Your upcoming tax calendar for February and March
Clarke McEwan Accountants
Welcome back to work after what was hopefully a restful and lovely summer break! And welcome to 2023, where we are truly looking forward to working with you and your business this year.
In order for you to be across your tax obligations as you get back into the swing of things, below are the key compliance dates coming up. If you have questions or need help with any of the following, we are here to help.
KEY TAX DATES – FEBRUARY/MARCH 2023
- 21 February 2022 – GST – Monthly Activity Statement and payment for January.
- 21 February 2022 – PAYG withheld – Monthly Activity Statement and payment for January.
- 21 February 2022 – PAYG instalment – Activity Statement and payment for monthly reporters for January.
- 28 February 2023 – GST – Quarterly Activity Statement and payment for the October to December 2022 quarter.
- 28 February 2023 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the October to December 2022 quarter.
- 28 February 2023 – GST Annual Return – Lodgment and payment of annual GST return or Annual Information Report for GST payers who are not required to lodge an annual tax return.
- 28 February 2023 – SMSF Annual Return – Lodgment of annual return and payment of outstanding income tax for SMSFs if 2021–22 was your first year in operation.
- 28 February 2023 – Superannuation guarantee – Lodgment and payment of superannuation guarantee statement.
- 28 February 2023 – Company tax return – 2021–22 lodgment and payment of company tax return if you do not lodge with us.
- 21 March 2023 – GST – Monthly Activity Statement and payment for February.
- 21 March 2023 – PAYG withheld and PAYG instalment – Monthly Activity Statement and payment for February.
- 31 March 2023 – Fringe Benefits Tax – The last date of the 2022–23 FBT year.
- 31 March 2023 – Company tax return and consolidated head companies – 2021–22 lodgment and payment of company tax return if your company has more than $2 million in total income and you do not lodge with us, unless you are required to lodge earlier.
- 31 March 2023 – Superannuation fund tax return – 2021–22 lodgment and payment of superannuation fund tax return if the fund has more than $2 million in total income and you do not lodge with us, unless you are required to lodge earlier.
- 31 March 2023 – Individual tax return – 2021–22 lodgment and payment of individual tax return if your latest tax return resulted in a tax liability of $20,000 or more.
- 31 March 2023 – Trust tax return – 2021–22 lodgment and payment of trust tax return if the latest tax return resulted in a tax liability for the trustee of $20,000 or more.
Anything keeping you up at night?
If you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call, email us or text us. We are here to help.
At the Federal Budget in May 2026, the Government announced that it would reintroduce a loss carry back tax offset for companies, providing a crucial buffer to any business facing difficult trading conditions.
Tax Time 2026 is in full swing, and with that comes a decision for anyone who uses their car for work purposes: is it better to claim a deduction using the logbook or cents per kilometre method? When can I claim car expenses? Broadly, tax deductions for car expenses (i.e. the costs you incur to own and operate a car) are available where you use your car for work-related trips, such as for travel between workplaces or to perform your work duties. The exception is ordinary commuting to and from work - such expenses cannot typically be claimed, as they’re considered private expenses. Cents per kilometre method The cents per kilometre method allows you to claim a fixed rate for each work-related kilometre you travel, up to a maximum of 5,000 km each year. This fixed rate per km covers all of your car expenses for a year, including decline in value, registration and insurance, maintenance, repairs and fuel costs. For the 2025-26 tax year, the rate of deduction is 88 cents per kilometre, which means this tax time, the maximum potential amount of deduction is $4,400. (And keep in mind that the rate of deduction has been increased to 91 cents per km as of 1 July 2026, meaning a total potential deduction of $4,550 in the 2026-27 tax year). One of the benefits of using the cents per kilometre method is that it’s relatively simple, as you don’t need to keep receipts for your fuel or car expenses. However, you do need to keep records to show how you’ve calculated your work-related kilometres (for example, a diary), and you also need to be able to show that you own the car you’re using for work. Logbook method If you have a lot of work-related car expenses and have the time, you might find that the logbook method gives you the best deduction. The logbook method allows you to claim the work-related portion of your actual car expenses. This means that you can claim for a percentage of the actual expenses incurred on running costs such as fuel, electricity, servicing, registration, insurance and the decline in value, provided you’ve used the car in the course of your work. However, as the potential deductions under the logbook method are higher, there are stricter record-keeping requirements to meet. This includes keeping a logbook, which allows the calculation of how much you can claim back, it must: - cover at least 12 continuous weeks and be broadly representative of your travel, - include the reason and purpose, as well as the destination of every work-related journey, - the odometer reading at the start and end of each journey, - and the total kilometres travelled on the journey, - include odometer readings for the start and end of the logbook period and the total kilometres travelled during that period. Each journey in your logbook must be made at the end of the journey or as soon as possible afterwards. If you don't have a valid logbook, then unfortunately you cannot use the logbook method to claim car expenses, although the cents per km method may be available instead. Which is better? The answer to whether you should choose the logbook or cents per km method is very dependent on your personal situation. If you have light work-related car use and don’t love keeping extensive records, the cents per km method may be better suited to your needs, while those who use their car for work frequently may receive a higher deduction under the logbook method. If you’re unsure which method is best for you, speak to a member of our team today.
Why Allied Health Practices Need an Accountant Who Actually Understands Allied Health
Medical Practice Accounting for Practice Owners & Groups
Running a successful medical practice requires more than delivering excellent patient care. Strong financial management is essential for maintaining profitability, supporting growth, meeting compliance obligations, and ensuring the long-term sustainability of the practice.
To ensure passage of the negative gearing and CGT discount changes that were announced in the May 2026 Federal Budget the Government agreed to make amendments to the SMSF borrowing rules. SMSFs are able to borrow in restricted circumstances which includes borrowing under a limited recourse borrowing arrangement (LRBA) to purchase a single acquirable asset. While there have previously been no specific legislative restrictions on the type of asset a SMSF can borrow to purchase, most commonly we see LRBAs being used to purchase property. Up until this point, this could have been any type of real property. These amendments will mean that when SMSF trustees wish to borrow to purchase a property, it must meet the business real property (BRP) definition. This BRP definition relates to usage of the property rather than zoning or what the property was originally built for. This change became law on 26 June 2026, but the Bill includes a 45 day transitional period which will finish on 10 August 2026. This transitional period may allow for arrangements that are currently being implemented on non-BRP assets to be allowable under the new rules where settlement occurs after 10 August 2026, provided the arrangement to purchase the property was entered into on or before 10 August 2026. We recommend that SMSF trustees who are currently implementing LRBA arrangements on non-BRP assets seek specialist SMSF legal advice to ensure their arrangements meet these transitional rules. While this change has been referred to in the media as a ban on super funds borrowing to purchase residential property, the use of the BRP definition makes the change slightly more complex than this. As this definition relates to usage of the property, it is possible that some residentially designed properties could meet the BRP definition (for example, a medical practice that operates from a residentially designed terrace dwelling). The BRP definition also requires that the property is wholly and exclusively used for business purposes. This could mean that some properties that may initially appear to be commercial in nature may not meet the BRP definition (for example, a mixed use residential and retail property on a single title). We recommend that SMSF trustees entering into new LRBAs seek advice from specialist legal and financial advisers to ensure the new requirements are met. Existing arrangements The updated rules allow for existing LRBAs over non-BRP assets to continue. They also allow for existing arrangements to be refinanced, subject to lender availability and approval. For any further information please contact our office.
