Time has been a relevant foe these last couple of months with the 5 June deadline for 18/19 returns leaving everyone sleepless and in search for someone who can lodge NOW!
That, coupled with the opening of the 4th June JobKeeper monthly reporting which we can now confirm has been extended to the 14th of the month, to allow larger corporations the time required to finalise figures.
Jotham Lian, News Editor at Accountants Daily, reports that the ATO has chosen to extend a further concession around lodgement penalties and we are thankful for the acknowledgement of the extra pressures that has been imposed on the profession over and above our usual work. This certainly gives us the room to be more realistic with accounts to be reconciled and a more accurate forecast made for the month ahead.
Those clients and practitioners still reluctant to make the move to a decent online accounting package fully upgraded to enable ATO lodgement have been the ones with the extra struggles and stress to do it all manually while the schemes are being paid on a first come first serve basis with those accounts with issues being delayed.
Whilst applications used to take a minimum of a fortnight to be assessed, the use of automated systems and algorithms has actually allowed faster returns and the ability to make stimulus packages hit our banks faster when disaster strikes. So although it is understandable that it’s feeling a little more and more like a prediction from a George Orwell book, the reality is actually not so bad and actually allows businesses to gain a better understanding of what can be achieved at the next level of “business”.
A great friend once insight-fully said, “in business, it’s all won and lost in the paper work” and I urge you to start a relationship with us today where we can assist you to delve deeper into what you can achieve by having your books in order. These deadlines come so fast… quarterly BAS, PAYG, super, payroll, tax … grr! wouldn’t it be easier if somebody did it all for $250 a month?
In closing, just a quick follow up word on our previous email titled Did you get the Cashflow Boost?, where we can now also confirm that the ATO has announced that all those entitled were paid out by Friday 5th June and now ready to acknowledge the 5% of businesses registered for GST that did not automatically tick all the algorithmic “boxes” for funds to be automatically released.
Trick here is to stay vigilant with keeping up with the news from ATO and other trusted professionals that are actively involved with the fast paced changes that are being implemented at an unprecedented pace or find someone who is.
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