Below are a few recent issues we wanted to make you aware of. All of these are important so if you are unsure about anything please contact us.
You need to complete your monthly declaration on the ATO portal in order to receive the next round of JobKeeper payments. This needs to be completed no later than the 14th of June. If you need help with this, please let us know.
- Don’t forget in order to claim a deduction for your superannuation payments in this financial year, your payment needs to made and cleared by the 30th of June. We suggest making the payment no later than the 22nd of June but please check with your superfunds/ clearing houses to ensure you don’t miss the cut-off. Please see below for further information about superannuation.
- There have been some recent decisions that will affect the determination of Casual v Permanent employment and the need to pay annual leave, personal leave, long service leave etc. We suggest you undertake an assessment of all your casual employment arrangements and determine whether or not they have regular and predictable arrangements. If they do, you should seek advice on whether or not they are actually casual employees. Fairwork is currently undertaking a review of the definitions of a casual so there may be some changes to the definitions to come soon. A link to the relevant Fairwork page with the ruling of the recent case can be found here – https://www.fairwork.gov.au/employee-entitlements/types-of-employees/casual-part-time-and-full-time/casual-employees
- There have been some recent changes to awards. To ensure you are compliant with all award changes, check the Fairwork website here – https://www.fairwork.gov.au/awards-and-agreements/awards/changes-to-awards-in-2020
- Now is the time to look at any potential tax planning opportunities. Please contact us as soon as possible to discuss any concerns or questions you may have.
Superannuation – Further Information
With 30 June approaching, we all want to ensure we are maximising our tax deductions. Your superannuation accrued during the April 2020 to June 2020 quarter is not due for lodgement and payment until the 28th of July, however if you pay prior to 30 June, you will be entitled to receive a tax deduction in the 2020 year. Please ensure you check with superfunds and clearing houses to confirm the final date for lodgement and payment but all contributions need to be paid and cleared before the 30th of June in order to claim the deduction in this financial year. Final dates for payment seem to range anywhere from the 19th of June through to the 25th of June, so please ensure you check with your superfunds.
If you have made personal concessional contributions to your superannuation fund and are wanting to claim a tax deduction in your individual tax return, you must give a ‘Notice of intent to claim a tax deduction’ form to your super fund on or before whichever of the following days occurs earliest, either:
- the day you lodge your tax return for the year in which the contributions were made (date can vary but 31 October 2020 at the earliest)
- the last day of the income year after the income year in which you made the contributions. (30 June 2021)
If you have any queries on any of the above, please don’t hesitate to contact us.