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Make sure you hit all the end of year deadlines.
The Australian Taxation Office (ATO) has announced an extension for the JobKeeper monthly business declaration deadline for December. Originally set for 14 January 2021, the new deadline is now 28 January 2021. This extension applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020. This extension provides businesses with additional time to complete their declarations, ensuring they can continue to receive the necessary support during these challenging times.
Additionally, the deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021. This extension is crucial for businesses to ensure they meet the necessary requirements to qualify for the JobKeeper payments, which have been a lifeline for many during the pandemic.
Last Chance to Access COVID-19 Early Access to Super
The year adds another to the list of important end of year deadlines: 31 December 2020 is the last day you can apply to access your superannuation early under the COVID-19 early access measures. This measure was introduced to provide financial relief to those significantly impacted by the pandemic. However, the ATO has warned that those wanting to access their superannuation pre-Christmas will need to complete the application by 11 December 2020 to ensure timely processing.
The ability to access up to $10,000 of your super is available to those who have been made redundant, had their working hours reduced by more than 20%, or have been adversely financially impacted by COVID-19. It is important to note that if you are not in financial hardship, you should not access your superannuation. The application process through myGov is a self-assessment process, meaning you are responsible for ensuring you meet the eligibility criteria. Penalties of up to $12,000 may apply for providing false or misleading information.
Importance of Meeting the End of Year Deadline
Meeting these end of year deadlines is crucial for ensuring you receive the financial support you are entitled to. The extended end of year deadlines for JobKeeper declarations and the early access to superannuation provide a vital opportunity for businesses and individuals to secure their financial stability as the year comes to a close.
For businesses, the extended JobKeeper deadlines mean more time to gather the necessary documentation and ensure all requirements are met. This can be particularly beneficial for those who may have faced disruptions or delays due to the ongoing impacts of the pandemic. Ensuring that the minimum wage condition is met by the extended deadline of 4 January 2021 is also essential for maintaining eligibility for JobKeeper payments.
For individuals, the end of year deadline for early access to superannuation is a final opportunity to alleviate financial stress caused by the pandemic. However, it is important to carefully consider whether accessing your superannuation is the right decision for your long-term financial health. While the immediate relief can be significant, the long-term impact on your retirement savings should not be overlooked.
Preparing for the End of Year Deadline
As the end of the year approaches, it is important to take proactive steps to meet these deadlines. For businesses, this means ensuring all necessary documentation is in order and submitted on time. This may involve coordinating with your accountant or financial advisor to ensure all requirements are met.
For individuals considering early access to superannuation, it is crucial to assess your financial situation and determine if you meet the eligibility criteria. If you decide to proceed, make sure to complete your application through myGov by the specified end of year deadlines to avoid any delays or complications.
Looking Ahead
While meeting these end of year deadlines is important, it is also essential to look ahead and plan for the future. The financial support provided through JobKeeper and early access to superannuation has been critical for many during the pandemic, but it is important to consider long-term financial strategies as well.
For businesses, this may involve exploring additional support measures or adjusting business operations to adapt to the changing economic landscape. For individuals, this may mean seeking financial advice to ensure you are making informed decisions about your superannuation and overall financial health.
In conclusion, the extended December JobKeeper deadlines and the last chance to access COVID-19 early access to superannuation are critical opportunities to secure financial support as the year comes to a close. By meeting these end of year deadlines and planning for the future, businesses and individuals can navigate the ongoing challenges of the pandemic and work towards a more stable financial future.
For a comprehensive list of all deadlines, visit the the ATO’s website.
