For those businesses with staff and a proprietor eligible for JobKeeper the May turnover figures need to be reported to the ATO by the close of business 14/06/2020 to receive payments for JobKeeper fortnights 3 & 4. If we have undertaken the claims for you please ensure that you get this information to us ASAP. For June JobKeeper fortnights 5 & 6 the turnover declaration will be due by the 14/07/2020.
For those that are yet to be eligible for JobKeeper there is still a chance to join the system utilising your June turnover figures, so please keep your information up to date to assess this.
EXTENSION TO $150,000 PLANT WRITE OFF PERIOD
The government has extended the $150,000 end date from the 30/06/2020 date to the 31/12/2020. This means that if you purchase any item of plant under $150,000 plus GST you are entitled to an instant tax write off for the whole amount for new and second hand items.
SMSF PENSION WITHDRAWALS
Please check to ensure you have drawn down your minimum pension amounts and this has cleared by the 30/06/2020 to ensure your balance remains in pension mode.
The government has allowed a 50% reduction in minimum pensions since the 12/03/2020. Check with us if you are uncertain of the minimum amounts.
END OF FINANCIAL YEAR TAX REMINDERS
For Cash based businesses, pay your accounts before the 30th of June to receive the tax deduction. Accruals based businesses, the account needs to be dated June to be deductible.
Superannuation contributions must be received by the fund by the 30/06/2020. Don’t leave your contributions to the last day.
Superannuation rents just need to have left your business account.
Complete your stock take.
SINGLE TOUCH PAYROLL
STP finalisation is due 14/07/2020 for employers with more than 19 employees and 31/07/2020 if you have 19 employees or less. If we complete your STP for you we will send an additional work paper with our STP data collection to assist in reconciling payment summaries. Please note you are not obligated to provide your employees with a PAYG summary for any payments reported through STP.
30 JUNE DATA COLLECTION SHEETS
In order to streamline our data collection, we will be sending our forms via email. If you would like to opt out of this service and receive it via mail, please let us know ASAP.
Trust minutes will be sent to you by mail.
|21 June 2020||Lodge and pay May 2020 monthly PAYG Withholding|
|30 June 2020||Pay personal super contributions by this date to qualify for a tax deduction in the 2019-20 financial year|
|14 July 2020||– Report June 2020 turnover for JobKeeper
– STP finalisation declaration (more than 19 employees)
– Issue PAYG withholding payment summaries to employees for any payments not reported through STP*
|23 July 2020||JobKeeper update announcement|
|28 July 2020||– Pay June 2020 quarterly Super Guarantee
– Lodge and pay June 2020 quarterly instalment notice
– Lodge and pay June 2020 quarterly BAS (if lodging by paper)
|31 July 2020||STP finalisation declaration (19 or less employees)|
|14 August 2020||– Report July 2020 turnover for JobKeeper
– Lodge PAYG payment summary annual report for all payments not reported through STP
|21 August 2020||Lodge and pay July 2020 monthly PAYG Withholding|
|25 August 2020||Lodge and pay June 2020 quarterly BAS (if lodging electronically or through Tax Agent)|