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SA COVID-19 Business Support Grant


South Australian Premier Steven Marshall announced on Tuesday the entire state would be in lockdown from 6pm on Tuesday 20th July 2021, for the next seven days, with only five lawful reasons for residents to leave home. Read more…

 

 

 

 

 The Federal and Victorian Government announced several new and modified support measures as part of their support package. The following summarises some of the key measures that have been announced. Read more…

 

 

MYOB AccountRight Payroll and Essential users, you may be aware that on 1 July 2021 the superannuation guarantee contribution rate increased from 9.5% to 10%. This is the minimum super amount you must pay all eligible employees from 1 July onwards.

If you are using MYOB Account Right Payroll, you will need to check the super guarantee rate and change it to 10% if necessary. Read more…

The Federal Government has legislated an 0.5% increase to the Compulsory Super Guarantee from 1st July 2021, with further increases over the next five years.  The blog is a guide to help our clients/employers understand the impact of these changes to employee remuneration. Read more…

If you usually receive a paper PAYG Instalment Statement or BAS and you have not received it for March or June 2021 quarters, please contact our office. 

If you have set up a myGov account with the ATO, the Activity Statements have gone directly to this account online. Read more…

We commonly see situations with delayed payments or disputes over quality, occasionally money is lost through the buyer going into liquidation.

Often in delayed payments, the buyer has the ability to pay, they just do not want to incur extra cost (bank fees, interest, overdraft extensions etc.) to make it happen, and instead they use you as their overdraft.

HERE ARE SOME TIPS TO MINIMISE THE RISK:

1. Payment on/before delivery
    -  Funds transferred in and cleared in your bank account before delivery.
    -  Alternatively paid into a lawyer trust account to release on delivery, this ensures you do not keep the money and not deliver.
Read more…

Tax Cuts: Time to change withholding amounts


The Australian Government has introduced personal income tax cuts that apply from 1 July 2020.

Updated tax tables are now available for you to reflect the tax cuts in employee's take-home pay.

You must make sure you are withholding the correct amount from salary or wages paid to your employees for pay runs processed in your system from 16 November onwards.

Payroll software providers will be updating software to implement these tax rate changes. Some payroll software providers may take longer to update their software. Your software provider will keep you updated on these changes.

You don't need to make any other adjustments or refunds.

Any 'over-withholding' that occurred prior to updating your payroll software or processes will be included in your employee's income tax assessment at the end of the year.

Federal Budget 2020

The Federal Budget has announced additional spending on the back of initiatives that have already been implemented by the Government during the year as a result of the economic impact of COVID19.

The key announcements include:
•  the bringing forward of the individual tax relief planned for 2021, backdated to 1 July 2020
•  a new loss carry-back for losses incurred up to June 2022 for companies with turnovers of up to $5 billion
•  allowing most businesses to fully deduct any investment into depreciable assets until 30 June 2022 and
•  a new JobMaker Hiring Credit for companies employing staff aged between 16 to 35 years old.

There were no changes to GST rules and changes to Superannuation were mostly limited to minor administrative changes.

For a more detailed overview of how the Federal Budget may affect business owners please click here.

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.

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