Happy Friday…from the team at McCallum Partners!
Hearing whispers that you may receive a $1,080 offset in your 2019 tax return? 💸
Before you plan that shopping spree, make sure you know your entitlements.
For example,
❓Does your annual taxable income exceed $90,000 but is less than $126,000? You will be eligible for the maximum low and middle income tax offset of $1,080.
❓Is your taxable income less than $90,000? The amount of the offset is reduced depending on your income bracket.
The ATO provides guidance on how much you can expect to receive, as well as when and how it is paid via their website.
❗️ HELP - I haven't been issued my payment summary (group certificate) for the 2018-19 financial year yet. Wasn't my employer's deadline the 14th?
The Australian Government's introduction of Single Touch Payroll (STP) for employers means that companies will no longer be providing group certificates to employees.
This means there are now three ways you can access this information:
✅ via your tax agent
✅ your employer
✅ ATO online services via MyGov
Most employers have until 31 July 2019 to check their employee's income statement and finalise it for the year.
🤷♂️ HOW do I find my payment summary on MyGov? What am I looking for?
Most people can access their payment summary information - called an "Income Statement" - at the end of the financial year in their ATO online services account through MyGov.
The ATO will issue a notification to your MyGov inbox when your income statement is 'tax ready', meaning it has been checked and finalised by your employer.
Learn more about getting your end of year information by speaking to the team at McCallum Partners or by visiting the ATO's website here
With 30 June looming, prepare for the EOFY by making use of these small business tax concessions thanks to the ATO’s small business newsroom.
Hello weekend 🌿
Accountants sneaking out the door after May's lodgment deadlines: "Are we there yet?" 🤣
#IncomeTax #BAS #IAS #FBT #MonsterMay #needaquartertorecover
DID YOU KNOW? 🤷♂️ If your lodgment due date falls on a Saturday, Sunday or Public Holiday you can lodge or pay on the next business day.
If you use a registered BAS or Tax Agent the due date for lodging your business activity statement for the March 2019 quarter is this Sunday, 26 May, which means you have one extra day up your sleeve to ensure your agent has everything they need to electronically lodge in time.
Remember, the ATO encourages that payments made by Bpay are paid up to 3 business days before the due date to avoid unnecessary delays and/or penalties.
Find out how the 2019-20 Budget will affect your small business here.
🤷♂️ Can't work out what it's all about? Too much tax-jargon?
Contact the team at McCallum Partners today!
Dubbed the "biggest legislative change for small businesses since the introduction of the GST in 2000", the move to digital payroll reporting is about empowering business owners to take more control, operate with more accuracy, security and efficiency.
Single Touch Payroll (STP) for small business is COMING 1 JULY 2019! Are you ready?
Contact McCallum Partners to discuss the STP transition and what it means for your business.
Download the ATO's handy checklist for employers Here and make sure you're ready from 1 July 2019.
Yesterday the boys from McCallum Partners headed out to the Xero Roadshow Australia for 2019 at NEX - Newcastle Exhibition & Convention Centre, Newcastle 🤓
The Xero Roadshow is an annual event for the innovative accounting and bookkeeping leaders around the region to connect, share and discuss the latest technological developments in the accounting industry.
Do you know that Single Touch Payroll (STP) is compulsory for small business from 1 July 2019?
Employers with 20+ employees have been required to satisfy STP obligations from 1 July 2018.
Need help getting your business STP ready? Get in touch with us now!
For general information, see the ATO's factsheet to determine your Employer obligations.
https://www.ato.gov.au/…/Con…/CR/downloads/stp_factsheet.pdf
We hope everyone had a magical Christmas and New Year's Eve.
We're back in the office today and prepping for a successful 2019.
Look forward to seeing you!