Disclaimer: the following information is general in nature and was current only at the initial publication date. You should not rely upon or act upon any such information without checking with your tax advisor to confirm the currency, accuracy and possible application of any information to your personal circumstances.
June 2021 Tax Time Newsletter
2020/21 Christmas Wishes & Office Closures for the Holiday Period
As 2020 comes to a close everyone at All Accounting & Taxation would like to wish you a Merry Christmas. Have a safe holiday break and we hope to see you in the new year.
We will be having a break for a few weeks as well.
Our offices will be closed from 24/12/2020 and will reopen on Wednesday 13/01/2021.
If you have any urgent queries the best way to contact us is to use our Contact us sections for each office on our website
We will also be checking our answering machines on a less frequent basis.
Have a great and safe holiday period!
End of Year Tax Tips
The Australian Government has announced a number of Stimulus measures relating to the effects of COVID -19 on businesses and individuals.
2 of the most prominent stimulus announcements are for businesses that have employees. These include the Cashflow Stimulus for Businesses and the JobKeeper Payment.
One of the best places to find up-to-date information regarding COVID -19 Stimulus is the ATO COVID -19 Web page.
We also regularly receive information and analysis from many professional sources. This includes information regarding the JobKeeper payment from the NTAA which was received on 15-04-2020.
Please note that the landscape is constantly changing in these regards. You should always ensure that you have the most recent information that applies to your current circumstances.
COVID -19 and interacting with All Accounting & Tax – Complying and Business almost as usual
The COVID-19 epidemic is changing how we interact with people and businesses. We are continuing to support you with our full range of services and not much has changed with how we operate. In the current environment we do however realise that peace of mind is an important thing. Therefore we have a full statement below regarding how we operate and interact with our clients. We will continue to monitor conditions and adjust our business operations as needed. This will take into account the interests of our clients and employees in accordance with the advice of health authorities and Australian Government requirements. Our offices offer many flexible ways to assist you with your accounting and taxation needs. This includes various low or no contact options such as phone appointments, zoom meetings and emailing in your work. Please see below for full details.
From 2018 most travel claims to rental properties are not deductible and there are some restrictions on claiming depreciation deductions from second-hand items…
- All Trustee distribution resolutions must be made before 30 June for each income year.
This means that for each Financial Year you will need to do a resolution that specifies how the ‘Trust Income’ will be distributed for the year ending 30 June. This does not mean that
exact amounts will need to be specified for each beneficiary, but it should specify either an amount in dollar terms or an amount as a percentage of trust income for all beneficiaries.
Ramifications if you do not have an appropriate resolution
If you do not have an appropriate trustee distribution resolution it may mean that the trustee will be assessed at the highest marginal tax rate on all of the taxable income of the trust.
The ATO has also stated that they will be conducting a review for compliance of such resolutions. They will be writing to a number of trustees in as early as July each financial year requesting a copy of their last financial years distribution resolution.
If you need assistance or have any queries in this regard please do not hesitate to contact our office.