News - June 2019 Edition

Important:

Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas.

This newsletter is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.  

Please contact us if you wish to discuss how the points raised in this edition specifically affect you.

JobKeeper declaration due 14 June


Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.


The monthly declaration must be made by the 14th day of each month to claim JobKeeper payments for the previous month.


As part of the declaration, businesses will need to:

  • ensure they have paid their eligible employees at least $1,500 (before tax) in each JobKeeper fortnight they are claiming for;
  • re-confirm their eligible employees, including notifying if an eligible employee has changed or left employment; and
  • provide the current and projected GST turnover of the business – note, this is not a retest of the eligibility of the business.

For example, to claim JobKeeper payments for the May 2020 JobKeeper fortnights, businesses must report their GST turnover for the month of May 2020 as well as their projected GST turnover for the month of June 2020 by 14 June 2020.


The monthly declaration can be lodged through the ATO business portal or through STP-enabled software. Alternatively, tax agents can assist clients by lodging the monthly declaration on behalf of registered clients.


ATO reminder for employers – Finalise STP data for 2020


The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration.


The due date for making finalisation declarations is:

  • 14 July 2020 for employers with 20 or more employees; and
  • 31 July 2020 for employers with 19 or fewer employees.

Employers that finalise through STP are not required to provide payment summaries to employees and lodge a payment summary annual report to the ATO.


Instead, employees will be able to access their payroll information (for preparation of their 2020 tax return) through a registered tax agent or via ATO online services.


Please contact our office if you require more information on finalising STP data.


Checklists


We know this year is a little different to others, so to help you prepare for this end of financial year, we have attached checklists for Individuals and Businesses.


2019/20 Year-end Checklist for Business


2019/20 Individual Tax Return Checklist