10 things to know this tax time
Liz Gibbs • June 29, 2020
Tax time is here and the ATO has developed a list of important things you need to know this year. The ATO recognises 2019–20 has been difficult for many. The ATO will provide support where possible and help with information you can use to get things right, to ensure an easier tax time.
- The ATO has produced Tax Time Toolkits for various industries and occupations including rental properties and small business.
- To reduce the risk of mistakes and amendments to tax returns, we will wait until your your income statements are 'Tax ready' before lodging your tax return. Pre-fill information should be finalised for most of our clients by the end of July.
- Employers no longer need to give their employees payment summaries or lodge a payment summary annual report to the ATO for information reported and finalised through Single Touch Payroll (STP). Instead, employees' income statement s will be available to them in ATO online services through myGov. We can review your income statements on the tax agent portal.
- After the last pay event for the financial year, employers need to make a
finalisation declaration. They must do this by:
- 14 July if they have 20 or more employees
- 31 July if they have 19 or fewer employees.
- If you receives JobKeeper payments, these are treated as assessable income and will be included in the pre-fill data. If you are a sole trader, you need to include the payments as business income in your tax return.
- Funds received through the COVID-19 early access to superannuation measure are not assessable income and do not need to be included in your tax return.
- The cash flow boost amounts are non-assessable non-exempt (NANE) income. Employers are still entitled to a deduction for the pay as you go withholding paid.
- The ATO has introduced an optional shortcut method for employees working from home during COVID-19. Employees can claim 80 cents for each hour they worked from home between 1 March 2020 and 30 June 2020, to cover all deductible expenses.
- The instant asset write-off threshold increased to $150,000 and eligibility was expanded to cover businesses with an aggregated turnover of less than $500 million from 12 March 2020 until 31 December 2020. To claim this tax time, assets must be first used or installed ready for use by 30 June 2020.
- If you are unable to make a payment by the due date, we can submit a payment-only deferral request form on your behalf until 14 September 2020 for eligible obligations. Please contact us for assistance.
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Source:
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