Welcome to July - EOFY Frenzy!
We know it can be hard to know where to start so we're here to make it a little bit easier. Below are a few reminders...
Important Date Reminders
14 July
Finalise STP if you have more than 20 employees
21 July
Lodge and pay June 2020 monthly Business Activity Statement
Lodge and pay quarter 4 2020 PAYG Instalment Activity Statement for head companies and consolidated groups
28 July
Lodge and pay June 2020 quarterly business activity statement if lodging by paper
Lodge and pay quarter 4 2020 PAYG Instalment Activity Statement
Pay Super contributions for quarter 4 by this date
31 July
Finalise STP if you have less than 20 employees
Notice of Assessment
All Notice of Assessment letters are sent by the ATO directly to you via your myGov account if you have one or via postal mail. If you have not yet registered for a myGov account please register here. The ATO sends SMS reminders directly to clients to remind them of their due dates for lodgments and payments, so please ensure that we have your correct mobile number on file to receive these reminders.
What you need to know before lodging your Tax return
The ATO will not be processing tax refunds until after mid-July. It takes at least 2 weeks after 30 June for banks and employers to submit their information to the ATO so that it is available through the prefill report. Clients who do not wait for this information to come through are at a higher risk of having to amend their tax returns due to incorrect data or missing income.
Changes to payment summaries
Employers no longer need to give their employees payment summaries as it all gets reported and finalised through Single Touch Payroll (STP).
Employees who don't receive a payment summary can find the information needed to finalise their tax return in their new income statement in ATO online service through myGov or by contacting their tax agent.
Employers should tell their employees not to expect a payment summary and to contact their agent or visit ATO online services via myGov to complete their tax returns.
Don't have a myGov account - register here.
Additional information is required by the ATO to be included in your tax return
As the ATO made it compulsory to include more information in a tax return, please ensure you have provided any information relating to Interest Income and Dividend Income to your tax agent.
Need more information - please send me an email and I will let you know.
Finalising STP records
After the last pay event for the financial year, employers need to make a finalisation declaration. They must do this by:
14 July if they have 20 or more employees
31 July if they have 19 or fewer employees.
COVID-19 measures and support – Business and Employers
New rules follow the government's economic response to COVID-19. If you as an employer received a cash flow boost under the boosting cash flow for employers measure, the amount is tax free (non-assessable non-exempt income) and you are entitled to a deduction for the PAYG withholding paid.
From 12 March 2020 until 30 June 2020 - Extended to 31/12/2020:
the instant asset write-off threshold is $150,000 (up from $30,000)
the eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).
Businesses with an aggregated turnover of less than $500 million are able to accelerate their depreciation deductions on the purchase of certain new depreciable assets. This applies to eligible assets held and first used or installed ready for use from 12 March 2020 until 30 June 2021.
Businesses may be eligible to receive the JobKeeper Payment for:
eligible employees
an individual who is an eligible business participant.
Any amount you received is assessable income of the business.
More information can be found here.
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