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10 Jun 2021 Business Measures

Tax Time 2021 videos for the tax profession

Join Assistant Commissioner Sylvia Gallagher for the ATO’s Tax Time 2021 short videos series highlighting key information for tax professionals.

More information on the topics discussed in the video can be found in the below links:

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.

Fact sheet – Seasonal Worker Program: Withholding the right amount for seasonal workers

The law has been modified under the Commissioner's remedial power so that workers in the Seasonal Worker Program (SWP) continue to be taxed at 15% where their visa class changed due to the COVID-19 pandemic. What you need to do next will depend on when you have withheld tax at a higher rate.

The ATO has published a fact sheet to assist participants and employers in the SWP. You can download this here.

Fact sheets – Single Touch Payroll

There are a range of resources to help you understand Single Touch Payroll (STP), including factsheets, videos and podcasts, webinars and media releases.

You can find these resources 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.

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.

Requesting priority processing

If you are experiencing financial difficulties or serious hardship, you may be eligible for priority processing, after you have lodged the relevant tax return or form.

More information on how to request priority processing can be found here.

Key dates for June 2021

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