Update 1 August
If you’re a business, sole trader or not-for-profit organisation in NSW and you've been impacted by the recent COVID-19 restrictions, you may be eligible for the 2021 COVID-19 JobSaver payment.
JobSaver will provide cash flow support to impacted businesses to help maintain their NSW employee headcount on 13 July 2021.
Eligible businesses and not-for-profit organisations with employees will receive fortnightly payments backdated to cover costs incurred from week 4 of the Greater Sydney lockdown (from 18 July 2021 onwards).
How much
Employing businesses: 40% of their weekly NSW payroll, with payments between $1,500 and $100,000 per week
Non-employing business: $1,000 per week
Eligibility
A revenue decline of 30% or more
Turnover between $75,000 and $250 million
For more information click on the link below.
Source and credit: Service.NSW.gov.au
If you’re a micro-business (small business, sole trader or not-for-profit organisation impacted by the recent COVID-19 restrictions, you may be eligible to apply for a fortnightly payment of $1,500 to cover business expenses for the duration of the Greater Sydney lockdown.
The 2021 COVID-19 micro-business grant provides cash flow support for micro-businesses in New South Wales who have had their work impacted by the restrictions while continuing to incur business costs.
Eligible applicants can use the grant for business costs incurred from 1 June 2021 and for which no other government support is available, including:
salaries and wages
utilities and rent
financial, legal or other advice
marketing and communications
perishable goods
other business costs
How much
$1,500 per fortnight
Eligibility
A turnover between $30k and $75k
A revenue decline of 30% or more
Businesses that provide the primary income source for a person associated with the business.
Applications will close at 11:59pm on 18 October 2021.
Source and credit: Service.NSW.gov.au
Do you rent your business premises? Or are you a landlord who rents out commercial property?
If your landlord gave you a rent concession, or if you're a landlord who has given a rent concession to a tenant because of COVID-19, you need to consider this in your tax returns.
There may be changes to the income you declare, deductions you can claim and your GST and capital gains tax (CGT) obligations.
The changes will depend on:
the type of rent concession (such as a waiver or deferral) you’ve received or given
if an existing agreement has changed, or a new or additional agreement has been created.
For landlords, the changes will also depend on whether you use cash or accruals accounting. For example, if you are a tenant that had already paid your rent for August 2020 but your landlord waived and refunded the amount to you, you’ll still be entitled to claim a deduction for the rent in your 2020–21 tax return. However, you should also include the refunded amount in your assessable income.
Find out about:
Source and credit: ATO.gov.au
With a new financial year just beginning, you may be thinking about hiring people for your business. Before hiring a new worker, you'll need to determine if they're an employee or contractor. To do this, you must consider the whole working relationship.
An employee works in your business for your business, whereas a contractor is running their own business.
Apprentices, trainees, labourers and trade assistants are always employees, never contractors.
It's important to correctly classify your workers, as it affects:
your tax, super and other obligations
your workers' entitlements
There are checklists and information available to help you understand what your obligations are for each worker. These tools help you get it right during the engagement process.
If you're hiring for the first time, the Employment Contract Tool can help you make a basic employment contract for full-time, part-time and casual employees who are covered by an award.
Remember, it's important to keep up-to-date records, including records that show how you classified your workers.
Next step:
Find out the Difference between employees and contractors
Source and credit: ATO.gov.au
Employers should now be reporting through Single Touch Payroll (STP), unless they only have closely held payees or are covered by a deferral or exemption.
Changes to STP reporting for small employers with closely held payees and to quarterly reporting for micro employers applied from 1 July 2021. This may affect how you report to us.
After 1 July 2021, employers must report any closely held payees through STP. You can report these payees each pay day, or you can choose to report this information quarterly.
STP quarterly reporting concessions for micro employers will only be available to micro employers who meet certain eligibility requirements. These now include the need for exceptional circumstances to exist.
Employers who haven't started reporting through STP and don't have a deferral or exemption need to start reporting now.
Source and credit: ATO.gov.au
If you wish to arrange a telephone appointment or zoom meeting with one of our team please contact our office either by telephone or email.
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