August 2021 NEWSLETTER
The August newsletter topics include Superannuation reforms and what it means for members, capital works deductions for rental properties, discretionary trusts distributions and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
Taxable Payments Annual Reports 2021(TPAR)
If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year.
The taxable payments reporting system aims to create a level playing field – to prevent dishonest operators from gaining an unfair advantage over the majority. The information we collect in the TPAR allows us to identify contractors who are not meeting their tax obligations.
You need to know about TPAR if your business provides any of the following services, even if it's just part of the services you provide each year:
- building and constructions services
- cleaning services
- courier or road freight services
- information technology (IT) services
- security, investigation or surveillance service
For further information please refer to the ATO website: https://www.ato.gov.au/business/reports-and-returns/taxable-payments-annual-report/lodging-your-tpar/ or contact our office for assistance.
Tax Time News
WORKING FROM HOME RECORDS:
The ATO is once again reminding clients that are continuing to work from home during the 2021-2022 income year to keep records of the hours worked from home as well as keeping receipts for all items purchased. For further information refer to the ATO website https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Keep-records-when-working-from-home/
BUSINESS PORTAL RETIRING THIS MONTH:
A reminder that the Business Portal retires at the end of this month (July 2021) and you will need to switch to Online Services for Business. For further information please refer to the ATO website https://www.ato.gov.au/General/Online-services/Businesses
If we can be of assistance, please contact our office.
Lodgment rates and thresholds guide for 2021-2022
Please find attached the Lodgment rates and thresholds guide for 2021-2022.
Should you have any queries, please do not hesitate to contact our office.
July 2021 NEWSLETTER
The July newsletter topics include avoiding mistakes in preparing business returns, claiming clothing and laundry expenses, winding up a Self-Managed super fund and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
LUSI & COMPANY - OFFICE CLOSURE
Our staff will be attending a Taxation Seminar from Wednesday 7th July to Friday 9th July 2021 inclusive and will have limited access to emails.
All correspondence should be directed to office@lusi.com.au
We apologize for any inconvenience caused.
June 2021 NEWSLETTER
The June newsletter topics include tax treatment of cryptocurrency, personal services income and business rules (PSI and PSB) and more.
Please refer to the attachment for further information and should you have any queries, please contact our office.
GOVERNMENT GRANT - Circuit Breaker Business Support
The Victorian Government has announced a $250 million package to asssist small to medium businesses and sole trader. Please refer to the website below for further information.
https://business.vic.gov.au/grants-and-programs/circuit-breaker-business-support-package
Should you have any queries, please contact our office.
