As we approach the end of the financial year it’s a good time to start thinking about what you could do to minimise your tax liability.
We have prepared a summary of our tax planning tips for the 2020 financial year. Some of the items covered need to be actioned ahead of 30 June. Other items that are not necessary to complete ahead of 30 June, but are worth considering over the next couple of months.
The JobKeeper program has now been in operation for almost two months and whilst there has been a lot of media around the program and how long it will remain in place, the Government has stated that it will not be extended past the current end date of 27 September 2020. There will be a review undertaken at the end of June and we expect that we may see some changes once the review is completed.
Registration of land holdings with RevenueSA
With the changes to land tax that come into effect from midnight 30 June 2020, RevenueSA is verifying the information they have for your land holdings in South Australia. The recent changes also introduced new requirements about what information you need to provide RevenueSA in relation to your land holdings.
RevenueSA has started this process by sending letters to corporate land holders regarding the information they require about land they have identified that the company has an interest in. As per the letter, you are required to login to the ReveueSA Online portal to review and confirm your land holdings information that they have recorded is correct. We understand that corporate land holders have been sent the letters either as a single land holder (including as a trustee company) or as the head of a group of related corporations.
Payroll through Xero or MYOB
This is a reminder if you have already enrolled (or are planning to enrol) for the JobKeeper program from the start date of 30 March 2020.
An employer, registered with JobKeeper, needs to be aware that if April wages were paid before enrolling for JobKeeper, you may need to submit an updated JobKeeper file to qualify for JobKeeper funding. Accounting software will handle this differently so please check with your vendor.
Payment & Enrolment Reminder
This is a reminder if you have already enrolled (or are planning to enrol) for the JobKeeper program from the start date of 30 March 2020.
There are some critical actions and dates that you need to be aware of to ensure your eligibility:
