(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 27th April 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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(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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Single Touch Payroll Alert It is now only a matter of months before all employers will be required to comply with the ATO’s Single Touch Payroll (STP) provisions. Until now only employers with 20 or more employees were required to comply but from 1 July 2019, all employers will be brought into the system, so
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HECS-HELP is a loan scheme for eligible students enrolled in Commonwealth supported educational places to HELP pay their student contribution amounts. It doesn’t cover any additional study costs such as accommodation or textbooks. WHAT IS HECS-HELP? HECS-HELP is a loan from the Australian Government which pays for your course fees. The Australian Government will pay
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The end of the financial year can be a busy and stressful time for small business owners. We have compiled a checklist to help make sure your finances are in order in readiness for 30 June. End of year bookkeeping checklist Reconcile all bank accounts to 30 June – this includes your business bank accounts,
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The ATO’s Single Touch Payroll (STP) reporting legislation comes into affect on 1st July 2018 for all businesses with 20 or more employees and then becomes mandatory for employees with 19 or less from 1st July 2019. STP is a cloud-based reporting system which is intended to streamline the payroll reporting by sending employees salary,
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Do you worry about losing or forgetting to backup your accounting data? Would you like to access your business information or ‘do the books’ while you are on holidays? Would you like to know your businesses financial position well before the end of the Financial Year? If you have been asking yourself these questions then
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