Federal Budget 2020

On 6 October 2020, the Federal Treasurer, Josh Frydenburg, released the 2020-21 Budget. Normally scheduled for the second quarter of the calendar year, the Budget was deferred this year in order to assess the economic impact of COVID-19 and respond accordingly. Please click on the following link to Read More. Read More  Read more

Xero JobKeeper Extension Guide

Xero JobKeeper Extension Guide This guide provides detail around the process of correctly updating and setting up your payroll in Xero and processing payruns for the JobKeeper extension. Xero is constantly posting articles on their Business Continuity Hub, and the Get help for your business section, in particular dealing with JobKeeper payments. Please watch this space for further updates. Please click on the following link to Read More. Read More  Read more

SMSF’s and Rent Relief due to COVID-19

Some Self Managed Super Fund (SMSF) landlords are providing rent relief to their tenants to assist with the financial impact of the COVID-19 pandemic.  This also includes arrangements where the tenant is a related party of the SMSF. It is imperative if rent relief is being provided that landlords follow the Code of Conduct and ensure appropriate documentation is in place. Read more  Read more

Additional Victorian Business Grants

The Victorian State Government has announced a number of additional grants to support businesses that continue to be impacted by coronavirus restrictions. These grants include: Third round of the Business Support Fund This third round of funding will provide grants of either $10,000 (annual payroll < $650k), $15,000 (annual payroll between $650k & $3m) or $20,000 (annual payroll between $3m & $10m) to businesses in sectors most impacted by the…  Read more

JobKeeper 2.0 Update

On 15 September 2020, the Federal Treasurer released the updated JobKeeper Amendment Rules which further clarify a number of requirements for the JobKeeper Extension which commences 28 September 2020. Read More  Read more

JobKeeper 2.0

The Government announced on 21 July 2020 that a modified JobKeeper program will continue for another six months beyond the original end date of 27 September 2020 until 28 March 2021. The redesigned JobKeeper program includes the following two main changes: A two-tiered payment system New decline in turnover test Read More  Read more

Budget & Cashflow Forecast

As we have now entered the new Financial Year and given the restrictions re-imposed on Metropolitan Melbourne announced yesterday, planning and forecasting is crucial for the year ahead. Do you have the following? 2020/21 Budget 2020/21 Cashflow Forecast. If you don’t, you need to ask yourself why? Do you know where your business is heading? To assist you, we revisit “Forecasting and Cashflow Planning” from our March bulletin ensuring that…  Read more

2020 Financial Year Tax Planning Checklist

As the end of the financial year is fast approaching, now is an important time to ensure your tax affairs are in order. This includes consideration of strategies to help manage your taxation obligations by utilising taxation incentives currently available. Outlined below are some tax planning strategies and important reminders. Read More  Read more

2020 Financial Year Super Checklist

With the end of financial year approaching it is important that trustees of superannuation funds and their members review their superannuation affairs to ensure they are in order before year end. Read More  Read more

Working From Home During Covid-19

With the advent of new work arrangements arising from COVID-19, working from home has become the norm for most Australian’s and maybe the case for at least 3 months in the current income year and, quite possibly, 3 months in the next income year. Read More  Read more

JobKeeper Payroll Set Up In Xero

This bulletin provides detail around the process of correctly setting up your payroll in Xero and processing JobKeeper Payments to eligible employees. Read More  Read more

Government Measures For Renters

The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium-sized enterprises (SMEs) affected by coronavirus. A Mandatory Code of Conduct for Commercial Leases has been created. Read More  Read more

Mitigating Downturn And Working From Home

Today is the second part of our series of bulletins “What Action Can You Take to Ensure Business Survival” where we focus on mitigating downturn and the new business normal of working from home. Making pro-active engagement with your key stakeholders is important in ensuring business can run as smoothly as possible during these difficult times. We also focus on the new normal of working from home. Protecting your business…  Read more

What Action Can You Take To Ensure Business Survival

We will be providing regular bulletins to help you get through the next few months, undoubted challenging times for all of us. In this bulletin, we will be covering the essentials to ensure your business survives through the next 6 – 12 months. Read more  Read more

Government Stimulus Update

Since our last bulletin, a lot has happened, and each day is evolving. We will be providing regular updates on the changing economic landscape through bulletins like this which will be available on our website. Both the State and Federal Governments have announced further stimulus packages to keep a struggling economy afloat. Victorian Premier Daniel Andrews described it as “survival” money whilst Prime Minister Scott Morrison referred to the measures…  Read more

Xero’s Getting Even Better – With Hubdoc

Xero and Hubdoc From 18th March 2020, you’ll be able to automate more admin tasks and say goodbye to manual data entry. That’s because Hubdoc, which has a retail price of $27.50 a month, will be included in Xero Starter, Standard and Premium plans. Read more  Read more

Tax Update

Super Guarantee (SG) amnesty for employers On 18 September 2019, the Government re-introduced the Bill to establish the extended proposed one-off amnesty, to enable employers to self-correct historical underpayments of SG, without incurring additional penalties that would ordinarily apply. Read more  Read more

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