For those of you who had committed to lodge and pay your tax every quarter, the ATO activity statement is due on 28 October 2014.
It is good to carefully consider how these first quarter statements are submitted as this is your chance to choose the most appropriate PAYG instalment payment method. Take note that, for taxable income amounting more than $180,000, the statements would also reflect any recent increases of personal income tax rate.
Always remember that tax is all about how to manage your cash flow. One tip is to regularly review your statements, enabling you to spot opportunities on how to reduce your tax instalment calculations as well as to avoid over-paying, which would result with having to wait for refunds after the annual tax return had been processed.