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The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up

ATO Extends Relaxed Approach to PAYG Instalment Variations to New Financial Year

September 15, 2020

ATO, COVID, COVID-19, COVID19, New Financial Year, PAYG, Tax

The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up. In light of the ongoing impacts of COVID-19, the ATO has announced that it will not apply penalties or interest for excessive PAYG variations in the 2020–21 financial year, continuing its approach…

JobKeeper 2.0 Legislation Passed

September 9, 2020

Emma Zajac

JobKeeper 2.0 legislation has now passed both houses, with minor amendments that will ensure accountants are entrusted with issuing the 10 per cent decline in turnover certificate. The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was passed by the Senate on Tuesday after minor technical changes were approved. The bill extends the historic…

Staff trying to forecast their business performance and finances during COVID-19

Forecasting During a Pandemic

September 7, 2020

Emma Zajac

business, Business Owner, Business Plan, COVID-19, COVID19, Forecasting, Pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption is subject to change? Understand…

COVID-19 SMSF Frequently Asked Questions

COVID-19 Self Managed Super Funds FAQ

August 27, 2020

Emma Zajac

ATO, COVID, COVID-19, COVID19, FAQ, Self managed Super Funds, SMSF, Superannuation

If the COVID-19 crisis has impacted your self managed super fund or its members, these FAQ may be helpful. Signature Requirements for Financial Statements Question: I usually attend my accountant’s premises to sign my SMSF’s financial statements. However, I am unable to attend in person to sign them this year due to COVID-19. How can…

Female working from Home due to COVID-19

Working from Home during COVID-19

August 24, 2020

Emma Zajac

COVID, COVID-19, COVID19, Home Expenses, Home Office, Office, Returns, Tax, Tax Returns, Working from home

We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time. Tracking these expenses can be challenging, so we have introduced a temporary shortcut method. It’s a simple way to calculate these expenses with…

COVID-19 | Important: JobKeeper Eligibility Dates Updated

August 18, 2020

Emma Zajac

ATO, COVID, COVID-19, COVID19, employee, Employer, Jobkeeper, JobKeeper 1.0, JobKeeper Eligibility

The JobKeeper 1 July eligibility changes are now in effect, which could see staff employed by 1st July now eligible for JobKeeper, an extension from the previous 1st of March reference date. Employers have been given until the end of the month to satisfy the wage condition. The amendments apply from 3 August, the start of JobKeeper…

ATO JobKeeper Audits of Employer Obligations

COVID-19 | Incoming ATO Audits Tipped to Focus on JobKeeper, Employer Obligations

August 14, 2020

Emma Zajac

ATO, Audit, COVID, COVID-19, COVID19, Employer, Jobkeeper, JobKeeper Payment, Small Business, Tax

JobKeeper audits are expected to go on for two years, while the ATO’s scrutiny of employer obligations is set to continue over the next 12 months, says one audit insurance provider. Accountancy Insurance director Roman Kaczynski noted that while ATO audit activity is significantly down on previous years due to COVID-19, JobKeeper reviews have continued…

Man concerned about his SMSF due to COVID19

COVID-19 and your SMSF

August 13, 2020

Emma Zajac

COVID-19, COVID19, Self managed Super Funds, SMSF, Super, Superannuation

COVID-19 has had an impact on many SMSFs. We look at the key issues. Early Release of Superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will need to ensure their…

Small Business Owner on the phone and computer looking for help during COVID-19

COVID-19 | What Now? Where to Get Help If You Need It

August 12, 2020

Emma Zajac

COVID, COVID-19, COVID19, employee, Employer, Help, Individual, Jobkeeper, Jobkeeper 2.0, Payroll, Small Business, Tax

Help for Business JobKeeper 2.0 The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from…

COVID-19 | JobKeeper 2.0 The New Requirements

August 11, 2020

Emma Zajac

COVID-19, COVID19, eligibility, employee, Employer, Jobkeeper, Jobkeeper 2.0, JobKeeper Payment, jobkeeper2.0

Between April to May 2020, JobKeeper was taken up by 920,000 organisations and around 3.5million individuals – 30% of pre-Coronavirus private sector employment. There have been a number of Government announcements on JobKeeper that impact on business and employee eligibility. Employees that previously failed the JobKeeper eligibility test as they were not employed on…

ATO Extends Relaxed Approach to PAYG Instalment Variations to New Financial Year

JobKeeper 2.0 Legislation Passed

Forecasting During a Pandemic

COVID-19 Self Managed Super Funds FAQ

Working from Home during COVID-19

COVID-19 | Important: JobKeeper Eligibility Dates Updated

COVID-19 | Incoming ATO Audits Tipped to Focus on JobKeeper, Employer Obligations

COVID-19 and your SMSF

COVID-19 | What Now? Where to Get Help If You Need It

COVID-19 | JobKeeper 2.0 The New Requirements

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