Update Friday 5 February
Happy New Year to you all.
We hope that this year offers a sense of renewal and peace.
Our team is refreshed and ready to take on 2021!
It has been encouraging to see so many clients eager to review their financial circumstances. Our team has also received positive feedback from prospective new clients that are seeking more business advice.
The office is still running under Covid guidelines. If you are on the premises for more than 10 minutes you will need to register via a QR code at reception, socially distance and sanitize your hands.
For any more information please contact the office for assistance we are always here to help.
The second JobKeeper extension has started. It covers the JobKeeper fortnights between Monday 4 January and Sunday 28 March 2021.
You might be eligible for JobKeeper extension 2 even if you weren’t eligible for extension 1.
If you are eligible, you can enrol for the second JobKeeper extension until the end of the program.
To be eligible you need to show that your actual GST turnover declined in the December 2020 quarter relative to a 'comparable period'. This is generally the December 2019 quarter.
There are different payment rates for eligible employees in the second JobKeeper extension. These are:
Tier 1: $1,000 per fortnight (before tax)
Tier 2: $650 per fortnight (before tax).
Find out about:
Source and credit: ATO.gov.au
Are you keeping the right records for your business? The new year is a great time to check. The ATO's record keeping evaluation tool only takes about five minutes to use and helps you assess how well you’re keeping your business records.
Simply choose via the link below what applies to your business and the kind of records you keep, and you’ll get a report based on the information you’ve provided. The ATO can't access the information – so only you will see if you’re doing well or if there’s room for improvement. Remember the rules of good record keeping:
keep all records that are relevant to your business’s tax and super affairs
safely store your records in a way that protects them from being changed or damaged
keep most records for five years
you need to be able to show the ATO your records if they ask for them
they must be in English or easily converted to English.
Records you may need to keep include:
BPAY or PayPal records
tax invoices for purchases over $82.50
stocktake records
a list of creditors and debtors
wages records (including directors' fees)
Super guarantee contributions paid to each employee and how they were calculated.
Find out about:
Source and credit: ATO.gov.au
From 1 January 2021 the law relating to employees and their choice of superannuation fund has changed.
New workplace determinations and enterprise agreements made on or after this date must now offer employees the right to choose the super fund to which you pay their compulsory super contributions.
Once a new determination or agreement is in place, you need to offer choice of super fund to:
existing employees who request to choose their super fund
all new employees.
An employee can nominate their fund by completing the standard choice form through ATO online services linked to their myGov account.
Alternatively, you can give your employee a Superannuation (super) standard choice form to complete (see link below).
You must then pay the employee's compulsory super to their nominated fund.
If an employee doesn't nominate a fund, you can continue to pay their super to the same fund you previously contributed to, or into your default fund.
Next steps:
Source and credit: ATO.gov.au
Is it time to seek some Business Advice?
According to a recent study by Xero, Google searches for ‘business continuity plan’ leapt 600% year on year.
As the name suggests, a business continuity plan is a set of strategies to help you power on through a disruption. That disruption might be the loss of a key customer or supplier; a fire, flood, or recession; or, say, a global pandemic.
Business continuity planning sounds complicated but a good framework will assist you in keeping an eye on how to adapt in any crisis. It empowers people that are not natural leaders. They are given the tools to see what needs to be done and step up when others may be finding it more challenging. (Credit: S. Hennah, Business Sorter).
If you need a plan - let's help you get started.
Source and credit: Xero.com.au & Sally Hennah, Business Sorter, for Xero business trends 2021
22 February 2021 January monthly BAS due
In support of Beyond Blue, we are aware of the difficulties so many have faced in the past year. Beyond Blue supports the places where we live, learn, work and play to tackle stigma and discrimination and champion mental health and wellbeing. They provide information, advice and support to help all people in Australia achieve their best possible mental health. Beyond Blue plays a lead role in the national effort to prevent suicide.
If you or someone you know requires immediate assistance, contact the Beyond Blue Support Service to speak with a trained mental health professional who will listen, provide information, advice, and brief counselling, and point you in the right direction for further support. This service is free and available 24/7.
Phone: 1300 22 4636 or Email or online chat: beyondblue.org.au/getsupport
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