August monthly newsletter!

Managing Senior Accountant - Chesterton Accounting

Welcome to our August monthly newsletter!

The Government has just recently announced a six month extension to the JobKeeper payment scheme. The modified scheme will apply until March 2021 and will include different payments. The first three months of the modified scheme will include payments of $1,200 per fortnight for employees who work for 20 hours or more per week and $750 per fortnight for all other employees. The final three months will include payments of $1,000 per fortnight for employees who work for 20 hours or more per week and $650 per fortnight for all other employees. Businesses will be required to reassess their eligibility, meeting the decline in turnover test in each quarter to claim the subsidies. This is great news for businesses that are still struggling and quite heavily affected by the result of COVID-19.
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Monthly tax tip:
Travel expenses are an ATO audit target this year as many taxpayers are incorrectly claiming them. Travel from home to work is generally not tax deductible unless transporting bulky tools and equipment when there is no secure area to store them at your workplace. Other travel situations e.g. travel to another city for a work conference or training can generally be claimed. They can be claimed if they were not reimbursed by an employer, even if a travel allowance was received. There are two ways that a taxpayer can claim travel expenses. The first is simply keeping receipts for meals, accommodation, fare fees, etc and claiming what was actually spent. The other way is by claiming the reasonable amount set out by the ATO each year but you must have received an allowance by your employer. This method is more attractive as you do not need to keep receipts but you do need to show some evidence that you did spend the allowance received for work related travel e.g. a diary. If you are unsure how to keep appropriate records or if you can claim travel expenses then please contact our office for a consultation.
If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.
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Important Dates!

14 August:

  • Make the July monthly business declaration for the JobKeeper Scheme

21 August:

  • Lodge and pay July 2020 monthly business/instalment activity statement

25 August:

  • Lodge and pay quarter ending 30 June 2020 activity statement if lodging electronically

28 August:

  • Lodge taxable payments annual report (TPAR) for the year ending 30 June 2020*
  • Lodge and pay quarter ending 30 June 2020 superannuation guarantee charge statement if contributions were not paid on time*

*TPAR is required if you paid contractors in the following industries: building/construction, cleaning, courier, road freight, information technology and security
*Superannuation guarantee charge is not tax deductible

Click to email us about the above

Zoe Chesterton

Managing Senior Accountant - Chesterton Accounting

Here at Chesterton Accounting, we specialise in small businesses. We are passionate about the growth and succession of small businesses.

Chesterton Accounting
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