Know more about the Accounting News

We are not only working in the tax and accounting area but also providing the investment management service.

Preparing Director ID

ABRS requests that all directors need to apply for their own director ID and will keep it forever via MyGov ID. You can apply from November 2021.

Loss Carry Back Refundable Tax Offset

It allows eligible corporate entities (companies, corporate limited partnerships and public trading trusts) to carry back tax losses from the 2019–20, 2020–21 or 2021–22 income years to offset income tax liabilities in the 2018–19 income year or later.

Instant Asset Write Off

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchase by 31 December 2020.

Superannuation Guarantee

The Superannuation Guarantee will increase from 9.5% to 10% from 1 July 2021 until 30 June 2022, then it will increase to 10.5% from 1 July 2022 until 30 June 2023.

Single Touch Payroll

You need to make a finalisation declaration by 14 July each year which ensures your employees can access their information to complete their income tax return.

Single Touch Payroll for Closely Held Payees

If your company has 20 or more employees, the finalisation declaration date for closely held payees is 30 September each year. If your company has 19 or fewer employees, the finalisation due date for closely held is the payee’s income tax return due date.

If you would like to know more about the above news or rules update, please do not hesitate to contact us.