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COVID-19 Preventing a tsunami of insolvencies

Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can…
JobKeeper: The Next Steps

JobKeeper: The Next Steps

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping Up JobKeeper If your business is no longer eligible for JobKeeper payments, there are a few things you need to do: Advise…
Small Business Support Centre Launches in Newcastle NSW

Small Business Support Centre Launches in Newcastle

The Business Centre will be able to help even more businesses struggling under COVID-19, via the Small Business Recovery Centre, which was launched earlier this month. Thanks to the support of the City of Newcastle, The Small Business Support Centre for six months will offer much needed support to businesses wishing to bounce back. CEO…
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

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…
ATO assistant commissioner Sylvia Gallagher

ATO kicks off ‘soft’ debt collection restart

The ATO has launched a soft restart of its debt and lodgement activities as it looks to re-engage with businesses. Apart from Victoria, where businesses are working towards a staged reopening plan, the ATO has begun reaching out to businesses in other parts of the country as part of its debt intervention activity restart after such…
Staff trying to forecast their business performance and finances during COVID-19

Forecasting During a 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…
JobKeeper Latest Information

What You Need to Know Before the JobKeeper Announcement!

Before the JobKeeper and Stimulus review is announced, we thought it might be a good idea to recap on the latest information and headlines! $2.5 BILLION JOB TRAINER PACKAGE: WHAT YOU NEED TO KNOW The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities. JobTrainer for job seekers and…
New Financial Year 2020/2021

Happy New Financial Year 2020/2021

To all our valued clients,   Happy New Financial Year!   Naturally as I’m sure you’re all aware the past few months have been incredibly challenging for the community in general. COVID19 has created and continues to create enormous health & economic disruption for individuals and families alike. We recognise that many of our clients…
Tax time 2020: ATO homes in on rental deduction claims

Tax Time 2020 | ATO Homes in on Rental Deduction Claims

Rental deduction hotspots for this tax time have now been identified by the ATO as it anticipates a change in claims because of COVID-19 and recent natural disasters. Rental deduction claims continue to be a focus point for the ATO leading into tax time 2020, with the agency doubling its in-depth audits last year on the back…
Planning for EOFY 2020

Tax Time Tips for Side Hustlers this EOFY

With the way we work constantly changing due to COVID-19, some enterprising people have used the extra time to make money through the sharing economy or by establishing a side hustle. If that’s you, then doing your tax return may be a little different this year. Xero teamed up with bookkeeper Jo Doye who shares…
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