New Calculations

Unused Concessional Contributions Cap Register

This new calculation has been added in response to a user request.  We are happy to consider any request for new calculations providing they will have broad appeal to our user base.  

Calculate, and maintain a register of, unused concessional superannuation contribution caps. Calculate increased maximum caps each year where applicable and project expiry year of unused cap amounts.

Calculations/2020 & 2021

Coronavirus Cash Flow Support for Business

Use our new Coronavirus Cash Flow Boost Calculator to quickly project your clients’ entitlement to the government’s temporary cash flow support for small and medium businesses that employ staff.  Eligible businesses will receive between $20,000 and $100,000 delivered through credits in their activity statements commencing with the March activity statement.

Coronavirus Links

ATO Website

  1. COVID-19
  2. Accelerated Depreciation
  3. Boosting Cashflow for Employers
  4. Early Release of Super
  5. JobKeeper Payment
  6. JobKeeper Key Dates
  7. Tax Treatment of Government Grants & Payments

Treasury Website

  1. Home Page
  2. Supporting Individuals & Households
  3. Support for Businesses
  4. Supporting the Flow of Credit
  5. JobKeeper Payment FAQs

Other

  1. JobKeeper Payment Legislation
  2. JobKeeper Payment Explanatory Statement

Featured Calculations

Personal Income Tax Returns

Here are some suggested calculations to use when preparing personal returns this year.  All calculations can be found in the 2020 calculations folder unless otherwise stated –

Apportion by Date (Financial)
Apportion by Value (Financial)
Audit Worksheet
Benchmarks
Blank Worksheet (Financial)
Borrowing Expenses
Business Income Schedule
Cashbook Summary
CGT – Property & Shares
Credit Card Summary
Days Between Dates (Financial)
Depreciation – Bal Adjust 
Depreciation – OWDV
Dividend Calculation
Foreign Currency
Franking Credit Refund
GST Worksheet (Financial)
Hire Purchase Schedules (4)
Home Office
Interest – Mixed Loans
Loan Summary – Monthly & Annual
MV Fuel Estimate
MV Kilometres Estimate
MV Log Book Summary
Partners’ Salaries
Primary Producer Schedule
PSI – Attribution
Rental Income Summary
Self-Education Expenses
Travel – Domestic & Overseas
Truck Drivers
For more information about each workbook, go to Calculations/About Each Workbook.

Stock Estimate

Enter trading details from one or more prior year financial reports to estimate closing stock from sales, opening stock and purchases by using one of the following cost of sales to turnover ratios –

  1. The immediate prior year;
  2. The average of all prior years entered;
  3. Your own ratio;
  4. The lower ATO business benchmark ratio; or
  5. The higher ATO business benchmark  ratio.

The workbook comes preloaded with the latest ATO business benchmarks but they are not available for all business types.

Calculations/Year/Stock Estimate

Practice Reminders

21 Sep 2020

Activity Statements

  • Lodge and pay August monthly business activity statement.
30 Sep 2020

PAYG Withholding Payment Summary Annual Report

  • Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent.

    If a payer has only closely held payees and their tax agent helps prepare their report, they may be eligible for a concession to lodge this report by the due date of their tax return.

TFN Withholding Annual Report

  • Lodge Annual TFN withholding report if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries.
21 Oct 2020

Annual PAYG Instalment Notice

  • Pay annual PAYG instalment notice (Form N). Lodge only if you vary the instalment amount or use the rate method to calculate the instalment.

Activity Statements

  • Lodge and pay quarter 1 PAYG instalment activity statement for head companies of consolidated groups.
  • Lodge and pay September monthly activity statement.
28 Oct 2020

Activity Statements

  • Lodge and pay quarter 1 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.
  • Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the prior income year.

Superannuation Guarantee

  • Make super guarantee contributions for quarter 1 to funds by this date.

    Employers who do not pay minimum super contributions for quarter 1 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 November. 

    Note: The super guarantee charge is not tax deductible

31 Oct 2020

New Clients

  • Final date to add new clients to your client list to ensure their tax return is covered by the lodgment program.

    Note: The lodgment program is a concession to registered agents. They can ask for documents to be lodged earlier than the concessional due dates.

Income Tax Returns - Prior Year Return(s) Outstanding as at 30 June

  • Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June.

    Note: This means all prior year returns must be lodged, not just the immediate prior year.

    If all outstanding prior year returns have been lodged by 31 October, the lodgment program due dates will apply to the current tax return.

    SMSFs in this category must lodge their complete Self-managed superannuation fund annual return by this date.

SMSF Annual Returns - New Funds

  • Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for (taxable and non-taxable) new registrant SMSF if the ATO has advised the SMSF that the first year return has a 31 October due date.

Income Tax Returns - Prosecuted for Non-lodgment of Prior Return(s) and Advised to Lodge by 31 October

  • Lodge tax return for all entities prosecuted for non-lodgment of prior year returns and advised of a lodgment due date of 31 October:
    • Some prosecuted clients may have a different lodgment due date – refer to the letter you received for the applicable due date.
    • Payment (if required) for individuals and trusts in this category is due as advised in their notice of assessment.
    • Payment (if required) for companies and super funds in this category is due on 1 December.

      SMSFs in this category must lodge their complete Self-managed superannuation fund annual return (NAT 71226) by this date.

Annual Investment Income Report

  • Lodge Annual investment income report (AIIR).

Departing Australia Superannuation Payments Annual Report

  • Lodge Departing Australia superannuation payments (DASP) annual report.

Franking Account Tax Return

  • Lodge Franking account tax return when both the:
    • return is a disclosure only (no amount payable)
    • taxpayer is a 30 June balancer.

PAYG Withholding Annual Report No ABN Withholding

  • Lodge PAYG withholding annual report no ABN withholding (NAT 3448).

PAYG Withholding From Interest, Dividend and Royalty Payments Paid to Non-residents

  • Lodge PAYG withholding from interest, dividend and royalty payments paid to non-residents – annual report (NAT 7187). This report advises amounts withheld from payments to foreign residents for:
    • interest and unfranked dividend payments that are not reported on an Annual investment income report (AIIR)
    • royalty payments.

PAYG Withholding Annual Report – Payments to Foreign Residents

  • Lodge PAYG withholding annual report – payments to foreign residents (NAT 12413). This report advises amounts withheld from payments to foreign residents for:
    • entertainment and sports activities
    • construction and related activities
    • arranging casino gaming junket activities.

Lost Members Report

  • Lodge lost members report for the period 1 January – 30 June.

TFN Report for Closely Held Trusts

  • Lodge TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries in quarter 1.
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