Klein Accounting

02/06/2022

Tax time update: Superannuation changes that affect all employees and employers:
From July 1 superannuation guarantee increases from 10% to 10.5%. Also, removed is the eligibility threshold of $450 per month. 😊 Get in contact if you need further information.

04/06/2021

COVID SUPPORT For Business - you can access the eligible industry codes here for the Vic Government Business Costs Assistance Program. Unfortunately, If you are not on this list, you are not eligible for this funding.

If your ANZSIC industry code is not on this list, you are not eligible for funding through the Business Costs Assistance Program Round Two.

04/06/2021

COVID Support For Employees -
Applications for employees open June 8 for the Federal Government COVID Disaster Payment. You can apply for this payment directly from Centrelink from your myGov account. You can find the media release here.

04/06/2021

COVID SUPPORT For Business Owners -
Applications are now open for the Victorian Government Business Costs Assistance Program. Applications close 24 June or when program funds are exhausted, so do not delay your application. You can follow this link for program guidelines. Please note one of the eligibility criteria is being registered for GST.

The Victorian Government has launched a new round of grants for eligible small to medium businesses, including employing and non-employing businesses impacted by the recent restrictions in Victoria.

23/12/2020

26/08/2020

For those with a little bit of time on their hands - check out these free online courses. It’s a great opportunity to upskill your business!

Upskill My Business

22/07/2020

Jobkeeper 2.0 - the basics explained

10/07/2020

New assistance announced by the Victorian State Government.

The Victorian Government will provide more support to help businesses and workers through to the other side of the coronavirus pandemic. The Government has announced a $534 million Business Support Package – the latest support measures on top of the $6 billion in economic relief already invested

30/06/2020

Not sure if your government payments are taxable? Find out more in the ATO guide.

If you’ve received a government stimulus payment this financial year, do you know whether you need to include it in your tax return? Different payment types are reported differently:
👍 JobKeeper payments – if you’re an employee these will be included on your income statement as salary and wages or an allowance.
👍 JobSeeker payments – need to be included in your tax return and will also be included on your Centrelink payment summary.
👎 Accessed super – you don’t need to pay tax on COVID-19 early release of super amounts, so you don’t need to include this in your tax return.

No need to manually fill this out, most info will be automatically included in your tax return by late July. For more info about other income you need to report, visit www.ato.gov.au/Individuals/Lodging-your-tax-return/In-detail/Tax-essentials/?page=1

25/06/2020

For individuals: TAX TIME - it’s nearly here! When should you lodge your return? Whether you lodge yourself or via a tax agent the best time to lodge is mid August. Why? This is when you can expect the ATO to have your pre-fill info fully up to date. It will save errors and time! 💰 ⏰

25/06/2020

For businesses: Instant asset write was set to revert to $1000 from July 1 - the $150,000 limit has now been extended til 31 December 👍

Businesses: The increased instant asset write-off has been extended to 31 December 2020! This means that eligible businesses can continue to invest in assets that cost less than $150,000 each 🏪

Check out what you can claim at www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/