March 2020 Newsletter

IN THIS ISSUE:

• COVID-19 and the stimulus measures
• Technology updating
• Income tax return lodgement deadline

As you are probably aware the government has announced a stimulus package to help keep businesses operating, and ensure continuity of employment.

bennetts tax & bas service urges everyone to take full advantage of the subsidy’s and cash being offered in order to ensure businesses continue to operate, everyone keeps their job and limit any financial hardship during this time.

The key tax measures are for businesses

• Instant Asset write off increased to $150,000
• 15 month investment incentive to accelerate certain depreciation deductions
• (for new assets first used or ready for use by 30 June 2021)
• Tax free payments of up to $25k for small to medium enterprises that employ staff and have PAYG W obligations
• Administrative relief from ATO for some tax obligations for people affected by Corona virus outbreak – to be assessed on a case by case basis

Key economic stimulus measures

• Wages subsidies to support the continued employment of apprentices and trainees amounting up to 50% of employees’ wages from 1 January 2020 to 30 September 2020 (Max subsidy $21k for each apprentice / trainee)
• For individuals: tax free payment of $750 to social security, veterans and other income support recipients / concession card holders and to be paid from 31 March

Remember – spend it, don’t save it!

Now is a good time to assess where your business sits in terms of a possible tax liability or refund in June. Make an appointment to review your businesses trading for the year and if any corrective actions are required pre- June 30th.

Income Tax Return lodgment

The deadline for lodging your FY 2019 tax return is 15 May- if your return needs preparing before 15 May, email us to arrange documents and other items required to complete your return.

Technology update

In an effort to do our bit for the environment we are moving forward into a paperless era, tax returns will be sent out for electronic authorisation.

As some already know bennetts tax & bas service has updated technology for lodgement and report preparation in the last few months. While we learn this new software and procedures there have been minimal hiccups.

A simple ‘one-time’ registration is required to authorise your documents. Our new secure cloud-based portal means that you can access and store important documents for future use by you, as and when required. If you are looking for a copy of your tax return – it will be stored in the portal, saving time to contact the office requesting copies be forwarded etc.

Notices of Assessment and other ATO correspondence will also be sent to you via our secure portal where upon you will receive a notification that correspondence is waiting for your review.

It is also anticipated that by reducing the costs associated with print and post etc we can keep our fees as competitive as possible.

I also understand that the new technology may not work for everyone- if you have any concerns, please contact me to discuss how we can continue to provide excellent service to you.

As always, any queries regarding this or any other topic or any other, please contact Diane Bennett by phone or email.