Individual Tax Returns just got easier! Provide us with your information online.
For the safety of our clients and staff, we request the office procedures be followed and no physical contact.
What the ATO will be keeping a close eye on this tax year.
End of financial year just got easier for employers. No need to provide your employees with payment summaries if you are reporting with Single Touch Payroll.
Confirm all details are correct, including ATO reporting categories.
Reconcile total wages on the payroll report with the general ledger.
Finalise pay run and notify the ATO.
Assets purchased up to the value of $150,000 between 12/03/2020 - 30/06/2020 can be depreciated in full this year .
Assets above $150,000 can be depreciated at 57.5% in its first year. Increasing from 15%.
NOTE: the asset must be installed and ready to use to claim the deduction.
The Medicare Levy thresholds have increased for this tax year. Meaning higher taxable incomes before the levy is payable. A rate of 2% is still applicable.
The low and middle income tax offset applies again this year.
Taxable Income
<$37,000 offset $255
$37,001-$48,000 offset $255- $1,080
$48,001-$90,000 offset $1,080
$90,001-$126,000 offset reduces from $1,080
NOTE: this is not a cash payment, it offsets against tax already paid.
Repayments for student loans such as HELP, VSL, SFSS, ABSTUDY and TSL will be repayable at a rate starting at 1% for taxable incomes above $45,880.
If you have a student loan, now is the time to notify your employer to take additional tax out of your wage.
TPAR's must now be submitted for additional contractors. Reports are due by 28th
of Aug 2020 for contractors in cleaning, courier, road freight, IT and security services.
If you have been affected by COVID-19, an additional $10,000 can be withdrawn from your super for the 2020-2021 year.
Applications must be submitted through your MyGov account between 1 July 2020 - 24 Sep 2020.
NOTE: SMSF's must have ATO authority to do so.
Did you receive a COVID-19 or Bushfire initiated payment or rebate? Below is the tax effect it will have.
TAXABLE
JobKeeper
JobSeeker
Supporting Apprentices & Trainees
NON-TAXABLE
Cash Flow Boost
One-Off Payment for Pensioners
Rural Fire Service Volunteer
TAXABLE
Job Accelerator Grant
$10,000 Emergency Cash Grant (SA)
NON-TAXABLE
Disaster Recovery Allowance
Emergency Bushfire Response Grant
Small Business Bushfire Support Grant
Were you impacted by COVID-19 regulations? If so, you may be able to claim deductions.
If you had to work from home due to COVID-19, you can claim 80 cents per hour for home office expenses, using the shortcut method.
The ATO will be monitoring home office expenses closely - If you are unsure you can claim this, please speak to your accountant.
If you purchased gloves, face masks, sanitiser, you may be able to claim them as a deduction if the following are met:
The ATO will be keeping a close eye on the following areas.
For Business
- SNAP IT -
Take a photo of your receipts.
- SEND IT -
Upload bills, invoices, receipts or statements.
For Individuals
Record your expenses & deductions, vehicle trips and photos of invoices & receipts.
