2020 EOFY - Time to get ready
A new financial year is ready to dawn on us, this is the time to get ready to ensure an smooth transition to the new year. I think we all hope it will be better than the one we are about to farewell, bush fires and covid-19 have put a lot of strain in the economy and the phrase "unprecedented times" has taken over from "journey" or "competition".
We have seen plenty of unprecedented changes, work from home, home schooling,borders closed, toilet paper stockpiling, hand sanitizer traded as gold... We have had to adapt to a new "normal" and no one knows how long this will last.
Someone very close to me once told me there are only two things certain in life, death and taxes. Now it is the time to take care of the taxes thing.
- Stocktake, this is never going to be fun but if you are prepared it will be less painful.
- Payroll review, now is better than later. Ensure all your payroll is up to date, super contributions are all paid and employees are paid according to award rates.
- Finalise STP, by the 14th of July, if you have 20 or more employees. By the 31st of July 2020 if you have 19 or less. If you are reporting through STP you are not longer required to hand out PAYG summaries.
Tax time - working from home expenses
If your work situation has changed and you have been working from home there is tax deductions available.
If you are planning to claim a deduction on your work from home expenses you need to be aware that all expenses need to be documented and you have to keep this records for the next five years. If you are planning to claim any expenses just ask us what it is deductible and what isn't and ensure you have all relevant documentation.
$150,000 instant asset write off
For a bit of good news, this measure has been extended until 31 December 2020, then back to $1000!
ATO SCAMS - demanding personal details as TFN
Please see information from the ATO below.
🚨 SCAM ALERT 🚨 Be on the lookout for a new phone scam claiming your tax file number (TFN) has been suspended!
Recorded phone calls claiming to be from the ATO and other government agencies are trying to trick people into providing personal information. These scammers will tell you there’s a legal case against you, and if you don’t follow instructions and provide the information requested, you’ll be arrested.
⚠️ Don’t follow the prompts, and don’t provide the information requested. We will never send unsolicited pre-recorded messages to your phone, or threaten you with immediate arrest. If you’re ever unsure whether an ATO interaction is genuine, hang up and phone our scam hotline on 1800 008 540. Warn your family and friends to stay alert and visit our scam alerts page to learn more: www.ato.gov.au/…/Online-serv…/Identity-security/Scam-alerts/