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JobKeeper 2.0 Update

Following the recent second wave of lockdowns in Victoria, the Government has announced the extension of JobKeeper from the original end date of 27 September 2020, until 28 March 2021.

Businesses must be eligible for JobKeeper 1.0 in order to receive payments after 27 September 2020.

NO BACK-DATING OF ENROLMENT: To claim JobKeeper for a particular month, you must be enrolled in the program before the end of that month and declare business turnover by the 14th of the following month.

1. THE PAYMENT AMOUNT

The payment for eligible employees is being reduced for the extension period – as outlined below:

Fortnightly Payment
(working >20 hours) (working <20 hours)
Original JobKeeper
Until 27 Sep 2020
$1,500 $1,500
Extension period 1
28 Sep 2020 - 3 Jan 2021
$1,200 $750
Extension period 2
4 Jan 2021 - 28 Mar 2021
$1,000 $650

2. DECLINE IN TURNOVER FOR ELIGIBILITY

The reduction in turnover amount test has remained the same as the initial JobKeeper eligibility, being:
   -  30% reduction of turnover (so long as your turnover is less than 1 billion); or
   -  15% reduction of turnover if you are a registered charity.

However, the new change is that employers will need to meet the minimum decline in percentage of their turnover in each quarter. The quarterly periods are:
   -  April – June;
   -  July – September; and
   -  October – December.

Click here for a full technical update.

JobKeeper 2.0 - Simplified

You've probably seen a lot of new information in the media about JobKeeper 2.0 and are trying to make sense of it all...

To try to help clarify, we wanted to share this handy info-graphic with you, as we found it a very helpful visual and easy to understand.

JobKeeper 2.0

As always though, if you require further assistance, please don't hesitate to contact us.

Welcome, New Director - Megan Inverarity


On July 1st, Megan Inverarity became Murray Nankivell's newest Director. We asked her to share how she got there...

How did you get to become an accounting firm director?

Like a lot of high school students I was trying to work out which subjects to pick for my senior years while wading through Uni courses options, not really sure what I wanted to do. The 'old man' said "You like sorting out and organising figures; what about accounting?". As a teenager I didn't really know what an accountant did, but his suggestion wasn't a bad one and I've been on the accounting pathway ever since.

Read more…

HomeBuilder

 

 

 

 

 

Australians will be offered $25,000 grants to build a new home or start a major renovation under near-$700 million federal government housing package in a bid to boost the economy and act as a lifeline to the home construction industry.

Called 'HomeBuilder', the grant will complement existing State and Territory grants and schemes.

Here are some of the main details around the grant and its eligibility criteria:

  • restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000
  • the pre-renovation value of the house must not exceed $1.5 million
  • excludes sheds, pools, granny flats and any other structures not attached to the property
  • it is a temporary scheme that will last until the end of the year, aiming to build 30,000 homes by Christmas
  • construction of a new home or a substantial renovation must be contracted to begin within three months
  • the grant(s) will be means tested, allowing singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 to access the scheme.

This is obviously a significant opportunity for anyone looking to built or renovate but you'll need to be prepared and have your finances in place.

For more information please download this Info Sheet or the Government's HomeBuilder Fact Sheet

Please get in touch with us if you're considering this scheme and need some assistance.


We have been seeking clarification on the JobKeeper 30% income reduction and its impact on farmers over the past few weeks.

Originally the information was that income had to be down over 30% due to COVID-19 or the economy.

We had confirmation yesterday in a webinar with the Deputy Commissioner of the ATO, that they will assess on the turnover dollars not the reason why. Therefore a loss of production this year (wool price drop or frost on grapes) may apply.

Read more…

JobKeeper Registration Deadline Extended

The Tax Commissioner has confirmed that the registration deadline for the April and May JobKeeper payments has been extended to 31 May 2020. See the ATO's JobKeeper homepage

While the extra time is very welcome, it will not remove the urgency to determine eligibility for April 2020 JobKeeper payments.

To be eligible for April JobKeeper payments, employers will need to ensure that staff have been paid at least $1,500 for the first two JobKeeper fortnights (30 March – 12 April and 13 April – 26 April) by the end of April.

Unless the situation is clear cut, employers should be careful about making top up payments to staff until they have assessed their eligibility and have received the JobKeeper nomination forms back from staff (unless they want to risk being ineligible and not being reimbursed for these top up payments).

JobKeeper Registrations

This may not apply to you, but the JobKeeper Scheme opens for registrations on the 20th of April (if you haven't already, register your interest in the scheme by going to https://www.ato.gov.au/Job-keeper-payment/).

You will find a link to the form that you need to have all eligible employees complete, here.

The form does not need to go anywhere and should be kept on file by you, but you may need details from it once the registration opens up.

You will need to be up to date with your MyGov ID to access the business portal for registration. If you have any difficulties, please contact us.

COVID-19 Stimulus & Relief Update

 

The purpose of this blog post is to keep our valued clients up to date in this time of uncertainty as the impact of the Coronavirus (COVID-19) reaches throughout our communities.

We will be posting important information on all of the Commonwealth and State Government, Australian Taxation Office and Banking Industry stimulus and relief measures available. We intend for this to be a living document that we will update on a frequent basis as new information gets released.

This is where you will find it:  Covid-19 Stimulus & Relief Updates

Below, we have tried to break down the measures into smaller categories to make it easier to digest. Of course where possible we have also tried to provide information about what you need to do to access a particular measure.

The governments stimulus measures are designed to achieve the following outcomes during this pandemic where possible:

  1. Keep as many Australians employed in jobs.

  2. Keep as many businesses alive so that there are jobs to return to.

  3. Where they can't achieve the two above items they will try to provide individual income support through access to Centrelink benefits and superannuation as a last resort.

Thanks for your patience in allowing us to pull together this comprehensive list of resources.

Per our previous update, servicing you remains a priority, as well as the confidentiality of client information. You can be assured that anyone working remotely is doing so using secure log-in access and protocols.

We encourage you to contact one of the team to discuss how any of these measures may be applied to your individual circumstances. We are here to help you build a solid cash flow plan to survive the coming months and make the most of any financial stimulus or relief available to you.

We have also taken the time to provide you with a free COVID-19 Business Continuity Planning document to help you make smart decisions when developing your plan and cover aspects you may not have considered yet covering a range of different areas of your business.

We understand that these are challenging times for everyone. Remember that we are all in this together and we encourage to take care of yourself, you loved ones and your communities.

Stay Safe.

Kind Regards,

The Murray Nankivell Team

Keeping in touch while working remotely

Just a brief message to let you know that while our offices are closed and we are all working from home at the moment, we have implemented some new software to allow us to stay in touch with you better.

What it means though is our normal phone number will not be displayed at your end... for the time being.

So, if you see an incoming call from the below numbers… it is probably someone from Murray Nankivell!!
08 7082 4622 (Bordertown);  08 7082 4623 (Murray Bridge);  08 7082 4681 (Naracoorte)

Now there's no need to go changing or adding this in your phone, as we are in the process of getting the software to display our normal phone number – it is just going to take a while for this part to happen.


If you need to ring us, please continue to use our normal phone numbers as these are re-directed into the new software. They will be answered as usual, and can be transferred through to whoever you would like to speak with.


We will provide further updates as needed, but we are doing our best to keep your experience with us as 'normal' as possible during this time.


COVID-19 Update



You will have seen and read the continuing reports and restrictions to slow the spread of the corona virus (Covid-19).

To help slow the spread of Covid-19, and protect our team, clients and visitors, many of our team have commenced working remotely and appointments will be conducted over the phone, face time, Skype, Zoom or similar platforms.
Read more…

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