GRAIN MARKETING INCOME TIMING
Now, for many, harvest is complete and the grain is being contracted and those contracts filled.
Remember that as grain is transferred into a contract it is deemed to be sold.
If you want to defer grain proceeds until after the financial year you can contract a forward price, however, it must have a post July 1 transfer date.
PAYROLL TAX
Payroll tax is levied on employers with a payroll over a $850,000 threshold. Payroll includes wages, salaries, SGC super and various other allowances.
The rate is 5.5% on amounts over the threshold and is levied by the WA Government.
From 1st January 2020 the threshold is increasing to $950,000 then to $1 million dollars from 1st January 2021.
We regularly check to see if your payroll is subject to assessment.
SUPER GUARANTEE
A reminder that super guarantee is 9.5% on employee Ordinary Time Earnings.
ASIC RENEWAL LETTERS
Service providers are offering to renew your business name through them and the documents look as if they are from ASIC. Whilst these are generally from legitimate companies, they will charge you a fee to complete the renewal. Current charges for ASIC business name renewal are $35 for one year or $85 for three years. You can just do it yourself and save.
LOG BOOKS
We have noticed that many car logbooks have expired or aren’t being kept. With the new substantiation rules this could be costing both in the GST claim on a new car and tax deductions for operating that car.
Logbook showing a 63.58% business use on the purchase of a new Toyota Prado in a partnership. The results show:
– GST refund on purchase using a log book $3,327.72 vs no logbook $nil
– GST refund on operating costs using a log book $401.50 vs no logbook $nil
– Tax deduction on operating costs with a log book $7,704.00 vs no logbook $3,400.00
12 weeks effort provides a great return – Why wouldn’t you complete a logbook?
PAA CHRISTMAS CLOSURE
We are closing on the 20th of December 2019 at 5.00pm and will be reopening 8.30am on the 2nd of January 2020.
From everyone at PAA, we wish you a happy and safe Christmas and New Year
KEY TAX DATES
| Date | Obligation |
| 21 December 2019 | Lodge and pay November 2019 monthly PAYG Witholding |
| 28 January 2020 | Pay December 2019 quarterly Super Guarantee |
| 31 January 2020 | Closely held Trust – Lodge December 2019 quarterly TFN Report |
| 21 February 2020 | Lodge and pay January 2020 Monthly PAYG Withholding |
| 28 February 2020 | – Lodge and pay December 2019 quarterly BAS – Lodge and pay December 2019 quarterly Instalment Notice – Lodge and pay December 2019 quarterly SGC (if required) – Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised) |
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