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[av_heading heading=’The News Brief_20200617′ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’6vw’ subheading_active=’subheading_below’ subheading_size=’20’ margin=’0′ margin_sync=’true’ padding=’0′ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kbi0i1up’ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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[av_heading heading=’Family assistance payments’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kbi0rhbi’ custom_class=” admin_preview_bg=”][/av_heading]

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If you receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the eligible parents must lodge their 2018–19 tax return by 30 June 2020. Lodgment deferrals do not alter this requirement.

If you are entitled to family assistance but didn’t receive any payments in the 2018-19 financial year, you will also need to lodge a lump sum claim with Services Australia by 30 June 2020.

Services Australia needs your income details to balance payments for Child Care Subsidy and Family Tax Benefit.

If lodgment is not made by 30 June 2020:

If applicable, you should notify the ATO if lodgment is not required and confirm with Services Australia that you are not required to lodge.

Services Australia can assist those who have special circumstances preventing them or their partner from lodging before the deadline.
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[av_heading heading=’Eligibility reviews for cash flow boost’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kbi0saf9′ custom_class=” admin_preview_bg=”][/av_heading]

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While most eligible employers will receive the cash flow boost automatically when they lodge their relevant activity statements, some businesses will need to provide the ATO with more information before the credits are applied to their account.

The ATO has started to contact taxpayers for additional information to determine eligibility for the cash flow boost. We encourage you to read and discuss the ATO’s eligibility companion guide which gives an overview of how the ATO determines eligibility and the next steps you can take, and may help you consider the likelihood of  receiving the boost.

The ATO has a range of support measures available during these difficult times, where you have an amount owing on your statement, while the outcome of the review is determined. These include:

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[av_heading heading=’Banking activity during the coronavirus pandemic’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kbi0udyk’ custom_class=” admin_preview_bg=”][/av_heading]

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Latest statistics, infographics and graphs.
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COVID-19 – Banking Activity
Infogram

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[av_heading heading=’Tax time 2020′ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kbi1m3sy’ custom_class=” admin_preview_bg=”][/av_heading]

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The ATO recently says people need to take care they have all the information needed before lodging tax returns or they may make a mistake.

The ATO says to small business tax payers that before lodging, make sure you:

The ATO has a range of tools and services including the business industry code tool and the record keeping evaluation tool.  If you or your business have been affected by a disaster and you need some help with your tax or super, phone the ATO on 1800 806 218.
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Sources: ATO and Australian Banking Association
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

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