Accounting & Tax News Briefing - Feb 17 2021

PAYG and GST Quarterly instalment notices

For those who receive PAYG and GST quarterly instalment notices (forms R, S, & T) the ATO will return to issuing paper instalment notices starting with the June 2021 quarter. Prior to this, they were issued electronically but it was noted there were issues with changing it from paper to electronic; so now it has returned back to paper.

Note that this is an interim measure, however, if you are impacted by this change, the Tax Office is providing a number of practical support options for individuals - so the best way to arrange support measures, is through the Online Services for agents.

 

Simplified Calculator for Fuel Tax Credits

For business that claim less than $10,000 annually in Fuel Tax Credits, there is now an uncomplicated method to calculate your claim. All that is needed is the mileage and the amount of eligible diesel acquired for use for the tax period.

More information is available for the simplified fuel tax credit for heavy vehicles.

Accounting & Tax News Briefing - Feb 24 2021