Business Clients

Payment Summaries and Taxable Payments Annual Reports

If you require Sound Tax & Accounting to complete these annual reporting obligations on your behalf, can you please have all the information we require, to us by the 10th July. Please make sure we are provided with all employee’s details including their full name, date of birth, address, and tax file number.

For businesses that are required to lodge a Taxable Payments Annual Report, we need full name and/or trading name, ABN, contact number and address of the contractor/s.

In both cases, we will need the gross income amount for the year and any tax that was withheld from these payments.

The taxable payments reporting system continue to be extended to more industries. From the 1st July 2019, these industries now include security providers and investigation services, road freight transport and computer system design.

 

Business Activity Statements

The June BAS is due to be lodged and paid by the 25th August 2020. As this is an extremely busy time of the year, we request that you present all your paperwork to us by the 31st July 2020.

 

Super Guarantee Charge (SGC)

A superannuation guarantee amnesty was introduced on 6th March 2020. Employers participating in the amnesty need to apply to the ATO by 7th September 2020. If your business is affected by economic changes due to COVID-19, you can apply on a specified form and this will enable “concessional treatment”. This includes no failure to lodge penalties, no additional administration charges and the super guarantee payments are tax deductible up until the 7th September 2020. If the deadline of 7th September 2020 is not met (i.e. post SGC Amnesty), penalties include up to 200% of SGC liability plus general interest charges and administration charges.

We strongly suggest that if your business has fallen behind with SGC, it is time to consider this option.

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