Happy New Financial Year!

What an interesting start to the new year with lockdown and home schooling becoming the norm. We understand that this may be a difficult time for many of our clients. We will be in touch in due course with regards to yesterday’s announcement relating to NSW businesses impacted by the current lockdown. The finer details are yet to be released by the State Government.

Below, we have summarised the major due dates and changes that may relate to your business and have provided links to the Australian Taxation Office (ATO) for further information.

Reminders

Single Touch Payroll Finalisation for 2021 is due by 31 July 2021.
Long Service Leave Employer Returns are due by 31 July 2021.
Taxable Payments Annual Reports (TPAR) are due by 28 August 2021.

If you would like our assistance with lodging any of these requirements, please contact us here.

Tax Lodgement Due Dates

• Most entities will have a lodgement due date of 15 May 2022.
• Entities with income in 2019-20 of more than $2M have a lodgement due date of 31 March 2022.
• If your 2020 tax return was lodged late, the 2021 return will have a due date of 1 November 2021.

What’s New

Loss carry back offset
Eligible entities may be able to carry back losses made in the 2021 and 2022 financial years to offset taxes paid in prior years.
 
Temporary full expensing for asset purchases
Your business may be able to fully deduct the cost of eligible business assets if purchased (and installed ready for use) before 30 June 2022.
 
Lower company tax rate changes
For the 2021 financial year the company tax rate has been reduced to 26% for companies who are base rate entities (ie. entities with turnover under $50M and 80% or less of assessable income is passive income such as interest, rent, dividends, royalties and net capital gain).

As always, please do not hesitate to contact us.