Five key focus points for SME business Last night, the Federal Government announced more than $30 billion in tax cuts for business as part of its 2020 Federal Budget. Treasurer Josh Frydenberg has unveiled a temporary supercharged instant asset write-off that will see businesses with turnover up to $5 billion be able to deduct the
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(updated 21st Sep 2020) JobKeeper 1.0 ends on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover to be eligible to enter JobKeeper Extension 2.0. To receive JobKeeper from 28 September 2020, eligible employers need to assess their decline in turnover with reference to
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(updated 14th Aug 2020) On 7 August 2020 the Treasurer revealed that the recently announced tougher eligibility rules for the second phase of the JobKeeper payment scheme will be eased. Employers will now only have to demonstrate a reduction in turnover in the quarters ending in September and December 2020, compared to the same periods
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Super Amnesty & Avoiding Late Super Problems Limited time left – Amnesty finishes 7th Sep 20 We have previously advised how the Government currently have a superannuation amnesty in place. This allow employers to voluntarily disclose to the ATO, late or unpaid amounts of superannuation contributions in respect of all quarters ending on 31 March 2018. Employers must complete and lodge a
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SINGLE TOUCH PAYROLL (STP) IS HERE… STP for employers with less than 19 employees starts on 1 July 2019 and requires employers to report specific wages and superannuation information online to the Australian Tax Office each time you pay employees. For example if your pay cycle is fortnightly, you need to process your payroll at
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(updated 22nd July 2020) On 21 July, the Government announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those organisations which continue to be significantly impacted by the Coronavirus. From 28 September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods,
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(updated 28th April 2020) If your business is unable to pass the basic turnover test for JobKeeper, you may be eligible to apply the alternative tests, details of which were released on the 23rd of April. These tests can be applied to businesses in certain situations where there is not an appropriate relevant comparison period. Does your
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(updated 22nd April 2020) Is the turnover test based on Net Profit No, it is based on GST Turnover. Net profit is your sales less expenses, however GST turnover is in essentially your sales amount plus sales likely to be made in a test period less some specific exclusions. A sole trader has an ABN
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(updated 8th Aug 2020) Businesses who have been significantly impacted by COVID-19 will be able to access a wage subsidy to continue paying employees. Under the JobKeeper program you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30th March 2020. This measure is designed to ensure eligible employers remain
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(updated 5th April 2020) JobKeeper Payment The Prime Minister has announced a $130b “JobKeeper” package, which is available to all businesses significantly affected by coronavirus – the largest package delivered by the Federal Government in response to COVID-19 to date. In acknowledging that Australia needed to dig deep to “get through to the other side”
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