2021 Business updates & key dates

The roller coaster that was 2020 continues in 2021, albeit with some more pleasing news for the economy. It’s not such great news for our plans for international travel though. It will be a while before we find ourselves swimming on Waikiki or skiing the Swiss Alps. Hopefully that will lead to some exploration of this great country. It seems that the lack of travel and activities to undertake during lockdowns and economic recessions has resulted in some serious savings for Australians.

Australian Households and Businesses Amass $200 billion in Savings During Pandemic

Australian households and businesses have saved more than $200 billion during the COVID-19 pandemic due to economic lifelines and reduced spending opportunities. According to the Treasury, deposits into savings accounts by households alone grew by more than $100 billion in the 12 months to the end of November.

According to Treasurer Josh Frydenberg, an additional $200 billion is now on household balance sheets that was not there last year. He is confident that much of this money would go towards boosting the country’s economy.

It’s also pleasing to see the Government are still backing Aussie businesses with an extension to the Covid-19 Loan scheme.

Government back Covid-19 loans have been extended.

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message. There’s some exciting new changes to eligibility which had previously ruled out some SME’s so please make sure you don’t miss out.

And a little reminder of key dates coming up fast…

Upcoming JobKeeper Key Dates

The following are the upcoming key dates and required actions for entities – please call us if you need assistance of any kind. We’re here to help.

28 January 2021 – business monthly declarations due for December JobKeeper fortnights

Eligible entities can complete their business monthly declaration from 4 January 2021 to be reimbursed for payments made to their eligible employees in JobKeeper fortnights 18, 19 and 20 (23 November 2020 to 3 January 2021).

The ATO will continue to process monthly declarations to reimburse employers for payments for the month of December past the usual due date of the 14th of the month, until Thursday 28 January 2021.

31 January 2021 – meet wage condition for JobKeeper fortnights 21 and 22

For the JobKeeper fortnights 21 and 22 (starting 4 January 2021 and 18 January 2021), the ATO is allowing employers until Sunday 31 January 2021 to meet the wage condition for their eligible employees.

This is to make sure that employers have paid their eligible employees before claiming JobKeeper payments in their February monthly business declarations.

Upcoming Tax and Superannuation Deadlines

Here are the upcoming due dates you need to look out for:

21 January 2021

Did you get lost on summer holidays and miss your deadline? Reach out to us to discuss how we can ensure you never miss a deadline again.

Lodge and pay quarter 2, 2020–21 PAYG instalment activity statement for head companies of consolidated groups.
Lodge and pay December 2020 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

28 January 2021

Make quarter 2, 2020–21 super guarantee contributions to funds by this date. Those who fail to pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2021.

31 January 2021

Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2020–21.

If you need help with your taxes or superannuation please let us know and if you’re thinking about how to streamline your business in 2021, please ask us how we can help you with payroll, AP&AR to make sure you don’t miss another deadline.

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