Business Clients – Key Dates to Remember

Business Clients – Key Dates to Remember

The new financial year is here. We have prepared a checklist of action items you might want to glance through. Find out all about:

  • STP Finalisation/ PAYG payment summaries – Due 14 July
  • Processing STP Finalisation
  • STP Now Required for Closely Held Employees
  • Payment of June Quarter Superannuation – Due 28 July
  • Super Guarantee – increase to 10%

Read the full update here – PA Client Alert – Key Dates for Business Clients

How can we help? If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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EOFY Resources 2021-22

EOFY Resources 2021-22

The end of the financial year will soon be upon us, with 30 June 2021 just around the corner. The months of May and June are the time to review & analyse ways to reduce your 2021 taxes based on your current income & expenses from July last year until now. We recommend all our clients consider tax planning for their business & personal tax. Download our tax planning guide & federal budget update for more information.

PrimeAdvisory – Minimise Your Business Tax 2021

PrimeAdvisory – Minimise Your Personal Tax 2021

PrimeAdvisory Federal Budget Update 2021-22

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Federal Budget 2021-22

Federal Budget 2021-22

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.

It is also a human budget, with $17.7 billion dedicated to aged care, more money in the pockets of low-income earners, the COVID vaccine rollout, $2 billion for mental health, a women’s economic package including a childcare subsidy increase and funding to prevent violence, and a Royal Commission into defence and veteran suicide.

Access your downloadable guide here PrimeAdvisory Federal Budget Update 2021-22.

We note that this year’s budget did not include as many tax and investment initiatives. However, the key points are:

For You & Your Family

  • Low and middle income tax offset extended
  • Medicare levy low income threshold
  • $250 self-education expense reduction removed

Your Superannuation

  • Work test repealed for voluntary superannuation contributions
  • Expanded access to ‘downsizer’ contributions from sale of family home
  • SMSF residency tests relaxed

Business & Employers

  • Temporary full expensing extension
  • Temporary loss-carry back extension
  • Employee share scheme simplification
  • $450 per month threshold for super guarantee eligibility removed
  • Tax residency rules for trusts and limited partnerships
  • New avenue for small business to ‘pause’ ATO debt recovery

We’ll keep you up to date as the detail of these measures comes to hand. Happy reading!

Get in touch
The team at PrimeAdvisory are available to assist you to capitalise on any of the Budget measures or minimise your risk.

If you have any questions, please don’t hesitate to contact us on 02 9415 1511.

 

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Tax Planning Guide 2021 – Minimise Your Business & Personal Tax

Tax Planning Guide 2021 – Minimise Your Business & Personal Tax

The end of the financial year will soon be upon us, with 30 June 2021 just around the corner. The months of May and June are the time to review & analyse ways to reduce your 2021 taxes based on your current income & expenses from July last year until now. We recommend all our clients consider tax planning for their business & personal tax. Download our tax planning guide for more information.

PrimeAdvisory – Minimise Your Business Tax 2021.

PrimeAdvisory – Minimise Your Personal Tax 2021.

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Fringe Benefits Tax Return Time

Fringe Benefits Tax Return Time

With the FBT year ending on 31 March and some tax saving ATO concessions related to Covid-19 being released, we have taken the opportunity to create a series of fact sheets that explain all things FBT. You can access the fact sheets below:

FBT 2021,01 – Why Should You Lodge a FBT Return with NIL Liability

FBT 2021,02 – How the ATO Identifies Potential Audits

FBT 2021,03 – What is a Car Fringe Benefit

FBT 2021,04 – Employee Business Cars Tips & Traps

FBT 2021,05 – Workhorse Vehicles and new Safe Harbour provisions

FBT 2021,06 – Meal Entertainment Factsheet

FBT 2021,07 – Minor and Infrequent Benefits

Keep an eye out for our emails in the coming days, to be followed by a phone call from your advisor to assist in ensuring that you complete your FBT return on time & with all the tax savings possible.

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