The ATO has released two updates that impact business and as seems to be the case at the moment there is good and bad.
The Federal Government has announced the long-awaited updates on the extensions to the JobKeeper scheme. In good news for businesses, the payment has been extended until March 2021, in effect covering a December and March quarter.
With COVID-19 hitting the back pocket hard, people are looking for any opportunity to improve their cash flow. One commonly under-utilised option is available to many rental property owners who receive wages and that is to complete and lodge with the ATO a PAYG withholding variation form.
With the end of financial year, many people are looking to get their personal tax returns done as early as possible this year to receive their hopeful tax refund. We are getting a lot of questions from clients regarding changes to their payment summaries. There is a new way most employers now report your wages to the ATO and this has changed how your employer provides the annual payment summaries to you.
With the JobKeeper entitlement due to end in September, many businesses have also been deferring paying their tax debt until this time as the ATO were happy to allow COVID-19 impacted businesses this relief. However this tax debt has continued to accrue and grow over this time as a result of further lodgements and interest being charged and the ATO has indicated it is going to start contacting business in late August to begin making calls to follow up on the status of these businesses.
With residents in metropolitan Melbourne and Mitchell shire being placed in lock down once again as a result of COVID-19, the Victorian Government has been quick to announce a raft of new relief measures to support small businesses impacted by this shut down.