Tax Season 2021

Where has 12 months gone ?

With June 30 fast approaching we have decided to produce another newsletter to make sure everyone is well prepared. please note not everything will apply to all clients. it is designed for individuals and businesses.

Appointments

As we prepare this newsletter there are outbreaks of COVID in Australia. We would like to reassure everyone that we will continue to provide a COVID safe environment. We will be providing appointments face to face, phone or zoom/skype to assist in accommodating everyone’s needs. In the event that SA went into a lock down we are structured to convert all appointments online. to adhere to COVID rules it does mean like last year we need to spread out appointments, so please be understanding.

This year we have added Anthony to the team who will be available for Individual Returns predominantly on Tuesdays and Wednesdays and Nicole will offer a number of Saturday morning appointments for a limited period to help manage the volume.

Please contact Kayla on 8295 1055 or email [email protected]

Change of Address

If you have changed residential addresses or would like to change your postal address please contact:

Kayla or Hayley at the office or via email : [email protected] or [email protected]

Do you need to print off a Group Certificate or Payment Summary or Private Health Insurance Details

No, we will access any payment summaries or private health insurance from the ATO after the 14th July. This also means you do not need to access MY GOV before your appointment.

What else do you need to bring?

Details of Interest income from banks and building societies, Dividend statements for dividends received or reinvested, Annual Tax Statements from Managed Funds, Rental Property Income and Asset Sale Details for Capital Gains. Also note later details of Crypto.

With deductions and items to claim, the most relevant claim will be working from home due to COVID, at the very least please provide hours worked from home. If you have a motor vehicle deduction that exceeds 5000 kilometres per year, please ensure you have a valid LOG BOOK.

Other items to consider are uniforms, safety wear, study costs, union fees, registrations, tools, subscriptions, mobile, internet and company expenses as well as donations and income protection insurance.

Lastly, if you have a spouse that we don’t prepare a Tax Return for please bring in their estimated or actual Taxable Income.

Tax Refunds :

With Sco Mo’s Lamington Rebate still in existence we hope refunds will remain similar to last year. Please remember to bring your bank account details, including BSB and account number with you to your appointment.

PLEASE REMEMBER WE NO LONGER OFFER FEES TO BE DEDUCTED FROM THE REFUND. THIS STOPPED WITH THE MYGOV ONSET. FEES CAN BE INVOICED OR PAID AT APPOINTMENT.

TAX TIPS – INDIVIDUALS AND BUSINESS

Topics for discussion around the water cooler at work:

Home Office Claims

For those who have had to work from home and are wondering what can be claimed please see link Employees Working From Home

Cryptocurrencey

Please be aware that cryptocurrency is under the microscope with The Australian Taxation Office. Cryptocurrencey with ATO

ATO Warnings

Each Year the ATO raises their areas of review please see the following for comments from the ATO ATO Claim Warnings

BUSINESS END OF YEAR

Superannuation

On July 1 2021, the superannuation guarantee rate will increase from 9.5% to 10%. The rate is scheduled to progressively increase to 12% by July 2025. Changes will automatically take place through software but any queries please contact Anthony at [email protected]

The Contribution Caps have been increased from July 1 2021:

Concessional Contribution Cap from $25,000 to $27,500
Non Concessional Cap from $100,000 to $110,000.

Unused Concessional Cap Carry Forward:

Members can make carry-forward concessional super contributions from previous years if they have a total superannuation balance of less than $500,000.

Single Touch Payroll

STP Information

Concessions end on July 1 2021, you need to be reporting each pay day through STP by this date and need to start reporting as soon as possible as penalties may apply. This should be reported through STP- enabled software. Any queries please contact Anthony at [email protected]

Sorry for those hoping for BA Baracus it’s not that exciting… But to make sure you are aware of everyone to help and assist with your needs you will still be led by Shane and Nicole as the senior tax specialists and advisors. Anthony will be available for individual returns, anything XERO and MYOB and provide support as required to all clients. Jonah will continue to support the SMSF team and will further his craft with expanding into client support in the business services area. Deb will continue to lead the SMSF and will further embrace technology to consolidate the service in this area. Behind the scenes will be Hayley who will continue to grow with ATO liaisons and most importantly with ASIC and all their demands and needs. Finally is Kayla who is our front person. She will be provided some more support but is the go-to for contact with Shane and Nicole, particularly when things go “crazy”.

Contact points:

Shane: [email protected]
Nicole: [email protected]
Anthony: [email protected]
Jonah: [email protected]
Deb: [email protected]
Hayley: [email protected]
Kayla: [email protected]

HAPPY TAX SEASON, STAY SAFE AND NO BETTER WAY TO FINISH THAN JERRY MCGUIRE.