The end of the financial year can be a busy time with the budget announcement in May as well as planning for 30 June. We have put together a newsletter that highlights several key items that may affect you as well as some general tax planning strategies. Click the heading to read more.
The minimum superannuation contribution rate on ordinary times earnings paid to your employees is about to increase from 9.5% to 10%. This takes effect from 1 July 2021. Click the heading to read more.
The Federal budget was delivered by the Government on 11 May 2021. Click the heading to read more.
To assist us in preparing your 2021 FBT Return or FBT addback we have prepared a checklist which applies to most situations. Please use this and the accompanying worksheets to note details of all fringe benefits supplied to employees (or their family members) for the year ending 31 March 2021. Click the heading to read more.
Two standards that will greatly change the way financial reports are prepared and presented were approved by the Australian Accounting Standards Board (AASB). We see both standards particularly affecting AFSL holders and large proprietary companies who may have previously prepared SPFS. AASB 1060 will have some impact on not-for-profit entities who have completed SPFS as well. Click the heading to read more.
There are various caps associated with Superannuation. For the first time since the changes to super on 1 July 2017, these are all set to be indexed from 1 July 2021. Click the heading to read more.
For the those who have missed the first grant of $25,000 there is still a window of opportunity to take advantage of the federal home builder grant of $15,000. Click the heading to read more.
Rates are exceptionally low at the moment, so the summer holiday season may be the perfect time to review your existing loans or future plans. Click the heading to read more.
The first JobKeeper extension period ends on 3/1/21 and in order to continue claiming you will need to retest your revenue by 31/1/21. Click the heading to read more.
If you have been contemplating an early withdrawal of super under the COVID-19 support measure, you should know that there is only a small window you can access your superannuation under the Federal Government’s superannuation withdrawal concession. Click the heading to read more.
Increasingly we are taking enquiries from clients who wish to take charge of their retirement destiny and manage their own super. If you are wondering why people opt for an SMSF to manage their retirement savings we have put together this short, 4 minute, video to answer all your questions. Click the heading to read more.
Returns on term deposits and cash balances in traditional cash management bank accounts are at their lowest levels in history. It is no irony, presently, that cash balances are at historically high levels due to the Covid-19 crisis. It is prudent to consider ways to actively manage your cash and seek enhanced yields. Click the heading to read more.
In order to claim the JobKeeper extension payments, the ATO is requiring that you confirm your decline in turnover by 31 October. Click the heading to read more.
The ATO have provided the following update on the due date for September quarter super contributions. Please make sure that super payments have been made by 23/10/2020 to ensure that funds are processed prior to the 28/10/2020 due date. Click the heading to read more.
COVID-19 has resulted in the most severe global economic crisis since the Great Depression. The 2020/21 Federal Budget is an attempt to lift the Australian economy, gain fiscal strength and provide support to keep Australians in work and businesses in business. The Budget further highlights additional support in response to the health and economic effects of the COVID-19 pandemic and implements the next phase of Australia’s COVID-19 Economic Recovery Plan to create jobs, drive sustainable, private sector led growth while continuing to deliver the essential services on which Australians rely. Click the heading to read more.
The JobKeeper extension program is commencing from 28/9/20. As per our previous correspondence, there is a requirement to pass an additional eligibility test in order to qualify for the first and second extension periods. This news bulletin goes into detail for eligibility and payments. Click the heading to read more.
The Federal Government has expanded the eligibility criteria for employees to qualify for JobKeeper. The key change is that the start date for eligible employees has been moved to 1 July 2020 hence any employees added between 1 March 2020 and 1 July 2020 may now be eligible for JobKeeper in August and September. As a result, employers must, before Friday 21 August 2020, urgently revisit their employee’s eligibility for JobKeeper to ensure your business stays eligible under the one-in-all-in rule and to maximise your JobKeeper entitlements. Click the heading to read more.
Time is running out for employers to apply for the superannuation guarantee (SG) amnesty and catch up on past unpaid super, without incurring a penalty or paying administration fees. Any overdue super paid before 7 September 2020 are also tax deductible. Click the heading to read more.
Further to our JobKeeper bulletin of 28th July the Government has announced two changes to the JobKeeper scheme. The first makes it easier for organisations to qualify for the JobKeeper payment extension from 28th September 2020. The second change adjusts the reference date for employee eligibility. Click the heading to read more.
It has recently been announced that the JobKeeper program will be extended for six months in order to provide support for businesses that continue to be significantly impacted by the pandemic. Click the heading to read more.
At Crispin & Jeffery we are committed to providing you and your business with an outstanding taxation service to help you lodge your tax returns on time and with ease. To assist with the preparation of your 2020 Tax Return, you can use our checklist for individual returns or send through your work on the same platform you have in past years. Click the heading to read more.
- Tax Deduction for Depreciating Assets for Small Businesses - Accounting and Tax Treatment of Stimulus Payments - Superannuation Contributions - Excess Concessional Contributions and Division 293 Assessments - General Tax Planning Considerations Click the heading to read more.
THIS WEEKS CALL TO ACTION A check list of steps to be taking for JobKeeper Payments. Click the heading to read more.
THIS WEEKS CALL TO ACTION A check list of steps you should be taking for JobKeeper payments. Click the heading to read more.
If your small business or non-profit organisation has experienced a 75% decline in revenue as a result of COVID-19, you may be eligible for the small business support grant of up to $10,000. This grant supports the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order of 31 March 2020. For small businesses that are not on the list of highly impacted industries under the Order, a letter from an accountant confirming the decline in turnover will be required. Click the heading to read more.
Reporting through Single Touch Payroll Instructions If you are an eligible employer for the JobKeeper system AND lodging your payrolls via Single Touch Payroll then there are steps that you are required to take to notify the ATO of the eligible employees via STP. NOT Reporting through Single Touch Payroll Instructions Each month, you must reconfirm the eligibility of your business and your reported eligible employees. Click the heading to read more.
Have you taken the necessary steps to receive the JobKeeper COVID-19 Government Stimulus assistance? Sole traders and some other business participants (such as partners, beneficiaries of business trusts or company directors and shareholders) may be entitled to the JobKeeper Payment scheme under the business participation entitlement (not-for-profit organisations are not included). Click the heading to read more.
Eligible entities will be able to enrol in the JobKeeper scheme from 20 April 2020 - an online form will be made available via the business portal. Businesses will need to have enrolled for JobKeeper by 26 April to be eligible to receive the reimbursement for the first 2 fortnightly periods in April. After enrolment you will need to identify specific eligible employees and submit these details to the ATO within 7 days. Click the heading to read more.
The JobKeeper scheme was confirmed as law by parliament yesterday, 8th April 2020. The scheme will commence from 30/03/2020 and will be in place for a minimum of six months. In order to receive the JobKeeper payments eligible employers need to continue to pay eligible employees, the first fortnightly period being 30/3/2020 – 12/4/2020. he ATO have indicated that the easiest way to get access to the reimbursement is via payrolls lodged via Single Touch Payroll. Click the heading to read more.
The Australian Government Treasury have release additional information regarding the proposed JobKeeper scheme. If you have questions about the scheme we encourage you to review this document. Click the heading to read more.
The new legislation in regards to the PAYG withholding cash flow boost was introduced into law with an integrity rule. An entity not being entitled to any amount of the cash flow boost who manipulates their affairs and records with the sole or dominant purpose of gaining access to the measure (or increasing the amount to be received under the measure) may fall foul of the rule. Click the heading to read more.
In recent weeks the Government has made a number of announcements in relation to superannuation in response to the COVID-19 impact on Australians. Click the heading to read more.
Additional information has been released overnight in relation to the JobKeeper program. Click the heading to read more.
On 30 March 2020 the Federal Government revealed a AUD130 billion package with a new JobKeeper payment – a wage subsidy to keep Australian’s in work. Under the JobKeeper Payment, businesses impacted by COVID-19 will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of AUD1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months. The first payment will be received by employers from the ATO in the first week of May. Click the heading to read more.
Important update on Federal Government Stimulus and State taxes. Click the heading to read more.
The world as we know it has changed dramatically in the last few weeks and we are here to help you navigate these challenges. In an effort to do this, we want to provide you with some information regarding the response of the banking sector to the COVID-19 crisis and some of the options that are available to you. Click the heading to read more.
A second stimulus package has been announced that improves the cashflow assistance that has been previously announced. Eligible employers will be entitled to up to AUD100,000 of benefits. There are also State Government incentives, particularly regarding Payroll Tax. Each State is offering different benefits and we are keeping abreast of them for you. Click the heading to read more.
The outbreak of coronavirus (COVID-19) has presented a rapidly evolving challenge that not only has a significant health impact on society but a potentially considerable economic consequence. In response to this, on 12 March 2020, the Federal Government announced a comprehensive stimulus package of AUD17.6 billion to protect the Australian community by ‘maintaining confidence, supporting investments and keeping people in jobs’. From a tax perspective, this includes significant concessions for capital investment in the form of tax write-offs for depreciable assets, as well as cash flow assistance to small and medium-sized businesses. Click the heading to read more.