Good news – the government has extended the $150K instant asset write-off until 31 December 2020!
Remembering that the asset must be acquired and installed ready for use by 31 December 2020, for businesses with turnover less than $50m.
Don’t forget that we have just a few weeks remaining to undertake tax planning for you and/or your business for the 2020 financial year, to ensure you’re in the best position you can be and with all your ducks lined up and ready to go!
It’s important to note that, for the purposes of claiming a tax deduction, super payments are only considered paid by the ATO when received by the super fund, not when they left your bank account or went to the Superannuation Clearing House.
This means that any payments you want to claim for in the 2019 – 2020 year need to be accepted by your super clearing house by 23 June 2020, before da house turns into da pumpkin!
If you’re making personal contributions, check with your fund for its specific due date and leave yourself plenty of time so you don’t miss out on the deduction.
Note: this doesn’t change when an employer’s next quarterly Super Guarantee payment is due, which is 28 July, but if you pay it earlier you can potentially bring forward the deduction. Please speak to us if you’re not sure!
In case you may not be aware, most, if not all, States and Territories have kindly agreed to exempt from the payroll tax liability those amounts paid as top-ups to employees who did not earn the minimum $1,500 for JobKeeper purposes.
Please note it is only the top-up amounts that are exempted from payroll tax so you will need to keep careful records, but in the case of employees who have been stood down it could include the whole $1,500 they have been paid in order to be eligible for JobKeeper.
Clear as mud? call us anytime!
