Accounting 4 Business, Accountants, Gungahlin, ACT

Due date for payers to issue the following types of PAYG withholding payment summaries to payees (includes employees and recipients of certain other payments)

• PAYG payment summary - individual non-business for employees, company directors and office holders who received salary, wages, pension payments, compensation, allowances or reportable fringe benefits.
• PAYG payment summary - foreign employment for employees, company directors and office holders who received income from foreign employment.
• PAYG payment summary - business and personal services income for non-employees who have made a voluntary agreement to withhold tax, or were employed under a labour hire arrangement, or received certain specified payments, or earned personal services income through a separate entity.
• PAYG payment summary - superannuation income stream for payees who received an income stream benefit (a pension or annuity) from a superannuation fund, approved deposit fund or life insurance company.

Payment summaries for various other types of payments subject to PAYG withholding must be issued within a short period after the payment is made. Employers utilising Single Touch Payroll (STP) are not required to issue payment summaries for amounts covered by STP.

Due date for entities that are not "deferred BAS payers" to lodge and pay monthly activity statements for June 2022. Tax obligations that may be payable include:

• GST, wine equalisation tax and luxury car tax for June 2022.
• PAYG withholding:
  • for June 2022 (medium withholders).
  • for the June 2022 quarter (small withholders).
  • for the year to 30 June 2022, from employee share schemes amounts where the employee did not quote a TFN or ABN.
  • for the year to 30 June 2022 by investment bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN.
• PAYG instalment:
  • for June 2022 for monthly PAYG instalment payers.
  • for the June 2022 quarter for quarterly PAYG instalment payers (4th quarter of the 2021/22 income year).
• FBT instalment for the June 2022 quarter (1st quarter of the 2023 FBT year).

An entity is generally a "deferred BAS payer" for a particular month, if the entity is a small or medium withholder (total annual PAYG withholding $1m or less), is not required to pay GST monthly, and has a quarterly tax obligation due that month (e.g. FBT instalment or GST). The quarterly activity statement due date applies (28 Jul 2021, or 25 Aug 2021 if lodged electronically through an agent or the entity is an active STP reporter).

Due date to lodge and pay quarterly activity statements for the June 2022 quarter (if lodged on paper and the entity is not an active STP reporter). Tax obligations that may be payable include:

• GST, wine equalisation tax and luxury car tax for the June 2022 quarter.
• PAYG withholding:
  • for June 2022 (medium withholders).
  • for the June 2022 quarter (small withholders).
  • for the year to 30 June 2022, from employee share schemes amounts where the employee did not quote a TFN or ABN.
  • for the year to 30 June 2022 by investment bodies, from accrued gains on deferred interest securities where the investor did not quote a TFN.
• PAYG instalment for the June 2022 quarter for quarterly PAYG instalment payers (4th quarter of the 2021/22 income year).
• FBT instalment for the June 2022 quarter (1st quarter of the 2023 FBT year).

The due date to lodge and pay is 25 Aug 2021 if lodged electronically through a tax agent or BAS agent or the entity is an active STP reporter.

Due date for investment bodies to lodge quarterly TFN/ABN reports for the June 2022 quarter for new TFN/ABN quotations by investors.

Due date for June balancing companies (including New Zealand franking companies) to lodge the Franking account tax return 2022, where any of the following apply:

• a liability for franking deficit tax
• a liability for over-franking tax, or
• an obligation to notify the Commissioner of any significant variation in their benchmark franking percentage between franking periods.

New Zealand franking companies are often "early balancing" companies with a 31 March year end. If those companies have any of the above obligations for the year to 31 March 2022, they should lodge using the 2021 form by 30 Apr 2022.