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03 Jun 2021 Business Measures

Payment-only deferral requests for registered agents

You can apply for a payment-only deferral if your client has been affected by exceptional circumstances and needs more time to make tax payments.

More information can be found here.

SAP early December balancer concessional due date

The ATO will grant a lodgment concession for your early December balancing substituted accounting period (SAP) company or super fund clients' tax returns if you lodge them electronically by 31 July 2021.

This lodgment concession does not change the payment due date. If payment is required, it was due on 1 June 2021.

More information can be found here.

Temporary Full Expensing and Backing Business Investment schedule – SAP or lodging a tax return for a part year

This schedule is available for individuals, companies, partnerships, trusts and attribution managed investment trusts (AMIT) who are claiming a deduction for temporary full expensing and/or opting out of temporary full expensing or backing business investment, and either:

  • have an approved substituted accounting period (SAP) with a year ending before 30 June 2021;
  • need to lodge a tax return for part of the year. This could be because your business is entering into liquidation or you stop being an Australian resident for tax purposes during the 2020–21 income year before 30 June 2021.

 More information can be found here.

 Loss carry back – Reviewing franking accounts

The ATO has provided updated information to assist with franking account reviews. It includes examples of records or information that can be used to check transactions which result in credits or debits in franking accounts.

More information can be found here.

Reminder for Division 7A minimum yearly repayments

If your clients received an extension of time to make their Division 7A minimum yearly repayments (MYR) for the 2019–20 income year, they must pay the shortfall by 30 June 2021. ATO guidance on extensions to make their MYR for the 2020–21 income year will be available soon.

More information can be found here.

Tax depreciation guide now available

The ATO has published a guide to tax depreciation incentives and when businesses can consider using them.

Only one incentive can apply for an asset. If more than one incentive can apply to an asset, the order of application is (subject to opt out choices): 

  1. Temporary full expensing
  2. Instant asset write-off
  3. Backing business investment
  4. General depreciation rules

More information can be found here.

Upfront capital payments not deductible

Read Assistant Commissioner Ash Khera’s latest article about the recent Full Federal Court decision in the matter of Mussalli v Commissioner of Taxation [2021] FCAFC 71. The court found that payments described as ‘prepaid rent’ by a McDonald’s franchisee were capital in nature and therefore not deductible.

Support for significant global entities

Failure to lodge penalties will be remitted for some significant global entities (SGEs) who lodge their 2021 income tax returns late, due to the impacts of the COVID-19 pandemic.

The ATO will automatically remit failure to lodge on time penalties to nil for the period until 30 August 2021 for SGEs:

  • with a 31 December 2020 substituted accounting period
  • with an income tax return lodgment due on 15 July 2021; a lodgment concession is available to 31 July 2021 for returns lodged electronically by a tax agent
  • who lodge their 2021 income tax return and, or corresponding GPFS less than 30 days late.

More information can be found here.

Ancillary funds: reminder of guideline changes due to COVID-19 pandemic

In June 2020, the ancillary fund guidelines were amended to encourage increased distributions to deductible gift recipients (DGRs) as a result of the COVID-19 pandemic.

Ancillary funds have until 30 June 2021 to increase their distributions in line with the amendments to be eligible for a lower minimum annual distribution rate in future years.

More information can be found here.

Take steps to stop cyber threats

Strong cybersecurity practices help you keep your organisation, client and staff information safe. You may want to consider the types of private information that your organisation collects and stores.

Read about the basic steps that you can take to protect your organisation here.

Key dates for June 2021

  • 21 June 2021: May monthly BAS due.
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