As Coronavirus continues to spread, we are endevouring to help ensure a safe environment for our staff and our valued clients.
In an attempt to minimise the effects of the virus we are implementing the following;
• Cancelling all non-essential business & personal travel
• Ensuring 14 day self-quarantine is strictly adhered to, for any staff members who were required to travel.
• Cancelling gr...oup seminars, conferences and training sessions
• We have placed additional hand sanitizers around the office and administration
• Implemented additional cleaning/disinfectant activities.
• Limiting visitors by recommending alternative contact.
Our aim is to help ensure our clients businesses stay viable during this tough time, by offering our unwavering customer service in different formats e.g phone, skype or email.
We will continue to stringently monitor the situation and be guided by the relevant health authorities.
Please be re-assured for the SAR team it is business as usual albeit with tighter health controls.
The Government rolls out its second stimulus package of $66.1 billion in an attempt to help support everyone affected by COVID19
We will simplify it for you
Cash Flow Support – Business – Stages 1 & 2
Small to medium businesses with an aggregated annual turnover of less than $50 million, that employs staff maybe eligible to receive (in form of a refundable credit administered by ATO) up to $100,000, with a minimum total payment of $20,000 based on their PAYG withholdings.
This is based on 100% of their PAYG withholdings for the employees’ wages/salaries up to maximum of $50,000 over 2 stages.
Eligible employers who pay wages will receive a minimum (tax free) $20,000 even if they are not required to withhold PAYG tax (paid over 3 stages.
E.g. $10,000 paid April 2020, $5,000 July 2020 & $5,000 Oct 2020).
Note: The tax-free payment will be calculated and paid by the ATO as an automatic credit to an employer, upon the lodgment of activity statements from 28th April 2020, with any resulting refund being paid to the employer.
Income Support Payments
A six month ‘Coronavirus supplement” support payment of $550 per fortnight will be paid to individuals who are currently eligible for certain income support payments, such as Jobseeker Payments, Youth Allowance & Parenting Payment.
Eligibility to this support payment has been eased to include self-employed and sole traders.
Furthermore these payments will be in addition to their normal payments.
Tax-free stimulus payments of $750 will be paid to eligible recipients (concession card holders (except those receiving income support of $550)) over 2 stages, from 31 March 2020 and from 13 July 2020.
Early access to Superannuation benefits
The government has introduced a new compassionate ground of release that will enable an individual to access $10,000 of their superannuation tax free to assist them to deal with the adverse effects of Coronavirus but only if the meet one or more of the following criteria
The individual is unemployed
The individual is eligible to receive Job Seeker payment, youth allowance, parenting payment
Or after 1 January 2020 either, the individual was made redundant or their working hours were reduced by at least 20%
Or the individual is a sole trader – their business was suspended or there was a reduction in business turnover of at least 20%.
Additionally the individual will be able to also access an additional $10,000 from July 2020. (Totaling $20,000 over two financial years 2020 & 2021 with 6 months between drawdowns.
Please contact us should you require any further information.
Take care everyone, together we can overcome this historical uncertain time xx
As the COVID19 pandemic continues and the uncertainly and instability of the economy continues, we would like to re-assure you that for us, it is business as usual.
The safety of our staff and our valued clients remain of the upmost importance for us and for that reason we are now implementing the following measures effective immediately.
Staff will now be working remotely and be available by phone, email & messenger during our normal opening hours. Mon, Tues, Thurs, Frid - 9am -5pm
Change to physical office opening hours – now Monday & Thursdays.
To assist you in dropping off your documents, we will have the office open Monday’s & Thursday 9am – 5pm. (Please contact us should you require a time outside this)
Please note strict guidelines set out by Queensland Health and Governments will need to be adhered to at all times.
The drop off will be in the form of knocking and opening the door, placing documents on designated area inside the door and leaving, the documents will then be retrieved by staff member.
We are very fortunately to live in time where we have access to so many mediums e.g. email, fax, skype, zoom, phone, messenger and cloud based software, this enable us to continue to provide you with all normal services and to guide you through this crazy fog of government legislation.
Take care everyone xx
Undoubtable the “Jobseeker Payment” has been a great initiative and is creating a lot of interest and confusion. We have been inundated with phone calls with clients seeking clarification….. we will endeavour to clarify a few things for you.
The key measures of availability are:
1. Ascertain that your business has satisfied the 30% downturn in business.
This can be determined is by comparing your GST turnover for March 2020 with your GST turnover for March 2019 (this is a onetime requirement).
2. The $1,500 per fortnight is a reimbursement of wages already paid to eligible employees (see previous blogs for full details on eligible employee)
3. First fortnight is 30 March 20 to 12 April 20 and will continue on a fortnightly basis at this stage until 27 September 2020.
4. Ascertain which of your employee’s are eligible and have them complete the “Jobkeeper Employee Nominations Form” (this is vital). ato.gov.au/jobkeeper.
5. Continue to pay at least $1,500 to each eligible employee per fortnight.
6. Enrol from 20 April 2020 for Jobkeeper payment through your MYGOV or we can do this for you. You must do this before end of April to claim reimbursement for April.
7. This is also available to Sole Traders.
8. As a partner in a partnership, adult beneficiary of a trust or shareholder or director of a company you may also be eligible as “business participants”.
As this is uncharted waters for everyone we understand that you may require more information relevant to your business. We are here to assist you if you require any further information. Although you may find it a little easier via email email@example.com , due to the large volume of calls we are currently receiving, alternatively the ATO offer great in-depth information on their website.
Stay safe everyone xx
Jobkeeper Payment details still not available
Bill was passed last night but full details are not available yet.
Last night, the Coronavirus Economic Response Package bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, it did not contain the finer details of how the Jobkkeeper Payment Scheme will operate.
What it did was set up a framework including giving the Treasurer the power to make Rules, by way of Legislative Instrument, as to how the Scheme will work. The Rules are not currently available.
ATO’s role in the Jobkeeper Payment Scheme
Further, as previously announced by Treasury, the Commissioner of Taxation will be given certain discretions relating to the operation of the Scheme, including the ability to provide alternative turnover tests that can be satisfied if the tests already announced by Treasury cannot be met (e.g. that businesses with a turnover below $1 billion must have had or will have at least a 30% reduction in their turnover due to the effect of COVID -19).
It is anticipated that the ATO will make this information available once Treasury has released the Rules.
We believe this information is imminent and as soon as it is available, we will be working quickly to provide you with all the information you need to assist you.
We believe the information previously announced by the Government, will be the whole, and representative of how the Scheme will end up operating.
Stay tuned, we will update you as soon as it comes to hand.