New Gift Card Laws – Expiry Dates

The new laws apply to all gift cards and vouchers sold from 1 November 2019 onwards. Any gift card sold before 1 November 2019 date will continue to carry the same expiry period and fees as applicable at the time of purchase. The key changes of the new gift card laws are:

• a mandatory minimum three year expiry period from the date the card is sold to a customer
• gift cards must clearly show the expiry date
• most post purchase fees can no longer be charged, including activation fees, account keeping fees and balance enquiry fees

The new law applies to all gift cards or vouchers sold on or after 1 November 2019, unless specifically excluded. This includes gift cards for online stores that trade in Australia.

The three year requirement does not apply to gift cards that are:

• able to be reloaded or topped up
• for a good or service available for a limited time where the card or voucher expires at the end of that period
• supplied to a purchaser of goods or services as part of a temporary marketing promotion
• donated free of charge for promotional purposes
• sold for a particular good or service at a genuine discount
• supplied as part of an employee rewards program
• given as a bonus in connection with a purchase of a good or service for use in the same business (customer loyalty programs)
• second-hand gift cards

If you breach the laws you could be fined $30,000 in the case of a body corporate or $6,000 for individuals.

Bushfires 2019–20 – From Australian Tax Office

Support is available for you (click here for further information)

If you’ve been impacted by these bushfires, we don’t want you to be concerned about your tax affairs.

For identified impacted postcodes, we’ll automatically grant deferrals for lodgments and payments due. You, or your agent, don’t need to apply for these deferrals.

If you have been affected by this disaster but your postcode is not currently in the identified impacted postcodes list, you don’t need to worry. When you’re ready and if you need assistance, phone our Emergency Support Infoline on 1800 806 218 for help.

To help you we can, for example:

• give you extra time to pay your debt or lodge tax forms such as activity statements
• help you find your lost tax file number (TFN) by using methods to verify your identity such as your date of birth, address and bank account details
• re-issue income tax returns, activity statements and notices of assessment
• help you re-construct tax records that are lost or damaged
• fast track any refunds owed
• set up a payment plan tailored to your individual circumstances including interest-free period
• remit penalties or interest charged during the time you have been affected

Super Compliance in 2020

Background context

Single Touch Payroll reporting means that the ATO is now able to see:

• Which employers are not reporting
• Which employers are not accruing Super, or not accruing correctly
• Which employers are not paying Super (the super funds report all payments received)

The ATO as regulator of Superannuation Guarantee now has the means to be proactive in chasing employer compliance. Government has a priority – the adherence to Superannuation requirements.

We might get an amnesty period for getting Super Guarantee up to date.

The ATO discretion to reduce penalties will be diminished thereafter.

An employer must lodge the SGC forms if super is late or missing. Late payment does not stop the penalties accruing. The paperwork must be done.

The proposed Superannuation Guarantee Amnesty is not yet law!

The Bill is currently being considered by Parliament for the second time.
It is before the Senate and likely to be considered in February 2020 (politics dependant).

The ATO says not to wait for the Amnesty law

“We understand some employers may be ‘holding off’ lodging an SGC statement in anticipation of the amnesty,” Mr. O’Halloran (ATO Deputy Commissioner – Employer Obligations) said.

“We advise them not to do this as the law requires them to lodge the SGC; if they hold off and they’re notified we’re examining their affairs, they won’t be eligible for the amnesty; and if they lodge now and the law is passed, in its current form it is retrospective.”

Meaning that if employers lodge SGC forms as they are required to and:

1. The amnesty becomes law, then the ATO will go back and remove the penalties; or
2. If the amnesty doesn’t become law, then the penalties will be applied anyway, and the ATO will be applying all compliance elements of the law.

Action Required

Contact us to find out what is required if you have outstanding superannuation guarantee lodgements/payments.

ATO Lodgement Dates

These dates are from the ATO website and do not take into account possible extensions.

You remain responsible for ensuring that the necessary information is with the ATO on time.

BAS/IAS Monthly Lodgements
Final dates for lodgements and payments:

December Activity Statement
21 January 2020

January Activity Statement
21 February 2020

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BAS Quarterly Lodgements
Final dates for lodgements and payments:

2nd Quarter 2020 Financial Year:
December Quarter 2019 (incl. PAYGI)
28 February, 2020

3rd Quarter 2020 Financial Year:
March Quarter 2020 (incl. PAYGI)
28 April, 2020

When a due date falls on a Saturday, Sunday or Public Holiday*, you can lodge or pay on the next business day.

*A day that is a public holiday for the whole of any state or territory in Australia.

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Due date for super guarantee contributions:

2nd Quarter 2020 Financial Year:
October to December 2019 – contributions must be in the fund by 28 January, 2020

3rd Quarter 2020 Financial Year:
January to March 2020 – contributions must be in the fund by 28 April, 2020

The super guarantee charge is not a tax deduction if not paid by these dates.

Refer to the ATO for details regarding any SGC charges applicable if not paid by due date.

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