EOFY 2021 NEWSLETTER
30th June 2021
To our respected clients,
Firstly, we would like to congratulate you on making it through another financial year amidst the coronavirus pandemic (that is still ongoing) and on the fact that most have done their best to keep up with their tax lodgements and payments while juggling your normal lives as well!
The beginning of 2020 and the 2021 financial year has been a great test to all how we can adapt quickly when we’ve had to, and we would like to thank you for adapting alongside us as we have moved our appointments to the virtual meeting room using Zoom and software’s alike, sending your paperwork mostly through AusPost and continued to communicate virtually. At this stage, for the 2022 financial year that has just begun, we will continue to conduct our meetings online, however, we will be in contact if this does change.
IMPORTANT LODGEMENT DATES.
INDIVIDUAL INCOME TAX LODGEMENT – FY 2021 ended 30th of June
- 31 October 2021
BAS GST LODGEMENT – Q4 APRIL TO JUNE 2021
- 28 July 2021
TRUST AND SMSF LODGEMENT
- 31 October 2021
A message from Dragana:
On the 28th and 29th of June 2021, I attended NTAA (National Tax Accountants’ Association) Tax School at Crown, Melbourne. A 2-day event to give tax accountants and their employee’s valuable information of the changes that have occurred in the financial year and how they may affect their clients and themselves as agents and all tax purposes.
One major takeaway I want to share with you and emphasise is RECORD KEEPING !!! as this applies to both individual, company, and trust lodgers. It is so important to have, keep and maintain your records, receipts, remittances for deductions, donations, equipment, new or used vehicle contracts, and so on for a few different reasons. If you are putting a claim on your lodgement for any of the above or other additions that you may have used in the financial year, you must have proof to put it simply. Most of you probably know this already from when you send out your paperwork to us for lodgement, but please ensure you are keeping a copy for your own records as you never know when you may need to provide this to the ATO or perhaps an auditor if ever audited.
TIP: When you receive paperwork (receipts, contracts, records) for a purchase or a possible claim at tax time, make the effort to scan it if it is not already in a digital format and store it on your computer or phone in relevantly named folders. By the time lodgement rolls over, you will have everything organised to send to your accountant! Or if you prefer to keep a hard copy only, create the same relevant folders but in physical form.
This is relevant for something as ‘small’ as a donation receipt or as ‘big’ as a car contract.
| Important Info |
| Super rates increase from 1st of July 2021 from 9.5% to 10%. Your payroll system (accounting software that you use, or we may use for your lodgements and bookkeeping) will reflect these changes automatically. Employers must ensure that their systems are up to date with all those changes All business owners must use accounting software. Options available are: XERO, MYOB, QuickBooks, or other alternatives. Whatever software you chose must be approved by the Tax office and Australian tax law compliant. If you would like to discuss your options, please contact us and we can guide you through. Important, if you do pay wages or take wages from your business you must report through STP (Single Touch Payroll) from 1st of July 2021, there are no more concessions allowed to any particular group. I.E. No matter the size of your business and employee’s you must comply with STP and process each payroll to the ATO. To be compliant and to avoid hefty penalties from ATO you must sign up with accounting software, as mentioned above. There are various options, so please contact us to confirm before you sign up or do your due diligence. CryptoCurrency and AirBnB, Rideshare businesses. If you were engaging in any of the above activities don’t forget to report it on your tax returns this year. Keep in mind, that ATO already has that information. So, to avoid an audit and inconvenience, do the right thing. None of the above is considered to be a hobby. |
| LODGEMENT DOCUMENTS CHECKLISTS |
| Individual Income Tax Lodgement CHECKLIST – https://www.dropbox.com/t/rrgt5UFbxgV8Ngys Rental Income Lodgement CHECKLIST – https://www.dropbox.com/t/5IUSk7X5ZatgW7Ec SMSF Document CHECKLIST – https://www.dropbox.com/t/1Wd3Ogy5bEL0P3EO |
Please note:
We are still operating out of our office, therefore in order to provide your documents for any of the above, you have 3 options:
- Dropbox – contact us so we can send you a link if you do not have one already
- Email – consider data security
- Via mail – mail it to ANID Counts Pty Ltd, Level 1 / 2A Lonsdale St, Dandenong VIC 3175
For any enquiries contact us via email at:
angela@anidcounts.com
dragana@anidcounts.com
All meetings and consultations will be conducted online only, through ZOOM.
To secure your spot please contact us via email or phone in due course.
For any general enquiries please do not hesitate to email us at any time.
Response time is 24 hours. This is the most preferred way of contact as we are able to attend to all emails in a timely manner.
Again, we thank you for your patience and understanding for this crazy 2021 FY and look forward to another financial year with you all, stay safe.
Angela and Dragana Przulj,
ANID Counts Pty Ltd