Businesses can now make declarations for the month of May. Businesses will have until June 14 to make their declarations.
If you do not satisfy the turnover test for the current month or quarter, you can still assess your eligibility at a later date. Once you satisfy the decline in turnover test, you do not need to retest again.
2020 Financial Year Super Payments
Did you know, super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them?
To ensure you can claim a deduction for the 2019–20 income year, you need to allow processing time for your super payments to be received by your employees' super funds before the end of the 2019–20 income year. Payments need to be accepted by the SBSCH by 23 June 2020.
Remember to check with your employees if you need to update their super fund details in your SBSCH account including, a change of ownership of a superannuation product. If there has been a change in ownership, the super fund's ABN or Unique Superannuation Identifier (USI) may have been changed for your employee's super account. Super funds will inform members (your employees) of any such changes, which your employee should give you.
There is no change to when super guarantee quarterly payments are due, the next quarterly due date is 28 July 2020.
Salvation Army Digital Door Knock
These times warrant a rethink of much of what we do and how we can help in these trying times. This does not end with our clients, family and friends but the community generally.
The Salvation Army annual Red Shield Appeal occurs this time of year and is focused on a door knock. This door knock cannot take place this year hence there is a risk the Appeal will not generate the funding needed for their annual social welfare budget.
The Appeal raises money to fund vital services for people in need all over Australia. You will appreciate that there are now even more people who will need support. We have taken an active role in the Appeal for over 20 years with David Gurney chairing the appeal for the North West of Sydney. To help ensure donors don't miss the opportunity this year he has started a fundraising page to help raise funds that we know will be used to give hope where it's needed most.
Please support the Appeal and if you are in a position to help please donate now at https://digitaldoorknock.salvationarmy.org.au/david-gurney.
Get Hired Package
If you or someone you know has lost their job as a result of COVID-19 or in the market for a new job you may benefit from the Get Hired package being offered by one of our clients, Kara Atkinson. As part of the package Kara will provide the following:
- A review of your LinkedIn profile through an online assessment and put in place steps to improve your profile.
- Review and update your resume to make it stand out from the crowd.
- Perfecting your interview techniques through one on one coaching from Kara.
All of the above is being provided by Kara at a great price of $199. Click here for more information on the package and to get in touch with Kara.
Single Touch Payroll Finalisation
Employers are required to finalise payroll information through their Single Touch Payroll (STP) provider after the last pay run for the financial year.
Large employers with 20 or more employees must make a finalisation declaration for their employees' end of financial year payroll information by 14 July. Small employers with 19 or less employees have until 31 July to finalise.
Employers that have finalised payroll data through STP are exempt from providing payment summaries to their employees and lodging a payment summary annual report to the ATO. Employees will be able to access their payroll information through a registered tax agent or ATO online services using myGov.
Single Touch Payroll Extension
In response to the COVID-19 crisis, the ATO has extended the exemption deadline to report closely held employees through single touch payroll from 1 July 2020 to 1 July 2021.
Changes to Casual Employment
Casual employees who work regular and systematic hours with predictable periods of working time are likely to be considered permanent employees, a Full Federal Court determined earlier this month.
In the case of Workpac Pty Ltd v Rossato , Workpac (the employer) has been ordered to pay their casual employee, Mr Rossato, unpaid annual leave, personal leave, compassionate leave and public holiday entitlements, as it deemed him to be a permanent employee, despite his employment contract stating he was a casual employee and the fact he was paid a casual loading.
What does this mean?
Casual employees who work regular and systematic hours and casual employees who work 'predictable periods of working time' could, in fact, be classified as permanent employees and therefore be entitled to paid leave, even if they are paid a casual loading and have a casual employment contract.
What happens now?
Given the widespread implications of this ruling for businesses across Australia with casual employees, it will more than likely be appealed to the High Court. For now though, employers have to assume that this ruling will be permanent, and therefore employers with casual employees should be reviewing their employment contracts and making sure their casual employees are not working regular and systematic hours or predictable periods of time.
Instant Asset Write-Off Extended
Businesses will be able to claim accelerated depreciation on new assets for the remainder of the year under the latest extension to the $150,000 instant asset write-off program. The federal government has now extended the deadline for making claims from July 1 to December 31.