As part of the JobKeeper Payment obligation, employers are required to identify and report eligible employees on a monthly basis to the ATO. And this must be done every month in order to receive the payment. Employers are also required to report income on a monthly basis (actual income for last month and projected income …
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Coronavirus has changed the way we work and many of us are adjusting to Zoom calls from home and skipping the morning commute into work. While we are saving time and money on travel, it also means an increase in running expenses at home. Here’s what you need to know if you are going to …
Continue reading “What working from home means for your Tax Return”
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Full time students aged 16 and 17 years old The rules will be amended so that full time students who are 17 years old and younger, and who are not financially independent, are not eligible for JobKeeper payments. This clarification will apply prospectively, so that eligible employers that have already met the wage condition of …
Continue reading “COVID19 Update – JobKeeper 30 April 2020”
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The current director penalty regime allows the Commissioner to recover unpaid superannuation guarantee (SG) charge, PAYG withholding for directors of a company. From 1 April 2020, this regime has been extended to allow the Commissioner to recover from directors unpaid amounts of; a company’s liability to pay net amounts of GST for a tax period …
Continue reading “Director Penalty Regime Extended to GST Liabilities”
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The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Assent on 6 March 2020. This Amnesty provides a once off opportunity for employers to self-correct historical SG non-compliance dating from 1 July 1992 to 31 March 2018. Quarters post March 2018 are not eligible for the amnesty. The amnesty allows employers to claim …
Continue reading “Superannuation Guarantee Amnesty Bill finally receives Royal Assent”
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As you will be aware, the Bill introducing the JobKeeper payment passed through all stages of Parliament on 8 April 2020. The Bill provides for a payment of $1,500 for each Eligible Employee where the business turnover will or has reduced by more than 30% for businesses with a turnover of less than $1 billion, or 15% …
Continue reading “COVID19 Update – JobKeeper”
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The Federal Government has announced that States will implement a mandatory Code of Conduct in relation to commercial tenancies in place between landlords and their tenants. The Code will remain in place between 3 April 2020 and for the duration of the JobKeeper payment. You may sit on either side of the fence, for example …
Continue reading “COVID19 Update – Commercial Tenancies Federal Announcement”
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The WA State Government announced further measures to assist both small business and consumers during the COVID crisis. Please contact us here if you require assistance or to discuss how this and other measures announced affect your business. Payroll Tax Of particular benefit to small business is the announcement that payroll tax will be waived …
Continue reading “COVID19 Update – WA Payroll tax and other measures”
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Further to the measures announced by Federal and State Governments over the last few weeks, (as detailed in our previous blog here) the Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus. Our view is that …
Continue reading “COVID19 Update – JobKeeper Payment Announced”
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Economic stimulus packages are being announced regularly, so we felt it important to provide regular advice and updates so we can keep track of the announcements, and what impact they have on us, our businesses and our super funds. We are here to assist you, with either understanding the available incentives, assisting to claim them …
Continue reading “COVID19 Update – Government stimulus measures”
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Good planning is a hallmark of all successful businesses.
But before planning comes the “Chemistry Test”… is the business right for you?
The greatest trap many of us fall for is to set too many goals for the new financial year!
We have found that the most successful planning years tend to be when we have a smaller number of strategies, but with targeted plans towards their achievement.
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