Changes are coming to ASIC & the ATO - they're Modernising the Business Registers. This will there are a number of changes for businesses in Australia, but the one we're looking at today is the roll out of the Director ID.
Some of you will have been affected by the ATO's unannounced change of operation, in relation to the issue of quarterly PAYG Tax notices.
This great question about how tax losses can work is from Tax and Super Australia, and may be quite helpful with making decisions in your business. If you need any clarification, or any help or advice with your tax (business or personal), please get in contact with us today!
Jobkeeper 2.0 started on 28 September and brought with it a host of changes.
The ATO have extended the use of their Working From Home deductions shortcut method until 31 December 2020. You can find the calculator here: https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/home-office-expenses/#Shortcutmethod
A reminder to only claim actual expenses and only expenses relating to work. If you are unsure what counts as a deduction, please contact
us!
The Division 7A benchmark interest rate has been update; as of 1 July 2020 it will be 4.52%.
This is the 'Indicator Lending Rate - Bank variable housing loans rate' which is the rate last published by the Reserve Bank of Australia
before the start of the relevant financial year.
If you would like any further information on this, please don't hesitate to contact us!
The ATO has updated the GIC & SIC for the September FY2021 (next quarter).
๐จโ๐ป ๐Are you an online creative or influencer?
Chequers Financial Services has a specialist Platform advice/service for content suppliers/creators.
Contact Ken Hayward FCA for specialised, confidential accounting and taxation advice. Discretion is assured.
Call him directly on 0408452055 for a private discussion.
The ATO has updated the cents per kilometre rate relating to individual car expenses.
*The ATO has provided a reminder that it takes a very dim view of the use of withdrawal and recontribution strategies where the COVID-19
condition of release has been satisfied.*
It is important that tax payers keep records demonstrating their eligibility and decisions about contributing to super, as the ATO may ask
to see them.
If you have any queries on this, please get in contact with us!
๐ U P D A T E ๐
SINGLE TOUCH PAYROLL & CLOSELY HELD PAYEES
A 'closely held' (related) payee is someone who is directly related to the business, company or trust that pays them, such as:- family members of a family business- directors or shareholders of a company- beneficiaries of a trust
The ATO has made an exemption for small employers (those with 19 or fewer employees) meaning they don't need to report closely held payees
through Single Touch Payroll enabled software until 1 July 2021.
In response to COVID-19 crisis, they have extended the deadline from 1 July 2020 to 1 July 2021.
If you have other employees ('arms length' employees), they must be reported through Single Touch Payroll on or before each payday, unless
you are eligible for a micro employer reporting concession (those with one to four employees).
IF YOU'D LIKE ANY FURTHER INFORMATION, please contact us or the ATO.
TO BE ELIGIBLE:
โก๏ธHas your business closed or was highly impacted by the restrictions caused by COVID-19 since the 23rd March 2020?
On 9 June 2020, the Government announced the current expansion of the Instant Asset Write-Off Scheme, which was due to end on 1 July 2020,
will remain in place until 31 December 2020. All other conditions remain the same.
If youโd like to discuss what this means for you and your business, please give us a call!
In response to the COVID-19 Treasury Incentives, we've used the latest information available from theย ICB
Australiaย and
broken it up into simple Fact Sheets. This information is correct at 22nd March 2020 however updates and legislation changes are happening
rapidly so we will update these as we learn more.
This is not a marketing campaign, this is just our way of trying to share a much accurate information as we can with those that need it the
most.
Please feel free to share and use.
We can and we will get through this together.