Since we are on the last few days of the financial year we thought it would be useful to send a couple of reminders to ensure you are all up to speed with all compliance issues coming up. Short and straight to the point:
- For individuals, COVID 19 brought up the opportunity to have an early access to your super provided you satisfy certain conditions.
- You can access up to $10,000 before the 30 June
Ensure you really meet the conditions such as being unemployed or having suffered a reduction in your work hours by more that 20% among other conditions. Check the full eligibility on the link below: https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/#Compassionategrounds
- If you are intending to make personal deductible superannuation contributions ,Today or tomorrow would be the last few days you have to pay those so they count towards your 2020 year.
Remember to keep in mind the concessional Caps and the bring forward rule.
For small businesses:
- The second round of the Small Business COVID 19 adaptation Grant program will open on the 1st of July 2020.
Check the details here https://www.business.qld.gov.au/starting-business/advice-support/grants/adaption
Remember the $150,000 instant asset write off is still available and it has now been extended to 31 December 2020.
- If you are receiving Jobkeeper payments, these will be TAXABLE INCOME for your business. Keep this in mind for your tax planning
- If you are considering paying extra super for the business owners, these need to be made within the next two days so the funds are cleared in your superannuation fund by the end of the month
- If applicable, remember to attend your stock take, you can value the items at cost or market value.
By now, you would be using your Single touch payroll (STP) compliance system to process your wages. These has various implications when coming to the end of the financial year:
- You do not need to supply your employees with a payment summary unless you want to. Notify your employees that they will not be receiving the annual PAYG certificate.
- You do not need to lodge annual payment summaries with the ATO anymore
- You will need to attend the finalisation process for your wages in your STP system. This is basically an electronic declaration processed through your payroll system.
- The key dates for you to complete the declaration are:
- 14 July for employers that have 20 or more employees
- 31 July for employees that have 19 employees or LESS
Remember your June Jobkeeper reporting is due by the 14 July
Remember your Super guarantee payment for the quarter ended 30 june 2020 is due on the 28th july
Remember the BAS for June 2020 will be due on 28 July for quarterly lodgers or 21 July for monthly lodgers.
For Property Investors
From 01 July 2019 there is no deductions for Vacant Land unless the land is used in carrying on a business (e.g. an active farm)
This means there is no deduction for things like Interest, rates or maintenance expenses.
There is an additional 10% CGT discount for those Individuals who provide affordable rental housing for periods totalling at least three years.
From 01 July 2020, there is no Main residence exemption to foreign residents except in limited circumstances
If you have any questions regarding the above, please do not hesitate to contact us here at KARDIA GROUP.