We are complying with all national and state public health directions and therefore our office will be closed to the public for the duration of the NSW Government imposed lockdown on Greater Sydney. In the meantime we are still available to receive your calls and emails if you need to discuss your financial affairs.
All clients entering our premises after the imposed lockdown will be required to sign in using the QR code located at reception.
In consideration of the current pandemic and impact on our office, where practical, we will be encouraging all clients to:
send in your end of year tax documents electronically
In consideration of the current pandemic and impact on our office, where practical, we will be encouraging all clients to send in their end of year tax documents electronically this year. We will also be encouraging phone interviews and electronic signatures.
Did you know? We are able to access many of your details including payment summaries from your employer, interest on bank accounts, dividends and private health insurance information directly from the ATO. This information becomes available to us progressively throughout July.
When you are ready, please contact our office to discuss alternate ways for you to provide your tax documents to us.
Our standard fees to complete your 2021 individual tax return are as follows:
Tax Return (individual) $198
Tax Return (Couples) - $352
Additional Schedules - $55 per schedule
Please note that the above is a guide only and fees can vary based on complexity. For a personalised quote please contact our team.
COVID-19 Disaster Payment - If you have been personally financially impacted by the current health orders and live and work in NSW you may be able to receive financial assistance if you meet both the general and NSW specific eligibility rules. Payments depend upon the number of work hours lost and claims can be made via MYGOV. This payment is a taxable payment and will need to be included in your 2022 income tax return.
The NSW Government have announced a major new grants package to assist small businesses impacted by the current COVID-19 restrictions. The grants will be divided into two streams:
1. Small Business COVID-19 Support Grant. Available to businesses and sole traders with a turnover of more than $75,000 per annum but below the NSW Government 2020 21 payroll tax threshold of $1,200,000 as at 1 July 2020.
These businesses must have fewer than 20 full time equivalent employees and an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales.
2. Hospitality and Tourism COVID-19 Support Grant. Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020.
These businesses must have an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. (Full criteria will be available in coming days on the Service NSW website).
We expect to know more detailed information in the coming weeks. For now you can click the following link for more informationclick here
Single Touch Payroll for closely held employers
From 1 July 2021, all businesses that pay wages are required to report wages and super to the ATO at least quarterly using an approved software. If you are not already using Single Touch Payroll to report your wages and have not yet discussed your options with us please contact the office.
Instant Asset Write-off extended to 30 June 2022
Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets. The eligible new assets must be first held, and first used or installed ready for use for a taxable purpose, between 7.30pm AEDT on 6 October 2020 and 30 June 2022.
NSW State Government Update
The NSW government is continuing payroll tax cuts for the next year, with the rate remaining at 4.85 per cent, with a permanent increase in the payroll tax threshold to $1.2 million.
The government has also announced a continuation of the $1,500 fees and charges rebate scheme to help small businesses cover the cost of NSW and local government fees and charges. The scheme is available to small businesses who have a total wages bill below the 2020–21 $1.2 million payroll tax threshold.
The fees and charges rebate scheme is available from 1 April 2021 until 30 June 2022 for eligible fees and charges due and paid from 1 March 2021. Fees and charges that can be claimed back through the scheme include liquor licences, food authority licences, council rates and outdoor seating fees. Click Here for further details
Minimum Pension Drawdown - The Australian Government has recently announced an extension of the temporary 50% reduction in the superannuation minimum drawdown rates for a further year until the 30th June 2022.
Increase to Super Guarantee - From the 1 July 2021, the super guarantee rate has increased from 9.5% to 10%
Increase to contribution caps From 1 July 2021, the concessional contribution cap will increase from $25,000 to $27,500 and the non-concessional cap will increase from $100,000 to $110,000.
Extension of work test to age 67 - The proposed changes to legislation regarding the bring forward rule for non-concessional contributions to age 67 (previously 65) received royal assent on the 22 June 2021.
This now enables individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule.
Increase to general Transfer Balance cap - If you start an income stream from 1 July 2021 for the first time, you will be able to access the increased transfer balance cap of $1.7m (previously $1.6m). For income streams commenced prior to this date, transitional rules are in place.