News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Cash flow boosts start rolling
Following the lodgement of March’s activity statements, companies will now start to receive tax free cash flow boosts delivered through the Australian Tax Office (ATO) as credits in the activity statement system. For many small and medium sized businesses, this will be a lifeline while they battle to keep afloat due to the economic impact of Covid-19. These cash boosts will be between $20,000 and $100,000 to eligible businesses. The amount will generally equate to the amount withheld from wages paid employees from March to June (monthly or quarterly). A second cash flow boost will be delivered when activity statements are lodged for the period of June to September. These credits will be equal to the total boost credits from March to June 2020. It is automatically calculated by the ATO, so it will be credited to your account when you lodge your activity statement. The key eligibility requirement is that businesses must have been an active employer from 12 March 2020. This includes having an Australian Business Number (ABN), and the business has lodged on or before 12 March 2020 at least one [...]
Covid-19 Q&A (4) Sole trader question…
Can I claim the JobKeeper payment as a sole trader if I am receiving salary and wages from an employer who is not claiming the JobKeeper payment as their business has not been affected by the downturn? No. In this case you would not be eligible for the JobKeeper payment because the taxpayer is an employee of another entity. This conclusion would be the same whether the taxpayer's employer qualifies for JobKeeper payments or not. As a sole trader, you may be eligible for JobKeeper as an eligible business participant. You can easily check your eligibility online – see JobKeeper Payment – Sole traders and other entities. To help you navigate the new legislation and how it applies to you, Taxpro Australia has appointed a dedicated accountant to answer your enquiries. You can contact Bruno direct by calling him on 0414 800 171 or email: bruno@taxproaustralia.com.au.
ATO announces automatic deferrals and penalty waivers due to Covid-19
Taxpro Australia has been very busy assisting clients with advice on how to claim the numerous Government stimulus measures introduced to support business through the Covid-19 pandemic. With mounting pressure from the industry, the ATO has now recognised that to ensure a well-functioning tax system, there needs to be some tolerance on non-lodgements and non-payments throughout this challenging period. As a result, a number of deferrals and penalty waivers have automatically been applied. Company 2018-19 income tax returns have been extended to a new due date of 5 June 2020 Self-managed Super Fund (SMSF) 2018-2019 annual returns are now due on 30 June 2020 2019-20 Fringe Benefits Tax (FBT) annual returns have also been automatically deferred to 25 June 2020 2018-19 income tax returns for individuals, partnerships, and trusts can be lodged by the 5 June concessional due date, provided clients pay any liability by this date. Please make a note of the extended deadlines and if you have any questions, please contact your Taxpro accountant direct or for general enquiries call Chloe on 08 9240 7629 or email: admin@taxproaustralia.com.au We have been keeping you up to [...]
Covid-19 Q&A (3) I have enrolled for the JobKeeper subsidy for my employees. I understand that the first payments will be made in the first week of May, however do I need to pay all employees the $1,500 out of my own account from 30 March until the JobKeeper payment comes through? GalleryCovid-19 Q&A (3) I have enrolled for the JobKeeper subsidy for my employees. I understand that the first payments will be made in the first week of May, however do I need to pay all employees the $1,500 out of my own account from 30 March until the JobKeeper payment comes through?
Covid-19 Q&A (3) I have enrolled for the JobKeeper subsidy for my employees. I understand that the first payments will be made in the first week of May, however do I need to pay all employees the $1,500 out of my own account from 30 March until the JobKeeper payment comes through?
Yes. And you must do this to be eligible. Employers need to pay their employees a minimum of $1500 per fortnight (before tax) from 30 March 2020 or they will cease to qualify for the JobKeeper payment. There is no way around this. As a result, cashflow in April is a big concern for businesses until the Jobkeeper payments commence in May. The Government is providing temporary cash flow support of up to $100,000 for eligible small and medium-sized businesses, and not-for-profits (NFPs) that employ staff to help with their cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff. This will be done through two sets of cash flow boosts, with the first delivered from 28 April 2020, through credits in the activity statement system. Eligible businesses do not need to apply with a separate form. For a more detailed look at what is available, and the eligibility criteria please click here There are also safety net measures in place for businesses in financial distress. A temporary increase in the threshold at which creditors can issue [...]
Dedicated accountant for JobKeeper package questions
The launch of the Government’s JobKeepers wage subsidy package that will ensure eligible employers will be paid $1,500 per fortnight per eligible employee from 30 March 2020, has inevitably raised many questions about how it applies to individual circumstances. We have been keeping you up to date with the latest Government releases in our downloads section which have provided more detail about the eligibility criteria since the announcement, however there are still areas within the new policy that are unclear. To help answer your questions, we have appointed our Taxpro accountant, Bruno de Paiva, as your resident expert on all things related to the JobKeeper payments. He has been in constant touch with Government departments to have the latest information and knowledge about eligibility, claiming payments, and proving income loss due to the Coronavirus pandemic. To help you navigate the new legislation and how it applies to you, you can now contact Bruno direct by calling him on 0414 800 171 or email bruno@taxproaustralia.com.au. We hope this helps you during this difficult time.
Covid-19 Q&A (2) Do I still have to pay my vehicle rego and rates?
In short, yes. On 15 March 2020, WA premier Mark McGowan announced that all household fees and charges including electricity, water and vehicle registration were to be frozen as part of the Covid 19 economic relief package. The key word is ‘charges’. Electricity prices Water prices Public transport fares Motor vehicle charges Emergency Services levy By ‘frozen’ it means that the bills will not increase during the pandemic crisis, it doesn’t mean they are temporarily cancelled, and you don’t have to pay. In the State Budget, household fees and charges were set to go up by, on average, $127 per household from 1 July this year. This decision means that West Australians won't have to pay more for power, water, public transport, vehicle charges and the emergency services levy in 2020-21 than they do now. Keeping you updated We have received many questions from our clients in relation to these. To help, each week, we will be choosing some of the most frequently asked questions and providing the answer (to the best of our knowledge at the time of publishing) both on our website [...]
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