The JobKeeper wage subsidy scheme came to an end on the 28th March 2021. Eligible businesses have until the 14th of April to lodge their final business monthly declaration to claim for fortnights ended 28th March 2021. If you haven’t already, please update your computer programs so we can obtain the required monthly turnover and payroll information.
Superannuation guarantee for the quarter ended 31st March 2021 is due to be paid by the 28th of April 2021. This rate remains unchanged at 9.5% of your employee’s ordinary time earnings.
Income tax activity instalment notices for the quarter ended 31st March 2021 have now been issued. Whilst we have reviewed the activity statements, please contact us to discuss any further revisions you feel are necessary. The instalments are due to be paid by the 28th of April 2021.
Business activity statements can now be completed for the quarter ended 31st March 2021. BAS data collection has been sent to clients. Please take the time to ensure your fuel tax rebate claim and wages information are accurate. BAS payments are due to be paid by the 26th of May 2021.
Our next income tax lodgement deadline is on the 15th of May 2021. If you have yet to send in your tax gear, please do so as soon as possible to ensure we lodge your returns by the deadline.
From 1 July 2021 there will be multiple changes to superannuation taxation rules;
- Concessional contribution cap will be increased from $25,000 annually to $27,500 annually
- Non-concessional contribution cap will be increased from $100,000 annually to $110,000 annually
- Non-concessional bring forward contribution cap will be increased to $330,000 subject to prior conditions.
- Work test age will be increased to 67 from 65
- Total super balances can be increased to $1.7m from $1.6m
- Transfer balance cap is also increasing to $1.7m but there are special rules in place for members who have already have pensions in place
- On the good news front – Before the senate is the legislation to increase fund membership for SMSFs from 4 to 6 members.
TEMPORARY FULL EXPENSING OF ASSETS
Plant and equipment purchases acquired between the 7th of October 2020 and the 30th June 2022 and installed ready for use by the 30th June 2022 are eligible for temporary full expensing (an immediate up front tax deduction). Ensure you leave enough lead time on any ordering to meet the deadline.
|14 April 2021||Report JobKeeper Extension 2 March turnover|
|28 April 2021||– Pay March 2021 quarterly Super Guarantee
– Lodge and pay March 2021 quarterly instalment notice
– Lodge and pay March 2021 quarterly BAS (if lodging by paper)
|15 May 2021||Lodge 2020 tax returns for all entities that did not have to lodge earlier|
|21 May 2021||– Lodge and pay April 2021 monthly PAYG Withholding
– Lodge and pay Fringe Benefits Tax Annual Return (if lodging by paper)
|26 May 2021||Lodge and pay March 2021 quarterly BAS (if lodging electronically or through Tax Agent)|
|28 May 2021||– Lodge and pay Fringe Benefits Tax Annual Return (if lodging electronically)
– Lodge and pay March 2021 quarterly SGC (if required*)
|21 June 2021||Lodge and pay May 2021 monthly PAYG Withholding|
|30 June 2021||Pay Super Guarantee contributions by this date to qualify for a tax deduction in the 2020-21 financial year|
*Employers who did not pay minimum super contributions by the due date (28 April 2021) must pay the Super Guarantee Charge and lodge a Superannuation Guarantee Charge Statement by this date.