Welcome to our October monthly newsletter!

Managing Senior Accountant - Chesterton Accounting

We announced in June that we were going to donate $10 for every individual tax return lodged during tax time to Rural Aid. We have lodged 57 individual tax returns since then and will be donating $570.

Thank-you to all of our individual clients! If you would like to know more about Rural Aid or would like to make your own donation then please head to their website at https://www.ruralaid.org.au/ but don’t forget to keep your tax receipt!

Head on over to our Website
Monthly tax tip:
Are you like the many individuals around that spend plenty of money on work expenses but seem to always misplace those receipts? Well lucky for you, the ATO allows a deduction of up to $300 to cover those expenses. Yes, you heard right that you do not have to show receipts for work-related deductions up to $300. However, this does not mean that you are automatically entitled to a $300 tax deduction. You do have to explain how you calculated your deductions if the ATO choose to audit your tax return. For example, if you spent $100 on tools for work, $75 on protective clothing and $10 on sunscreen but cannot find the receipts, then you can claim $185. Please contact our office if you are unsure how to calculate deductions without receipts.
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.
Book an Appointment
Important Dates!

14 October:

  • Make the September monthly business declaration for the JobKeeper Scheme

28 October:

  • Make super guarantee contributions for quarter ending 30 September 2020 to funds by this date
  • Lodge and pay quarter ending 30 September 2020 activity statement if lodging by paper
  • Pay quarter ending 30 September 2020 instalment notice. Lodge the notice only if you vary the instalment amount
  • Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the 2020 financial year

31 October:

  • Final date to be added to a tax agents client list to receive the lodgement concession for the 2020 tax return
  • Lodge 2020 tax return if not using a tax agent
  • Lodge PAYG withholding annual report no ABN withholding

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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