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South Australian Stamp Duty Relief for Commercial Property Transactions

The State Government brought forward the stamp duty concession reductions. For all commercial property contracts signed after 7 December 2015 the stamp duty would be reduced by one third. Further reductions of one third will take effect on the 1 st July 2017 and 1 July 2018. Thereafter there will be no stamp duty on the transfer of eligible commercial property.

 

 

 

GST - The  going concern exemption.

 

Presently if you buy a business or an occupied commercial property, and both the vendor and purchaser agreed and were both registered, there would be no GST payable. This not only has  the cashflow advantage but also there is no (state) stamp duty levied on the GST.

Key Dates - June 2018

Date Category Description
     
5 June 2018
Income tax returns
Due date for all entities otherwise required to lodge on 15 May 2018 (excluding large/medium entities and head companies of consolidated groups) to lodge 2016/17 income tax returns, where both of the following criteria are met:                            
  • non-taxable or refund for the latest year lodged, and
  • non-taxable or refund for 2016/17.
     
5 June 2018
Income tax returns Due date for individuals and trusts otherwise required to lodge on 15 May 2018 to lodge 2016/17 income tax returns, provided they also pay any liability due by this date.
* Note that this is not a lodgement end date, but a concessional arrangement where you will not have to pay failure to lodge on time (FTL) penalties if you lodge and pay by this date.
     
21 June 2018 Activity statements Due date to lodge and pay monthly activity statements for May 2018. Tax obligations that may be payable include:
  • GST, wine equalisation tax and luxury car tax for May 2018.
  • PAYG withholding for May 2018 (medium withholders).
  • PAYG instalment for May 2018 for monthly PAYG instalment payers (corporate tax entities with instalment income (as defined) above $100 million).
     
25 June 2018
FBT returns
Due date to lodge fringe benefits tax returns for the FBT year ended 31 March 2018 (if lodged electronically through a tax agent).
The due date to lodge is 28 May 2018 if lodged on paper.
The due date to pay fringe benefits tax (if required) is 28 May 2018 in all cases.
     
30 June 2018 End of financial year Superannuation guarantee contributions must be paid by this date to qualify for an income tax deduction in the 2017/18 income year.

NOTE:
  • As some dates may vary, please ensure you contact the Australian Taxation Office to double check any dates in question.
  • When the due date for lodgment or payment falls on a Saturday, Sunday, or public holiday, it may be done on the next business day.

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