Income tax Dates
FEB 7End-of-year income tax and Working for Families bills are due, unless you have an extension of time to file your income tax return.
FEB 28Provisional tax payments are due if you have a March balance date and use the ratio option.
MAR 31Income tax returns are due if you have an extension of time
Two or more companies that are 100% owned by the same shareholders can become a consolidated group. This means they are treated as a single entity for tax purposes.
What consolidated companies can do
Consolidated groups of companies can:
- transfer assets within the consolidation group, with deferred income tax liabilities
- pay exempt dividends between companies
- claim deductions for administration and other costs of holding companies that may not be deductible to the holding company that incurred the expenditure
- use losses incurred by group members by referring to shareholding continuity of the group, not of the individual member
- offset imputation credits within the group, even though ordinary imputation credit rules do not allow imputation credits to be grouped.
Leaving the consolidated group
A company can leave a consolidated group by notifying us.
They will no longer be treated as a member from the beginning of the income year we receive the notice in.
If the company requests it they can be treated as a non member for the income year after we receive their notice.
Companies can also stop being a member of a consolidated group when they:
- lose their eligibility status
- are no longer entitled to be a member of the same consolidated group
- belong to a consolidated group that stops having a nominated company (the company selected to file income tax returns on behalf of the group).