Please contact us if you would like to do an interim income tax review for the 2020/2021 financial year. The new depreciation rules and the ability to write off machinery pool balances may create some interesting tax scenarios and may allow you to vary your March and June PAYG liabilities.
FUEL TAX CREDITS
Where you are eligible to claim fuel tax credits, we urge you to review your fuel allocation position. Fuel tax credits are available for off road agricultural purposes and for trucks on road with a GVM of more than 4.5 tonnes
On road use of cars and non trucks are ineligible to claim. Here is a table that provides an example of your fuel calculation and the claim period:
|Annual Fuel Use Reconciliation|
|Vehicle||Kilometers /hours||Fuel Consumption||Total Fuel Used||On Road Eligible||On Road Ineligible||Off Road||
Fuel Use per Quarter
MOTOR VEHICLE LOGBOOKS
Now is a great time to review your vehicle logbooks. These need to be renewed every 5 years, or sooner if you wish to claim additional vehicles as logbooks for multiple vehicles must be prepared concurrently.
For trusts and companies where there is a requirement for an FBT recoup and no log book, it is a flat 20% of the cost price of the car as a recoup less a 1/3 discount for vehicles held after their 3rd year. If a log book is kept it is the lesser of the flat cost rate, or the log book private percentage of the costs including depreciation and interest. For sole traders and partnerships it is either the log book private percentage of the operating costs or a 100% write back, less any eligible cents per kilometre claim.
An eligible vehicle logbook can save you thousands of dollars in tax even if it is only doing 50% business use.
PAYG & BAS
December Quarter PAYG is due for payment 02/03/2021. December BAS is due for lodgement 02/03/2021
Our firm welcomes our new receptionist for the Bunbury office – Bree Savage. Bree comes from working in Busselton at Mandalay Resort so is very experienced in customer service. Bree has now started in a new industry and we look forward to all our clients meeting her over the course of the next few months as our Bunbury office first point of contact.
We are always keen to talk with accounting graduates and undergraduates looking for employment opportunities, if you know of any potential candidates please have them contact us.
|2 March 2021||– Lodge and pay December 2020 quarterly BAS
– Lodge and pay December 2020 quarterly instalment notice
– Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised)
|14 March 2021||Report JobKeeper Extension 2 February turnover|
|21 March 2021||Lodge and pay February 2021 monthly PAYG Withholding|
|31 March 2021||Lodge tax returns for individuals and trusts where prior year tax liability >$20,000|
|14 April 2021||Report JobKeeper Extension 2 March turnover|