New Calculations

Rental Income – Private Use

Summarise rental income and expenses and calculate tax deductible amounts for a property with private use (e.g. Airbnb).  Enter the floor areas of the property and income producing area along with the period or total nights used for private and income producing purposes for automatic calculation of the deductible amounts.

Calculations/2020 & 2021

Tax Planning Workbooks Rolled Forward to 2021

Project annual profit, estimate taxable income and calculate tax payable by the business and their owners for 2021. Explore ways to defer or save tax.  Separate workbooks for companies and non-companies.

Calculations/2021

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

Mixed Purpose Loans

Enter a summary of monthly transactions to calculate interest and closing balances on the components of a single loan used for up to five separate purposes.  Reconcile closing balances with loan statements.  Interest and regular repayments are apportioned on the basis of the component loan’s proportionate use of capital each month.  Allocate lump sum repayments from the sale of an asset against the component loan used to acquire that asset.

Calculations/Year/Interest – Mixed Loans

Hire Purchase Schedules

Calculate interest, borrowing expenses and end of year balances on either a standard loan with monthly, fortnightly or weekly repayments or a structured loan with up to five different monthly repayment amounts during the term. For general ledger clients with multiple hire purchase borrowings but only a summary in the accounts, use “Hire Purchase Summary” to calculate the journal for consolidated figures for interest, current liability, non-current liability, current unexpired interest and non-current unexpired interest.

Calculations/Year/Hire Purchase

Practice Reminders

21 Feb 2021

Activity Statements

  • Lodge and pay December 2020 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically.
  • Lodge and pay January 2021 monthly business activity statement.
28 Feb 2021

Income Tax Returns

  • Lodge tax return for non-taxable large/medium entities as per the latest year lodged (except individuals).
    Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
  • Lodge tax returns for new registrant (taxable and non-taxable) large/medium entities (except individuals).
    Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
  • Lodge tax return for non-taxable head company of a consolidated group, including a new registrant, that has a member who has been deemed a large/medium entity in the latest year lodged.
    Lodge tax return for any member of a consolidated group who exits the consolidated group for any period during the year of income.
  • Lodge tax return for large/medium new registrant (non-taxable) head company of a consolidated group.
  • Lodge and pay Self-managed superannuation fund annual return (NAT 71226) for new registrant (taxable and non-taxable) SMSF, unless they have been advised of a 31 October 2020 due date at finalisation of a review of the SMSF at registration.
    Note:
     There are special arrangements for newly registered SMSFs that do not have to lodge a return – see Super lodgment.
  •  

Activity Statements

  • Lodge and pay quarter 2, 2020–21 activity statement for all lodgment methods.
  • Pay quarter 2, 2020–21 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment amount.
  • Annual GST return – lodge (and pay if applicable) if the taxpayer does not have a tax return lodgment obligation.
    If the taxpayer does have a tax return obligation, this return must be lodged by the due date of the tax return.

  •  

Super Guarantee

  • Lodge and pay quarter 2, 2020–21 Superannuation guarantee charge statement - quarterly if the employer did not pay enough contributions on time.
    Employers lodging a Superannuation guarantee charge statement - quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

    Note: The super guarantee charge is not tax deductible.

    Use the ATO Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.

21 Mar 2021

Activity Statements

  • Lodge and pay February 2021 monthly business activity statement.
31 Mar 2021

Income Tax Returns

  • Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier.
    Payment for companies and super funds in this category is also due by this date.
  • Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.
    Payment for companies in this category is also due by this date.
  • Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts.
    Payment for individuals and trusts in this category is due as advised on their notice of assessment.

21 Apr 2021

Activity Statements

  • Lodge and pay quarter 3, 2020–21 PAYG instalment activity statement for head companies of consolidated groups.
  • Lodge and pay March 2021 monthly business activity statement.
  •  
28 Apr 2021

Activity Statements

  • Lodge and pay quarter 3, 2020–21 activity statement if electing to receive and lodge by paper and not an active STP reporter.
  • Pay quarter 3, 2020–21 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
  •  

Superannuation Guarantee

  • Make super guarantee contributions for quarter 3, 2020–21 to the funds by this date.
    Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 May 2021.

    Note: The super guarantee charge is not tax deductible.

30 Apr 2021

TFN Report

  • Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2020–21.

Lost Members Report

  • Lodge lost members report for the period 1 July 2020 to 31 December 2020.
15 May 2021

Income Tax Returns

  • Lodge 2020 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession.
    Due date for companies and super funds to pay if required.
    Note: Individuals and trusts in this category pay as advised on their notice of assessment.
21 May 2021

Activity Statements

  • Lodge and pay April 2021 monthly business activity statement.

Fringe Benefits Tax

  • Final date to add new FBT clients to your client list to ensure they receive the lodgment and payment concessions for their fringe benefits tax returns.
    Lodge and pay Fringe benefits tax annual return if lodging by paper.
26 May 2021

Activity Statements

  • Lodge and pay eligible quarter 3, 2020–21 activity statements if you or your client have elected to receive and lodge electronically.

PAYG Withholding Variations

  • Request information for PAYG withholding variation applications for 2022 (letter available in “letters” module)
28 May 2021

Fringe Benefits Tax

  • Pay Fringe benefits tax annual return if lodging electronically.

Super Guarantee

  • Lodge and pay quarter 3, 2020–21 Superannuation guarantee charge statement - quarterly (NAT 9599) if the employer did not pay enough contributions on time.
    Employers who lodge a Superannuation guarantee charge statement - quarterly can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.

Note: The super guarantee charge is not tax deductible.

Use the ATO Super guarantee charge statement and calculator tool to work out the super guarantee charge and prepare the Superannuation guarantee charge statement – quarterly.

5 Jun 2021

Income Tax Returns

  • Lodge tax return for all entities with a lodgment due date of 15 May 2021 if the tax return is not required earlier and both of the following criteria are met:
    • non-taxable or a credit assessment in latest year lodged
    • non-taxable or receiving a credit assessment in the current year.
      Note:
      This includes companies but excludes large/medium taxpayers and head companies of consolidated groups.

  • Lodge tax returns due for individuals and trusts with a lodgment due date of 15 May 2021 provided they also pay any liability due by this date.
    Note: This is not a lodgment due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
21 Jun 2021

Activity Statements

  • Lodge and pay May 2021 monthly business activity statement.
25 Jun 2021

FBT Return

  • Lodge 2021 Fringe benefits tax annual return for tax agents if lodging electronically. Payment (if required) is due 28 May.
30 Jun 2021

Super Guarantee Contributions

  • Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2020–21 financial year.

    Note: If any of your clients receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the client and their partners must lodge their 2019–20 tax return by 30 June 2021, regardless of any deferrals in place. See Services Australia
You are not logged in

Visitor Home


Please log in to view all of the site's features.

Copyright 2021 Accountants Desktop, Designed and Developed by Web Bird Digital