INTEGRITY WEALTH UPDATE
Due to the current pandemic, it makes sense that there would be various changes communicated to you – for instance increased updates from government about public health or relief measures, or businesses you deal with might advise changes to their banking arrangements. Scammers know this and are using the current environment to target businesses and individuals. Please be as vigilant in protecting yourself and your business online as you are in protecting yourself and your community against COVID-19.
Fringe Benefits Tax (FBT)
The 2020 FBT year ended on 31 March 2020. If your business is registered for FBT you will receive an email shortly requesting information in order for us to complete your 2020 FBT Return.
Regardless of whether or not your business is registered for FBT, we require ALL clients with business vehicles to record the odometer reading of each vehicle at 31 March of each year. Please keep this information and send it in with your 2020 tax work (unless we contact you and request it beforehand).
Should you have any questions regarding this matter, please contact Tara Buchanan by calling 1300 780 818 or (07) 3250 7900, or emailing email@example.com.
End of Financial Year Planning 2020
In the coming weeks you will be receiving correspondence from us regarding end of financial year planning for you and your entities (trusts, self-managed superannuation funds and companies).
Many matters that are dealt with in end of financial year planning are time critical so we ask that you return the questionnaires and any other information requested to us as soon as possible.
If you have been financially impacted by Coronavirus please note that our strategy and planning discussions with you this year may be quite different compared with prior years.
JobKeeper Update – Important Dates & Information
The past week we have seen more updates in relation to JobKeeper. We have been working with many of our business clients on the eligibility requirements and steps involved.
Some important dates to note if you have had reduced turnover in March or April, and wish to claim JobKeeper for April:
- Latest date for payment by employers of at least $3,000 (before tax) to each eligible employee for the month of April: extended until 8 May 2020.
- Enrolment in JobKeeper for April: extended until 31 May 2020.
- Receipt by employers of the April Jobkeeper payments from the ATO: expected Mid-May.
Other important updates include:
For businesses that do not satisfy the basic turnover test, there are now alternative tests to cover the following situations:
- Businesses less than 12 months old
- Businesses with acquisitions, disposals, restructures that have changed turnover
- Businesses in growth phase
- Businesses affected by drought/natural disaster
- Businesses with lumpy/irregular turnover
- Sole traders/partners who have taken leave
- Special purpose service entities (alternative test announced but not yet available)
Please contact us at firstname.lastname@example.org if you believe one of the above situations may describe your business’s circumstances.
Funding for JobKeeper payments
Some businesses may be having trouble funding the minimum $1,500 (before tax) fortnightly wage for eligible employees under the JobKeeper scheme.
The major banks will fast-track any outstanding applications from businesses seeking funding to help them pay staff until the JobKeeper is paid by the ATO in May.
A dedicated hotline has been set up by each major bank to service businesses needing the finance to bridge the gap until the first JobKeeper payments are made. Visit your bank’s website for details.
Client Communications & March BAS/IAS
If you or your business require immediate assistance or advice, please call us on 1300 780 818 or (07) 3250 7900.
If your need for assistance is not urgent or you have questions about Coronavirus-related issues, including all enquiries about government assistance or ATO matters please send us an email to the following dedicated email address: email@example.com
Also if you have not done so already, please send your March BAS information to us at firstname.lastname@example.org so we may review and discuss your individual circumstances and eligibility for government assistance, prior to lodgement of your March BAS / IAS.
Mark Stewart, Samara Badgery & the Integrity Wealth Team