28 August 2020
-Lodge Taxable Payments Annual Report
21 September 2020
-Lodge and pay August 2020 monthly business activity statement
30 September 2020
-Lodge PAYG withholding payment summary annual report
Month: August 2020
Harris Black News
A few things to celebrate this month!
We are all excited to welcome back Tomoka Kawamoto (Senior Manager) and Kimberley Ward (Practice Manager) from their recent maternity leave.
Also, heartfelt congratulations from us all to Louise Chen (Supervisor) and Simon Chen who recently celebrated their wedding at the Tattersalls Club in Brisbane with family and close friends. The dress, venue and wedding feast looked spectacular!
Harris Black Staff Day
On Friday 24th July 2020 the Harris Black Team got together for their annual staff day. A little different to previous years given the impact of Covid-19 restrictions and requirements however we still managed to have an exceptional day.
An initial review of the ‘Financial Year That Was’ incorporated consideration of what we had so far learned and managed to achieve whilst facing the challenges of living and working with Covid-19 conditions. Had we managed to pivot and maintain effective client support? What worked well and what could we improve further? This was followed by discussion regarding our firm strategy and ultimately how we must continue to embrace Harris Black’s values in our day to day work of supporting clients and helping them achieve their goals regardless of life’s changed conditions.
Our guest speaker for the day was Petris Lapis who presented an entertaining and enlightening workshop on Success Mindset. Petris is a favourite of the firm and we’ve been lucky enough to have her present on a few occasions.
Staff teamwork aimed at identifying and challenging some of our work processes before designing improved procedures preceded a great lunch at SameSame in Fortitude Valley. After a tough few months it was wonderful to get the entire team together!
Lower Corporate Tax Rates And Franking Rates From 1 July 2020
The corporate tax rate for companies that are base rate entities will be reduced from the current rate of 27.5% to:
-26% from 1 July 2020
-25% from 1 July 2021
What is a base rate entity?
A company is a base rate entity (and subject to the lower tax rate) if it satisfies the following conditions:
-no more than 80 per cent of the company’s assessable income for the income year is passive income (BREPI); and
-the company’s aggregated turnover for the income year (worked out at the end of the year) is less than $50 million
Maximum franking rates
A company’s maximum franking rate is equal to the income tax rate that would apply to the company in the income year in which the distribution is made (the current year), assuming that the company’s aggregated turnover, BREPI and assessable income for the current year are equal to those of the immediate prior income year.
Summary of Tax Rates / Maximum Franking Rates
Government Stimulus Measure Fact Sheets
In response to the COVID-19 pandemic, both Federal and State Governments have released stimulus packages to support individuals and businesses.
This page collates these announcements in a single location for your convenience.
Government Stimulus Measure – JobKeeper Payment 2.1
Government Stimulus Measure – JobKeeper Payment
Government Stimulus Measure – HomeBuilder Grant
Government Stimulus Measure – Boosting Cash Flow for Employers
Government Stimulus Measure – ATO Payment Deferrals
Government Stimulus Measure – Depreciation
Government Stimulus Measure – Apprentice Subsidy
Government Stimulus Measure – Temporary Reduction of Superannuation Minimum Drawdown Requirements
Government Stimulus Measure – Temporary Early Access To Superannuation
Government Stimulus Measure – Reduction in Deeming Rates
Government Stimulus Measure – Guaranteeing Small Business Loans
Government Stimulus Measure – Additional Jobseeker Payments
Government Stimulus Measure – Payment Support for Households
Government Stimulus Measure – QLD Loans
Government Stimulus Measure – QLD Payroll Tax
Government Stimulus Measure – QLD Land Tax Relief
Government Stimulus Measure – SA Land Tax Relief
Government Stimulus Measure – SA Payroll Tax Relief
Government Stimulus Measure – Victorian Small Business Grant
Government Stimulus Measure – VIC Payroll Tax
Government Stimulus Measure – VIC Land Tax Relief
Government Stimulus Measure – NSW Payroll Tax
Government Stimulus Measure – NSW Land Tax Relief
Government Stimulus Measure – TAS Payroll Tax
Government Stimulus Measure – WA State Taxes
Return to this page as Harris Black is regularly updating this information as it is released by the different levels of Government.