The pandemic has been one of the most significant tests of resilience many businesses have ever faced. But one of the hard realities of business is that there are countless challenges which can test a business’ sustainability and resilience over time. Economic volatility or recession, talent shortages, higher costs and increased competition can all threaten a business’ viability. The most...
Is my business ready to outsource our accounting? There are several signs your business may be in need of an outsourced accounting services: You’re investing too much money and time into in-house accounting You’re not happy with how your accounting or bookkeeping is being handled in-house You’re on the cusp of growth and could benefit from more sophisticated financial governance...
JobMaker, the Federal Government’s most recent financial support package for Australian businesses, aims to target and lower the youth unemployment rate through bolstering wage costs of newly created jobs for the younger generations. Registrations for the federal government JobMaker credit program opened on 7 December 2020 and can be claimed from 1 February 2021 for the first period (7 October...
This is an urgent reminder for all employers that the Super Guarantee Amnesty ends on 7 September 2020. Now is the last opportunity you will have to catch up on any unpaid super without increased significant penalties applying. If you have paid the right amount of super for your employees, you don’t need to do anything further. If you are...
The Government yesterday announced the future of JobKeeper and JobSeeker along with other income support measures. We’ve created a client update to help with the changes. “We will do what is practically needed” Prime Minister Scott Morrison JobKeeper 2.0 The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to...
Budgeting for your Business in 2020 As a result of the global pandemic last years budget most likely didn’t pan out quite as you expected and forecasting for 20/21 may seem nigh on impossible. It is more important than ever, though, to have a plan and a plan B and a plan C. So now is an excellent time to...
As we approach 30 June, we thought it was timely to give our clients a refresher on some common EOFY tax planning tips, and also point out the key changes for the 2020 tax year that may impact you and/or your business. If you have any questions at all regarding any of the below as you prepare for 30 June,...
There have been a number of key JobKeeper developments over the past couple of weeks: ATO ruling on calculating GST turnover LCR 2020/1 was released on Monday and provides detailed guidance on calculating GST turnover for JobKeeper purposes. The ATO sets out 4 possible alternatives that could be used to undertake the calculations, including using the GST attribution rules. The ATO...
Further details have now been released giving some clarification around the new JobKeeper Package. There is plenty of information to digest at the moment so here are the key points. Registration Requirements: Online application (not just expression of interest) available through ATO from 20 April to be completed by 26 April with payments commencing first week May Determine employee eligibility...