MAP - March 2021 Update

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JobKeeper is ending
The Government's 12-month long wages subsidy program, costing approximately $100 billion, will end on 28 March 2021.  The final claim will be made in April, with eligible employers and eligible business participants needing to lodge monthly declarations for March by 14 April.  We will be completing these final lodgements from 1 April.

The Government has recently announced targeted assistance to the tourism and aviation industries following the end of JobKeeper.  There is also the JobMaker Hiring Credit Scheme.  This is an incentive to hire additional employees, aged 16-35 years.  Further details can be found here, or you can contact us to check if you are eligible and how to register.

Fringe Benefits Tax
Whilst the financial year end is still a few months away, the 2020/21 FBT year end of 31 March 2021 is fast approaching.  If you would like to know what your obligations are as an employer or would just like clarification of how any benefits you provide to your employees are calculated, please do not hesitate to contact us.  There are also complex record-keeping requirements, particularly with car fringe benefits and odometer readings to be recorded as at 31 March 2021.

Tax Planning
With the current financial year end just around the corner, year-to-date figures to the 31 March provide a good opportunity to assess how your business is performing or just to take stock and review your personal financial position.  Whilst tax may not be an immediate concern, there are still other matters that need your attention prior to 30 June.  These may include superannuation contribution limits and trustee distribution declarations if your business is conducted through a family trust.

We will be completing tax planning for our clients over the next 6-8 weeks.  This is typically a busy period for us approaching the end of the financial year.  If you would like to discuss your possible options, and how we may assist, please contact us and our tax experts will be on hand ready to help.

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Milroy Accounting Professionals has served the Macarthur for over 20 years, including Camden, Narellan, Campbelltown, Liverpool and more recently Smeaton Grange, Gregory Hills and Oran Park. We deliver professional accountancy and compliance, bookkeeping and business advisory services to retail, commercial, industrial and trades firms, whether large or small.

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