Harris Black is proud to be a founding member of the Brentnalls National Affiliation, which has just been ranked 30th in the Australian Financial Review Top 100 Accounting Firms of 2020.
The growth of Harris Black and all firms in the affiliation is a testament to the collaborative model and culture of the group, where the focus is on being better positioned to help our clients achieve their goals.
JobMaker will take the form of a payment to employers for each new eligible job they create over the next 12 months.
Generally, the amount of the JobMaker Hiring Credit payment depends on the age of the eligible additional employee when their employment starts. Employers can receive up to $200 per week for each eligible additional employee aged 16 to 29 years, and up to $100 per week for each eligible additional employee aged 30 to 35 years.
JobMaker started on 7 October 2020 and ends on 6 October 2022, but payments will only apply for eligible people who commence employment between 7 October 2020 and 6 October 2021.
If you have any questions regarding JobMaker, please contact your Harris Black tax specialist.
Over the last 9 months the ATO commenced sending PAYG Instalment Notices via myGov or other digital means to you directly. Given the inconsistencies of this system, Tax Agents such as Harris Black were finding it extremely difficult to be certain clients actually received these notices.
Following feedback from the tax profession, the ATO has now agreed to send out paper notifications for PAYG Instalment Notices until a more effective digital solution can be implemented. The sending of paper notifications will commence from the June 2021 quarter. As a result of this, and without notice to Harris Black, your method of delivery of PAYG Instalment Notices may change yet again.
Should you miss paying a PAYG Instalment Notice due to the change of delivery method and are then charged with either penalties or interest, it is important that you contact the ATO and ask that they remit the penalties / interest applied.
Please contact us for assistance if you are concerned about the method of delivery of your PAYG Instalment Notices and we will do our best to get the best solution in place for you.
From 18 February 2021, if you resign as director of a company, you or the company need to notify ASIC within 28 days of resignation. A director can personally write to ASIC to notify them of their resignation if concerned that the company will not do the paperwork.
Where you or the company do not notify ASIC within 28 days, the effective resignation date will be the date notice was lodged.
For example, if you resign on 1 March 2021 but neither you nor the company notify ASIC until 1 August 2021, your resignation date will be recorded as 1 August 2021. Late fees will still apply.
To fix the resignation date to a date earlier than 28 days, applications must be made to ASIC (if less than 56 days late) or the court.
Corporate tax entities with an aggregated turnover of less than $5 billion can carry back a tax loss for the 2019–20, 2020–21 and 2021–22 income years and apply it against tax paid in a previous income year as far back as the 2018–19 income year.
The loss carry back tax offset is claimable only in the 2020–21 and 2021–22 income tax returns.
21 March 2021
– Lodge and pay February 2021 monthly business activity statement.
31 March 2021
– Lodge tax return for companies and super funds with total income of
more than $2 million in the latest year lodged, unless the return was due
earlier.
– Lodge tax return for the head company of a consolidated group.
– Lodge tax return for individuals and trusts whose latest return resulted in
tax liability of $20,00 or more.
21 April 2021
– Lodge and pay Quarter 3, 2020-201 PAYG Instalment Activity Statement for
head companies of consolidated group.
– Lodge and pay March 2021 monthly business activity statement.
Today’s financial environment demands a regular review of strategy and a focus on execution.
