Advisors: Get up to speed with tax and compliance updates for 2020

This year’s live online Tax and Business Compliance eSeminar Series, featuring SMSF specialist Tracey Scotchbrook, will contain everything you need to know to keep your clients compliant in 2020.

Every year, MYOB hosts a series of live, online information sessions to help accountants and other advisors stay ahead of the curve in the lead up to EOFY.

As business advisors of all kinds struggle to keep up with a rapidly shifting environment, this year attending the Tax eSeminar and Business Compliance eSeminar is more important than ever.

Not only has COVID-19 impacted businesses and complicated legislation, several other compliance changes also need to be accounted for. And that’s why this year’s eSeminars will cover key changes to tax returns, issues relating to superannuation, as well as bringing you up to speed on Single Touch Payroll (STP), Taxable Payments Annual Reporting (TPAR) and Fair Work changes.

Alongside MYOB presenters Peter Platt, Lee Ramsay, Anita Smith and Jane Bell, the sessions will also feature industry expertise from Tracey Scotchbrook, owner of superannuation and SMSF specialist advisory practice, Superology.

“Each of the areas to be discussed across both sessions are time sensitive, and significant penalties can apply where non-compliance is identified,” said Scotchbrook.

“But there are things you can do to help affected clients. The key is to be proactive.”

Scotchbrook plans to highlight key issues in superannuation, the Superannuation Guarantee Amnesty, and legal implications for directors and employees, alongside the content presented by the other speakers in the Tax eSeminar sessions.

eSeminars 2020: An overview

Given the current shift to working from home, the two-hour Tax eSeminar and one-hour Business Compliance session are easily accessed from your computer or mobile device.

Both sessions will include legislation updates and related information, in-product demonstrations, workflow recommendations, and the opportunity to ask questions live to a panel of MYOB experts in a virtual Q&A format.

Tax eSeminar at a glance:

• Tax returns — tune in for last-minute legislative changes as well as information on the new income schedule, rental schedule changes and changes to the Instant Asset Write-off.
• Considerations under COVID-19 — this section will cover work from home deductions, temporary early super release, minimum pension updates and assistance for severely affected regions.
• Compliance — a wide-ranging topic of discussion that features rental property claims, the ride-sourcing services data matching program, TPAR and the ATO’s benchmarks.
• Business compliance overview — a few important points ahead of the Business eSeminar, discussing changes to the Fair Work Act, STP and common payroll mistakes to avoid.

Business Compliance eSeminar at a glance:

• A closer look at Fair Work changes — what are the changes and how are they impacting employers? Here, you’ll gain knowledge on annualised salaries and BOOT tests, as well as tips and tricks to help maintain employer compliance.
• STP, TPAR and super –– learn about JobKeeper reconciliations and year-end payroll, super guarantee compliance and the SGC Amnesty, as well as how to handle TPAR.
• COVID-19 and businesses — want to know more about available stimulus and how to work with clients to keep them going at this time? Here, you’ll learn about accounting for stimulus payments in software as well as how to set up your ledger for COVID-19 reporting.
• Financial resilience — set yourself up for success with planning tips, advice on mindset and resources to keep your personal wellbeing and business health in a positive state.

In the Tax eSeminar sessions, Scotchbrook is planning to dig deep into information related to superannuation and the SGC Amnesty.

“The Superannuation Guarantee Charge Amnesty took a long time to be legislated. However it operates for a relatively short period of time,” said Scotchbrook.

“With the impacts of COVID-19, many businesses and accountants are understandably focused on getting through this tumultuous period. Affected clients should however look to utilise these concessions to avoid harsher penalties in the future.

“The operative time for these measures are fixed in legislation and the ATO has no discretion to extend the deadline.”

There are also a number of important callouts for SMSFs and their advisors at this time.

“The current economic environment is triggering a range of compliance issues for SMSFs. This includes related party limited recourse borrowings and tenants.

“To avoid SIS compliance breaches or tax issues under the non-arm’s length income provisions, it’s vital that trustees take the right steps now.

“Any concessions to be applied need to be carefully considered and documented to avoid problems later. There has also been some misunderstanding of how the ATO concessions will apply.”