For those of you about to spiral into a full-blown meltdown - stop right there!! Here's a quick and easy run down of all things EOFY.
Now I know we’ve all been through a rough few months, COVID-19 really did a number on us. And even us accountants and bookkeepers would be forgiven for not realising this but…. 30 June is fast approaching....
For those of you about to spiral into a full-blown meltdown stop right there!! We've provided a quick and easy run down of all things EOFY because you've suffered enough.
Here are a few things that in June you want/need to be thinking about.
Super Tax Reduction
If you’re looking for an extra tax deduction in 2020 (who isn’t??) than consider paying your employees outstanding super before 30 June. Xero have told us to ensure funds hit to accounts by 30 June 2020 (and are therefore deductible) you'll need to process it by 20th June.
Ah yes, the time of year every Bunnings employee in charge of the ‘nails and screws’ aisle dreads! Depending on the inventory management system you’re using, this will be done in different ways. No idea what you’re doing? (or just don't have enough fingers to count all that stock?) let us know!
Now is the perfect time to review your payroll and check that any/all of your employees are being paid in accordance with their industry awards!
Want some good news!?
2021 Tax Rate Cut
Want to bet the ATO forgot about this one when they started handing out all that stimulus money?! The company tax rate for Small Business Entities is being cut from 27.5% to 26%. Aaaaaand there's more.... for the 2022 financial this drops even further down to 25%.
$150,000 Instant Asset Write-off
This has been extended! The ATO have pushed this out until 31 December 2020, at which point it will drop back to $1,000 (crazy right?!). Watch this space to see what might happen as that December date approaches.
With all these cash payouts and tax cuts.... I mean.... maybe.... just maybe.... the ATO might actually like us, even just a little?!
Approaching Key Dates
As for some key upcoming dates post 30 June – we also got that covered!
Finalise your STP! You no longer need to hand out those PAYG Summaries if you’re registered for Single Touch Payroll (STP).
Note - if you’re classified as a ‘closely held payee’ (i.e. keeping it in the fam!) and note registered, that’s totally fine! You now have until 1 July 2021 to register for STP.
Also 14th July
June 2020 monthly jobkeeper declaration
For those monthly BAS/IAS lodgers – the June 2020 BAS/IAS is now due.
June 2020 Quarter superannuation
That's a wrap - 2020 done and dusted!