Welcome to our July monthly newsletter!

Happy New Financial Year! We are ready for another crazy tax season so please contact our office to schedule in for a tax consultation. We do however recommend waiting until the 15th of July to have your tax return prepared as this allows time for the ATO (and yourself) to have the information required and to reduce the need for an amendment should any information be missed. Please contact us if you are unsure what information is required to complete your tax return.
Monthly tax tip:

A property owner has many deductions at their finger tips but one deduction that many owners don’t consider is depreciation. When a new asset is purchased for a rental or commercial property then it would usually need to be depreciated over a number of years, but what about the existing assets and buildings on the property? Existing assets can too be depreciated and claimed as a tax deduction, maximizing tax savings! However, the value of the existing assets and the depreciation rules that can be applied are often unclear. We suggest contacting a quantity surveyor to value the existing assets, including any buildings and provide a depreciation schedule to allow for higher tax deductions against your property. Please contact our office for more information if you are interested in this service.

Important Dates!

7 July:

  • The ATO will start processing tax returns for the 2021 financial year

14 July:

  • STP finalization is due in payroll software on this date

16 July:

  • The ATO will start paying refunds for tax returns lodged for the 2021 financial year

21 July:

  • Lodge and pay June 2021 monthly business/instalment activity statement

28 July:

  • Lodge and pay quarter ending 30 June 2021 activity statement if lodging by paper
  • Make super guarantee contributions for quarter ending 30 June 2021 to funds by this date
  • Pay quarter ending 30 June 2021 instalment notice. Lodge the notice only if you vary the instalment amount
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