News

Payroll Tax and Workers Compensation relief for JobKeeper top up payments

Following on from the previous Payroll tax relief measures, the NSW Government has now announced that any top up payments made to employees for JobKeeper will be exempt from payroll tax. Further, The State Insurance Regulatory Authority (SIRA) has determined that only payments made for work undertaken or…

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TaxWise Business Newsletter – June 2020

Our latest TaxWise newsletter is now available.Topics covered include;JobKeeperCash flow support for employersTax breaks for the 2020 tax returnNews from the Australian Taxation Office Are you ready for tax time?Small business concessionsKey tax datesDownload your copy of the latest TaxWise Business Newsletter here.

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$150,000 Instant Asset Write-off Extended

The Federal Government’s $150,000 instant asset write-off scheme will be extended until the end of December 2020 to support millions of businesses which are set to benefit from the accelerated deductions.After expanding the scheme from covering assets with a cost of less than $30,000 to…

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JobKeeper reminder – Monthly business declaration due 14 June 2020

If you are claiming the JobKeeper payments, you are required to complete a business monthly declaration with the ATO. You must do this in the first 14 days after the month you are claiming for.The ATO will ask you to re-confirm the business participant details…

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COVID-19 NSW Small Business Support Grant – Applications extended Until 30 June 2020

The NSW Government has extended the Small Business Support Grant to ease the pressures on small business as a result of COVID-19. The funding aims to support the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order…

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Super Guarantee Amnesty

Amidst everything that has been happening in Australia since COVID-19, the Super Guarantee Amnesty finally came into effect with The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 receiving Royal Assent.The amnesty provides employers with an opportunity to self-correct historical superannuation guarantee (SG) non-compliance, without…

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JobKeeper Updates: Next steps in enrolment process

The next steps in the JobKeeper enrolment process are now open on the ATO business portal. Step 1: needs to be completed by 31 May in order to claim JobKeeper payments for the initial JobKeeper periods (the fortnights ending in April and May).The additional steps that…

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Single Touch Payroll – Compulsory from 1 July 2020

Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.If you only…

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JobKeeper – Alternative decline in turnover test rules announced

Most farmers currently have no substantial turnover but still highly likely to have had an increase in turnover from last due to coming out of a drought,  which up until now has taken them out of the COVID19 JobKeeper program. However, we now have the opportunity…

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Quick links to the latest Government COVID 19 initiatives

See these quick links for the latest information.Commonwealth GovernmentTo stay up to date with what is happening in the nation make sure you regularly check in with the Commonwealth Government through their website. For coverage of all Commonwealth Government packages, click here.ExportThe Federal Government has…

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