2019/20 year-end is now closed. Ensure your information is ready to go to get started on year-end compliance.
- PAYG Instalments are due on 28 July 2020 28 July 2020 is the due date for instalment notice lodgement and payment. If varying your instalment amount, this needs to be completed by 28 July 2020. 2. Single Touch Payroll (STP) reporting – If you employ 20 or more employees, your end of financial year finalisation declaration was due by 14 July 2020. I f you have 19 or fewer employees, your finalisation declarations are due 31 July 2020 – Make sure your STP information is correct before making your finalisation declaration – If unable to make a finalisation declaration by the due date, you’ll need to apply for an extended due date. 3. Taxable Payment Annual Reports (TPAR) are due on 28 August 2020 If you’re a business or contractor with an ABN providing services or paying contractors or subcontractors to perform the work on your behalf in building and construction, cleaning, courier and road freight, you may need to lodge a TPAR. Penalties may apply if you don’t lodge a TPAR on time. 4. Payroll tax annual reconciliations The due dates for 2020 payroll tax annual reconciliations is looming, each state is different. If you made payments to employees under the JobKeeper Payments Scheme, you’ll need to include the information when lodging. An exemption from NSW payroll tax is available if you made additional payment amounts to an employee to meet the conditions of the scheme. If your total group (Australian) wages for the 2019/20 financial year are $10 million or less, your annual tax liability will be reduced by 25% when you lodge your annual reconciliation.
If you require assistance with respect to the compliance points raised above, you are welcome to contact our team of experienced accountants and lawyers by clicking here to submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a teleconference or appointment.