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

Forecasting During a Pandemic

September 7, 2020

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…

Peter Holt Assistant Commissioner for ATO

COVID-19 | Trading Conditions could Lead to more TPAR Businesses: ATO

August 6, 2020

Emma Zajac

business, Businesses, Cafe, Contractors, COVID-19, COVID19, Grocery Store, Payment, Restaurant, retail, Subcontractor, Tax, TPAR

Businesses such as restaurants and cafés that moved to a delivery service model in response to COVID-19 restrictions have been urged to confirm if they fall into the taxable payments reporting system this year. ATO assistant commissioner Peter Holt said ongoing coronavirus restrictions have seen businesses pivot and contract out more services, potentially capturing these…

ATO call centre contacting hundreds for eligibility to early access of super

COVID-19 | ‘Hundreds’ to be Contacted in ATO Early Super Compliance Blitz

August 4, 2020

Emma Zajac

ATO, COVID-19, COVID19, Early Access to Super, Super, Superannuation

Hundreds of Australians who applied for the COVID-19 early release of superannuation are set to be queried on their eligibility as the ATO kicks off a pilot compliance program. The ATO will now contact “hundreds” of people who appear to have been ineligible for the early release of super but have gone ahead to raid their…

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

COVID-19 | Trading Conditions could Lead to more TPAR Businesses: ATO

COVID-19 | ‘Hundreds’ to be Contacted in ATO Early Super Compliance Blitz

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