Everyone seems to be strapped for time at this point in the financial year, where there are only a few days left to adjust your taxable income for certain items. 2021 was a tough year for some people, and it’s been a challenge keeping up with the changes in legislation, government grants, new business, JobKeeper, JobSeeker, Cash Flow Bonus etc etc, as well as the normal accounting and tax returns.
We are looking forward to a fresh new tax year, and providing you, our valued clients, with the information you need to make informed decisions about your tax and business affairs.
Here are the more important items:
SUPER – IMPORTANT!
- Are you interested in contributing to super this year in 2021? Did you sell an asset, such as an investment property, jewellery or other collectibles, or Cryptocurrency from 1.7.2020 to 30.6.2021? Are you expecting a big bonus in June 2021? Or other anticipated capital gain? If so, you only have a few days to get your contribution in, to reduce your tax in 2021.
- Don’t forget the ‘new’ carried forward super opportunities if you are anticipating a fairly high salary or trust distribution and have the cash, that you can contribute over $25K tax-deductible super using the unused capacity from the 2019 tax year forward. Have a look at this link at the ATO for more information.
- For employers, SGC goes up to 10% from 1 July 2021. Your payroll software should have this change in hand, but double-check.
- The annual limit for concessional contributions (without using the carried forward provisions) rises from $25,000 in the 2021 tax year, to $27,500 in the 2022 tax year starting 1 July 2021.
- For more information, please consult your financial planner
2021 TAXATION – IMPROVING THE WAY WE DO THINGS TO BENEFIT YOU:
- We care about the security of your confidential tax information, especially in this day and age.
- We have attached our link to the updated 2021 individual tax checklists, as we do each year. However, as the number of tax scams in Australia in the last year is concerning, we are now using personalised checklists where you can securely upload all your paperwork in one place, using a file access code.
- When you have your tax paperwork ready, give us a call and we will send out your personalised checklist so that you can upload your sensitive information, and send it securely to us, which is much better than emailing it through.
- We also need all your information upfront using our new upload system, so that we can get in, do your tax return and get it back to you without too many queries.
- We look forward to a new tax year, and helping you improve your business and/or your personal financial situation by minimising tax and making informed decisions.
2021 Individual Tax Return Checklists
For your convenience, here are the Tax Checklists in word and in pdf format. You may use whichever document type you prefer.