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Update Friday 29 May

Deadline for claiming a deduction for Superannuation contributions

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 SG quarterly payments are due, the next quarterly due date is 28 July 2020.

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Instant Asset Write-Off threshold set for reduction

The instant asset write-off which was increased from $30,000 to $150,000 on 12 March 2020 will reduce on 30 June 2020.

Eligibility to use instant asset write-off on an asset depends on:

  • your aggregated turnover (the total ordinary income of your business and that of any associated businesses)

  • the date you purchased the asset

  • when it was first used or installed ready for use

  • the cost of the asset being less than the threshold.

If you run a small business and choose to use the simplified depreciation rules, you must use instant asset write-off on all eligible assets.

Businesses with an aggregated turnover of $500 million or more are not eligible to use instant asset write-off.

From 1 July 2020 the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

For businesses that do decide to utilise the instant asset write-off, the asset will need to be used or installed ready for use by 30 June 2020.

We recommend that consideration be made for more expensive assets which may have a longer lead time between order and delivery/installation, so businesses that want to claim the deduction need to get their orders in, particularly with all of the COVID-19 global delivery and manufacturing issues.

For those who are considering purchasing a car, the ATO has reminded that the instant asset write-off will be limited to a car limit of $57,581 for the 2019–20 income tax year, with the excess cost unable to be claimed under any other depreciation rules.

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Monthly reporting for JobKeeper

If you’ve enrolled for the JobKeeper Payment and identified your eligible employees, you need to make a business monthly declaration to the ATO. You will be able to do this from the 1st to the 14th day of each month, to receive reimbursements for the payments you have made to your employees in the previous month.

As part of this declaration, you need to:

  • ensure you've paid your eligible employees at least $1,500 (before tax) in each JobKeeper fortnight you're claiming for.

  • reconfirm your eligible employees and your contact and financial details.

  • provide information on your current and projected GST turnover, this isn't a retest of your eligibility - it will indicate to the ATO how your business is progressing.

If your eligible employees change or leave your employment, you need to notify the ATO through this monthly declaration so they can adjust your JobKeeper payments.

To lodge your business monthly declaration:

  • log into the business portal using myGov ID, or ATO online services through myGov if you're a sole trader.

  • complete this step each month you want to claim payments until the end of the program.

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