outstanding Professional Services at last nights ceremony! We are grateful, and can't wait to get back to work doing what we love - supporting our clients to achieve financial freedom.
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Amazing night celebrating this first time achievement. Congratulations to all the winners!

🚨 ONLY 2 DAYS LEFT TO VOTE 🚨

This is your LAST CHANCE to vote for Silver & Young in the Liverpool Local Business Awards!

Silver & Young has been nominated for Outstanding Professional Service in the Liverpool Local Business Awards.

The Local Business Awards bring together local businesses to recognise their contribution towards making our community a dynamic place to live, work and shop.

The awards are a symbol of outstanding local business.

We would be so honoured to be recognised for the second year running by our valued clients in the upcoming Liverpool Local Business Awards and ask that you please vote for us here.

Once you submit your vote, make sure to confirm it via the link in your inbox!!

⏰⏰⏰ Voting ends on March 26, 2024 ⏰⏰⏰

We are honoured to announce that we have been named finalists in the 2024 Australian Small Business Champion Awards!

When you love what you do, it shows!

🗳 VOTE 1 SILVER & YOUNG! 🗳

Vote via the link in our bio!

Silver and Young has been nominated for Outstanding Professional Service in the Liverpool Local Business Awards for the second year running.

The bring together local businesses to recognize their contribution towards making our community a dynamic place to live, work and shop.

The awards are a symbol of outstanding local business.

Off the back of last year's win, we would be honoured to be recognized by our valued clients and ask that you please vote for us here.

Once you submit your vote, make sure to confirm it via the link in your inbox!!

Voting ends on March 26, 2024.

⏰ MARCH DUE DATES ⏰

21 March: Monthly IAS lodge and payment due for February 2024.

31 March: Income Tax Return due for +$2M turnover companies and SMSF, Income Tax Return due for +$20,000 liability for Individuals and trusts.

February Key Dates!

21 Feb:
- Lodge and Pay Monthly IAS (January 2024)
- Lodge and Pay Monthly BAS (December 2023 (>$10M turnover reporting monthly)

28 Feb:
- Income Tax Return Due for non-taxable large & medium entities
- SGC due where Quarter 2 contribution was paid late

September Key Dates!

21 September:
- Lodge and pay August 2023 monthly business activity statement.

30 September:
- Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent excluding large withholders whose annual withholding is greater than $1 million.
- Lodge Annual TFN withholding report 2023 if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries.

Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitalise their operations.

The boost applies to eligible expenditure incurred between 7:30pm AEDT on 29 March 2022 and 30 June 2023. The boost is for expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a maximum bonus deduction of $20,000 per income year.

https://silveryoung.com.au/what-is-the-small-business-technology-investment-boost/

What is the ‘small business technology investment boost?’ - Silver & Young Small businesses will be allowed an additional 20% tax deduction to support their digital operations and digitalise their operations.

The Australian Taxation Office (ATO) has announced that small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.

The boost applies to eligible expenditure incurred for 7:30pm AEDT on 29 March 2022 until 30 June 2024.

https://silveryoung.com.au/everything-you-need-to-know-about-the-small-business-skills-and-training-boost/

Everything you need to know about the ‘small business skills and training boost’ Small businesses will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.

David is our tax return specialists at Silver and Young! 📄

To avoid processing delays, have all of your documents ready for you accountant.

NEW WEBSITE PAGE 💻
Keep up to date with the key lodgement dates this financial year!

https://silveryoung.com.au/key-dates/

5 reasons you might get a smaller refund this year, or even a tax bill:

1. Loss of Low and Middle Income Tax Offset
2. HECS/HELP Debt
3. ABN / Sole Trader / Side Hustle Income
4. Medicare Levy Surcharge
5. Capital Gains

Read more: https://silveryoung.com.au/expecting-a-big-tax-refund-for-2023-maybe-not/

August Due Dates! 📅

Keep up to date with what is due: https://silveryoung.com.au/key-lodgement-dates/

14 Aug: Lodge PAYG withholding payment summary annual report for:
- large withholders whose annual withholding is greater than $1 million
- payers who have no tax agent or BAS agent involved in preparing the report.

21 Aug: Lodge and pay July 2023 monthly business activity statement.

25 Aug: Lodge and pay quarter 4, 2022–23 activity statement if you lodge electronically.

28 Aug: Lodge and pay quarter 4, 2022–23 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.

28 Aug: Lodge Taxable payments annual report (TPAR).

Expecting a big tax refund for 2023? Here are five reasons you might get a smaller refund this year, or even a tax bill.

https://silveryoung.com.au/expecting-a-big-tax-refund-for-2023-maybe-not/

Expecting a big tax refund for 2023? Maybe not… - Silver & Young Have you lodged your 2023 tax return and realised you will owe the ATO money? Here are five reasons why might have a tax bill this year...

Key lodgement dates you need to remember in 2024! 📢

https://silveryoung.com.au/key-lodgement-dates/

Key lodgement dates you need to remember in 2024 - Silver & Young Mark your calendar! Here are the key lodgement dates you need to remember in 2023.

🔔 Reminder: Super Guarantee Contributions for eligible workers is due 28 July 2023! 🔔

Remember the three golden rules before you claim a deduction this tax time.

The Australian Tax Office (ATO) is warning taxpayers about copying and pasting claims from last year's tax return.

There are key changes this tax time that taxpayers need to look out for when claiming deductions.

Copying and pasting last year's claims into this year's tax return will raise a red flag with the ATO. Consider the records you have to support your claims before submitting your return.

https://silveryoung.com.au/warning-do-not-copy-and-paste-your-tax-return/

Warning: Do not copy and paste your tax return! - Silver & Young The Australian Tax Office (ATO) is warning taxpayers about copying and pasting claims from last year's tax return. There are key changes that taxpayers need to look out for when claiming deductions.

Do you need to lodge an individual tax return?

https://silveryoung.com.au/dont-make-these-three-mistakes-this-tax-time/

The ATO is cracking down on 3 focus areas this tax time. Ensure your tax return is completed correctly.

Contact us and book now!

☎ (02) 9600 7760
📧 [email protected]
💻 silveryoung.com.au

Mark your July calendar! 📅

For more information visit https://www.ato.gov.au/Business/Reports-and-returns/Due-dates-for-lodging-and-paying/Due-dates-by-month/July/

Happy Financial New Year from the team at Silver & Young! 🎈📊

Happy End of Financial Year! 🥳

A big thank you to everyone who supported us this financial year. The S&Y look forward to working with you all again through 2023/2024.

Don't rush to lodge your income tax return on 1 July! Here's why... 💡

https://silveryoung.com.au/this-tax-time-dont-rush-to-lodge-your-tax-return/

This tax time, don’t rush to lodge your tax return - Silver & Young As we get closer to June 30, the Australian Taxation Office (ATO) is reminding taxpayers not to rush lodging their 2023 income tax return.

How to start preparing for your 2023 tax return... ⏰

Have a question?
Contact us:
☎ (02) 9600 7760
📧 [email protected]
💻 silveryoung.com.au

Today is the last day to lodge and pay your 2023 Fringe benefits tax annual return!

Super guarantee contributions must be paid today to qualify for a tax deduction in the 2022-23 financial year.

Have a question?
Contact us!
☎ (02) 9600 7760
📧 [email protected]
💻 silveryoung.com.au