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Dec 16

Watch out for tax scams

Watch out for tax scams

Large numbers of scammers have been trying to trick people with fake tax debt scams recently.

These scammers will tell you that you have a tax debt and if you don’t pay it straight away, you’ll be arrested.

If you receive a phone call or message like this, don’t respond.

The ATO will never:

  • threaten you with immediate arrest, jail or deportation
  • request payment of a debt via iTunes, Google Play gift cards or other vouchers
  • insist you stay on the phone until you pay
  • prevent you from discussing your tax affairs with your agent or adviser.

If you’re ever unsure if a contact is really from the ATO, hang up and call the ATO on 1800 008 540 to check.

Dec 16

JobKeeper Payment extension 2 starts soon

JobKeeper Payment extension 2 starts soon

The second JobKeeper Payment extension starts from Monday 4 January 2021.

It covers the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021.

It means:

  • if you are eligible for JobKeeper extension 2 you will need to complete a new decline in turnover test
  • the payment rates for your eligible employees will change
  • if you are new to JobKeeper you can enrol in the program to participate in the remaining fortnights.

To support you over December and January we have extended some reporting dates.

For JobKeeper fortnight 20 (Monday 21 December 2020 to Sunday 3 January 2021):

  • You will have until the end of Monday 4 January 2021 to pay your employees (meet the wage condition).
  • Business monthly declarations for JobKeeper fortnights 18, 19 and 20 are now due 28 January 2021.

For JobKeeper fortnights 21 and 22 (starting Monday 4 January 2021 and Monday 18 January 2021):

  • You will have until Sunday 31 January 2021 to meet the wage condition for your eligible employees.

This is to make sure that you have paid your eligible employees before claiming JobKeeper payments in your February monthly business declarations.

Check out more information on the ATO website: https://www.ato.gov.au/Newsroom/smallbusiness/Employers/JobKeeper-Payment-extension-2-starts-soon/?sbnews20201216

Dec 16

JobMaker Hiring Credits

JobMaker Information

The JobMaker Hiring Credit could mean that your business will receive payments for new positions you create.

Eligible employers will receive payments of up to:

  • $200 a week – for each eligible employee aged 16 to 29 years old
  • $100 a week – for each eligible employee aged 30 to 35 years old.

To be eligible, your business must meet criteria including:

  • holding an Australian Business Number (ABN)
  • being registered for pay as you go (PAYG) withholding
  • reporting through Single Touch Payroll
  • being up to date with income tax and GST lodgement obligations
  • not falling into any of the exclusion categories.

The new positions must increase both your employee headcount and payroll.

  • The total employee headcount must increase by a minimum of one additional employee from the date of 30 September 2020.
  • The payroll for the reporting period must increase compared to the three months to 6 October 2020.

There are specific dates relevant to both eligibility and payment. Check out the ATO website for more details.

https://www.ato.gov.au/Newsroom/smallbusiness/General/Can-the-JobMaker-Hiring-Credit-help-your-business-/?sbnews20201216

Jul 1

Need help with STP Finalisation? No more payment summaries

24 June 2020

STP changes the way you finalise your reporting

Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.

You’ll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you’ve already reported and finalised through STP.

Advise your employees you won’t be giving them a payment summary because they will now get their new income statement in their ATO online account via myGov or through their tax professional.

Encourage your employees to check their personal details with you and in ATO online before tax time. Out-of-date or incorrect details may prevent their information from appearing in their ATO online account.

You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:

  • 31 July if you employ 19 or fewer employees
  • 14 July for businesses with 20 or more employees.

The sooner you finalise, the sooner the income statement will display as ‘tax ready’ in your employees’ ATO online accounts and be ready to use in their tax returns.

If you have what we call ‘closely held (related) payees’, you may have a later due date for those payees.