Australian Taxation Office updates for business owners 29 May 2020

- The business bank accounts should be reconciled up to the end of May 2020 in order for us to run necessary reports in relation to turnover and business eligibility.
- Estimated June 2020 turnover.
- For sole traders that do not have accounting systems we will need you to notify us of your May 2020 turnover. Alternatively you can email though your bank statements and we will do the calculations on your behalf.
- If any details to your bank account have changed we can update it on the declaration so please let us know in order to speed up the payment.
- If any employees left your employment we also need to know to update the records to avoid over claiming the JobKeeper.
 
Once the information above is up to date and your business is ready to submit the monthly declaration it would be much appreciated if you can send us an email with details of any changes or just simply letting us know that all is ready for lodgment. The payments for the wage subsidy will be paid by the Tax Office within 4-6 days after the submission of declaration.
 
Another news that you all should know relate to Instant asset write-off. The Australian Taxation office updated the details who is intelligible to claim and thresholds applicable.
 
An immediate deduction for the business asset increased to $150,000 but the ATO has applied the thresholds and time limits to when the asset was bought and first used. You can view the table with details by clicking on the button below.
 
Exclusion was introduced to business cars. If you are thinking of purchasing a motor vehicle for business use the instant asset write-off is limited to $57,581 for the 2019–20 income tax year. More details are also in the information below.
 
We hope that this update will help you this tax time.
 
Best Regards
RLA team