Blog Layout
10 things to know this tax time
Liz Gibbs • June 29, 2020
Tax time is here and the ATO has developed a list of important things you need to know this year. The ATO recognises 2019–20 has been difficult for many. The ATO will provide support where possible and help with information you can use to get things right, to ensure an easier tax time.
- The ATO has produced Tax Time Toolkits for various industries and occupations including rental properties and small business.
- To reduce the risk of mistakes and amendments to tax returns, we will wait until your your income statements are 'Tax ready' before lodging your tax return. Pre-fill information should be finalised for most of our clients by the end of July.
- Employers no longer need to give their employees payment summaries or lodge a payment summary annual report to the ATO for information reported and finalised through Single Touch Payroll (STP). Instead, employees' income statement s will be available to them in ATO online services through myGov. We can review your income statements on the tax agent portal.
- 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.
- If you receives JobKeeper payments, these are treated as assessable income and will be included in the pre-fill data. If you are a sole trader, you need to include the payments as business income in your tax return.
- Funds received through the COVID-19 early access to superannuation measure are not assessable income and do not need to be included in your tax return.
- The cash flow boost amounts are non-assessable non-exempt (NANE) income. Employers are still entitled to a deduction for the pay as you go withholding paid.
- The ATO has introduced an optional shortcut method for employees working from home during COVID-19. Employees can claim 80 cents for each hour they worked from home between 1 March 2020 and 30 June 2020, to cover all deductible expenses.
- The instant asset write-off threshold increased to $150,000 and eligibility was expanded to cover businesses with an aggregated turnover of less than $500 million from 12 March 2020 until 31 December 2020. To claim this tax time, assets must be first used or installed ready for use by 30 June 2020.
- If you are unable to make a payment by the due date, we can submit a payment-only deferral request form on your behalf until 14 September 2020 for eligible obligations. Please contact us for assistance.
Email us at Robert Goodman Accountants at
Source:
ATO. All rights reserved. Brought to you by Robert Goodman Accountants.
With thanks to all Energex and Emergency services Crew, our electricity has been reconnected and our office is open from today 11 March. We hope you and your loved ones are safe and well following cyclone Alfred. These past few days have been challenging for many, and our thoughts are with everyone affected.
Due to a power outage affecting the entire Samford area, the RGA Practice will be operating remotely today, 10 March, until electricity is restored. Please be assured that our team remains available and can be reached at 07 3289 1700. We appreciate your understanding and support during this time. Stay safe, and we look forward to seeing you soon.
As Tropical Cyclone Alfred approaches, we want to remind everyone to take necessary precautions and ensure their safety. We have received some important information that we believe is crucial to share with you to help you prepare for the severe weather conditions ahead.
In a significant move to combat workplace sexual harassment, Amendments to the Work Health and Safety Regulation 2011 (as per the Work Health and Safety (Sexual Harassment) Amendment Regulation 2024) will soon commence on 1 March 2025.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies?
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point.
In the United Kingdom, consumer credit and debit card surcharges have been banned since 2018. In Europe, all except American Express and Diners Club consumer surcharges are banned. And in Australia, there is a push to follow suit. But, is the issue as simple as it seems?
“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke.
A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development ('R&D') tax incentive claims
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
Contact Us
Phone: 07 3289 1700
Email: reception@RGAaccounting.com.au
Office Location: 2/32 Main Street, Samford QLD 4520
Postal Address: PO Box 35, Samford QLD 4520
Liability Limited by a scheme approved under Professional Standards Legislation.
TIA
TPB
CA
mindshop
Xero