Tax Facts - Activity Statement
Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business individuals who need to pay quarterly PAYG instalments also use activity statements.
Activity statements are personalised to each business or individual to support reporting against identified obligations.
Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business individuals are generally required to lodge and pay quarterly.
Businesses or individuals with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.
The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:
Tax Facts - General Value Shifting
The General Value Shifting Regime (GVSR) applies to arrangements that shift value between assets, causing discrepancies between the market values and tax values of the assets. Most value shifts happen when parties don't deal at the market value, causing one asset to decrease while the other increases.
Three scenarios are targeted under the GVSR. Exclusions apply to small values in each of the scenarios, as follows:
-
Indirect value shifting (exclusion applies if total value shifts under a scheme are less than $150,000)
-
Direct value shifts on interests (exclusion applies if total value shifted is equal to or less than $50,000)
-
Direct value shifts by creating rights (exclusion applies if the market value of the right granted exceeds the proceeds for the grant by $50,000 or less).
Generally, the GVSR does not apply to normal commercial dealings conducted at market value, or dealings within consolidated groups. There are several other exclusions and safe harbours in the rules.
January 2022
15 January
-
Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
-
Payment for large/medium entities with a 15 January due date is:
-
1 December 2021 – for companies and super funds
-
For trusts – as stated on their notice of assessment.
-
Note: You cannot request an agent assessed deferral from this date or assume a later date for lodgment on the basis that the taxpayer will be non-taxable in the current year.
-
Lodge tax return for the taxable head company of a consolidated group (including a new registrant) that has a member who has been deemed a large/medium entity in the latest year lodged, unless the return was required earlier. Payment was due 1 December 2021.
21 January
-
Lodge and pay quarter 2, 2021-22 PAYG instalment activity statement for head companies of consolidated groups.
-
Lodge and pay December 2021 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
28 January
-
Make quarter 2, 2021–22 super guarantee contributions to funds by this date.
Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2022.
Note: The super guarantee charge is not tax deductible.
31 January
-
Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2021–22.