WHAT ARE PAY AS YOU GO (PAYG) TAX INSTALMENTS?

 

 

In general terms an individual or entity will enter in the Australian Taxation Offices (ATO’s) PAYG Tax Instalment system, if they have a tax payable position in their most recently lodged Income Tax Return that is the result of income other than salary.

The instalment amount is generally split over four quarters and is calculated by the ATO as the previous years tax payable plus an incremental adjustment upwards. Upon lodgement of your Income Tax Return, instalments paid in advance during that year are applied as a credit towards the tax payable in the current years Income Tax Return.

If you believe your instalment amount provided by the ATO is too high it is possible to alter your PAYG Instalments in line with a reduced earning position in the current year.

Please feel free to contact our office on (03) 5427 8100 if you would like our assistance.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

 

REVISED DATE FOR QUARTERLY SUPERANNUATION PAYMENTS

If you use the Small Business Superannuation Clearing House (SBSCH) to pay your SG payments you will need to lodge your instructions by 5.30pm on 23 October 2020.  For more details please click on the link below:

https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Pay-your-SG-by-23-October-due-to-SBSCH-outage/?sbnews20201016

Please feel free to contact our office on (03) 5427 8100 if you would like our assistance.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

VICTORIAN BUSINESS GRANTS

 

The Victorian Government has recently announced a third round of Business Support Fund Grants to support businesses impacted by COVID-19 .

Through the third round of the Business Support fund, eligible businesses will receive grants of either $10,000, $15,000 or $20,000, depending on the annual payroll of the business.

Eligible businesses are listed in the 'List of Eligible ANZSIC classes – Third Round of the Business Support Fund ', which can be accessed through the link below. This list recognizes the industries most affected by COVID-19 restrictions.

For more information regarding the Victorian Business Grants and a full list of eligible industries, please visit:

 https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/business-support-fund-3

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

JOBKEEPER EXTENSION

 

The first JobKeeper Extension period runs from 28 September 2020 to 3 January 2021.

You will need to show that your actual GST turnover has declined in the September 2020 quarter relative to a comparable period (generally the corresponding 2019 quarter).

You also need to have satisfied the original decline in turnover test.

The rates of the JobKeeper payment in this extension period are:

· Tier 1: $1,200 per fortnight (before tax)
· Tier 2: $750 per fortnight (before tax)

The Tier 1 rate applies to eligible employees who worked for 80 hours or more in the four weeks of pay periods before either 1 March 2020 or 1 July 2020. The Tier 1 rate also applies to eligible business participants who are actively engaged in the business for 80 hours or more in February 2020 and provide a declaration of that effect.

The Tier 2 rate applies to any other eligible employees and eligible business participants.

Read more at the below link:

https://www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-extension-announcement/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

DEDUCTIBLE SUPER CONTRIBUTIONS 2020 FINANCIAL YEAR

Are you making an after-tax superannuation contribution in the 2020 financial year?

To be eligible to claim a personal super contribution as a deduction, you must:

• Make contribution and have your contribution received and processed by your superannuation fund by 30 June 2020
  
• Provide your Super fund valid ‘Notice of intent’. This can be done with the completion of the ‘Notice of Intent form to claim a deduction for personal super contributions’ as available on your superannuation fund’s website.
  
• Receive from the Super fund an acknowledgement letter in response to your ‘Notice of Intent -’ form. Please provide this to your accountant at tax time!
  
• Claim the deduction in your 2020 Tax Return after receiving the acknowledgement letter.

For any personal Super deduction claimed in your Tax Return, those personal contributions in your Super Fund will be taxed at 15%.

To read more on claiming deductions for personal super contributions please visit: 

https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.