Two Bays Bookkeeping

04/08/2020

For any businesses that need to fill out the work permit.
Please find attached 😊

09/04/2020

Good morning,

JobKeeper payments were made legislation overnight.

QUICK SNAP SHOT
· There is no application in place just yet. You can register for updates using this link https://www.ato.gov.au/general/gen/JobKeeper-payment/
Or wait for our updates to say applications are open.
· JobKeeper payments will be paid for the period 30 March 2020-27 September 2020
· JobKeeper payments are $1500 per employee paid to the business.
· The business must pay the full amount on to the employee less tax withheld. This will be reported through STP.
· Paid to entities whose employees who were part time, full time or casual for at least 12 months at 1 March 2020.
These employees may have been stood down or rehired and they still count
· First payments will be made in the first week of May for the period 30 March- 12 April
· Business Turnover must be less than $10 million to qualify
· Turnover must decrease by 30%- There are several tests to establish eligibility here.
BAS lodgement will be the most practical method, however there are other options.
· If the business does not have a decrease in turnover at 30 March 2020, you can apply for JobKeeper later down the track when you do meet the 30%
· Sole traders can apply and list themselves as the employee
· Partnerships and Trusts that do not pay wages can apply, however, only one can be nominated to receive the JobKeeper payment
· For self- employed the ATO will administer the program with an online application process.
You may be asked to provide your ABN and a single Tax File Number for the eligible recipient of the JobKeeper Payment, and a declaration of business activity

Hope everyone is keeping safe and well 😊

Register your interest for JobKeeper payment.

02/04/2020

Good Afternoon

Parliament is sitting next week so we hope to have answers to all the questions in regards to the COVID-19 stimulus by Thursday including clearer details on who can claim and how to claim.

As soon as we find anything out we will let you know.

In the meantime we are hoping everyone is keeping safe and staying positive 😊

27/03/2020

Covid-19 Update
Two Bays Bookkeeping is committed to keep you all informed of Government generally, and ATO specifically, information that will assist you in some part, in dealing with the economic crisis Covid-19 is/has created.

Australian Taxation Office
We have been advised by the ATO, extensions for payment of all 2019 Income Tax Assessments and Taxation arising out of lodgement of Activity Statements will be automatically granted (on application) until the 3rd quarter of 2020.
The one stipulation to qualify for this extension, is the lodgement of all Income Taxation Returns and Activity Statements by the due dates for lodgement.
Should you need an extension for payment of your Income Taxation commitments, contact your Accountant , who will forward the application directly to the ATO.

Bankers and Financiers have been accepted with timeliness, and to date, all requests for pauses in Loan/Mortgage payments have been accepted without any issues.

We recommend, where possible, should you require assistance, you contact your Banker to request what immediate assistance is available to you/your business.

This information is provided as part of our ongoing commitment to keep you updated on all information relative to your present circumstances.


Keep Safe

23/03/2020

Dear Clients, Friends and Associates

Over the weekend the Federal Government substantially increased the economic stimulus package from what was released last week.

Here is a brief summary of the main points;
• An increase in the payment to employers from the original announcement of a minimum $2,000 payment to a maximum $25,000 to now be replaced with a new minimum payment of $10,000 and a maximum cap of $100,000 per employer plus extending the applicable period through to the September quarter 2020. These funds are still based on a calculation around the reported PAYGW liability as appearing on ATO Activity Statement lodgements.
The link below provides some practical examples as to how the ATO will arrive at these ‘boosting cash flow payments’
Fact Sheet – Cash flow assistance for business
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf

• Apprenticeship and trainee wage subsidy of 50% of the apprentice’s or trainee’s wage for 9 month period from 1 January 2020 to 30 September 2020 capped at $21,000 per eligible apprentice or trainee ($7,000 per quarter).

• Unsecured (government backed to 50%) loans of up to 250k will also become available

The link below provides further details for this measure

Supporting the flow of credit
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Supporting_the_flow_of_credit_1.pdf

• A reduction of 50% to the minimum pension withdrawal requirements from superannuation funds.

• Access up to $10,000 from personal superannuation prior to 30th June 2020, tax free with a further $10,000 available in the following 2021 financial year.

• Access to government benefits for people affected by the downturn and who due to the economic impacts lose their employment with reduced application waiting times for processing and no assets tests to apply.

• The Victorian Government also announced a refund of all payroll tax paid by employers with payrolls up to $3m, last week the NSW government removed 3 months of payroll tax liability and the Queensland government has also announced similar measures.

We will be working through the legislation underlying the announcements as the finer details are not yet released and will be providing additional clarity. The implications start from the lodgement of your March Activity Statement.

The one thing we do want to remember in these times, are that the underlying measures are directed at retaining and maintaining employment going forward.

In the meantime if you have questions don’t hesitate to call or email us. If you think there are others who could benefit from a conversation with us in these challenging times do not hesitate to forward our contact details.

Kind Regards

Two Bays Bookkeeping

23/03/2020

https://employsure.com.au/wp-content/uploads/2020/03/Employsure_AU_2020_Coronavirus-Guide.pdf

22/03/2020

If you have not seen this link before, sole traders and small/medium businesses can register their interest in the Victorian Governments Economic Stimulus Packages.

Register your interest in the Victorian Government 's $500 million Business Support Fund to support small to medium businesses most impacted by the COVID-19 outbreak.

29/06/2019

20/06/2019

Are you ready for the end of the financial year....?

As the calendar flips its way to June 30, every business owner should take the time to review their finances. Not only is a new financial year a good time to start over with a clean slate, but it’s also an ideal time to review the previous 12 months.
EOFY is a great time to get your accounts in order, prepare your tax return and start planning for growth and future success for your business.
To find out how you can take the stress out of the EOFY why don’t you get in contact with our staff and let us help you 😊

12/05/2019

https://www.facebook.com/141517196670/posts/10156028814746671/

Single Touch Payroll is one of the biggest changes since GST. As such, it also offers many opportunities for accounting practice owners and their SME business clients alike, writes Amanda Gascoigne.