Recent Posts

Archive

Tags

Update 1 July


We hope that 2021-22 brings with it fewer challenges and more financial prosperity.


As we reflect on the year behind and the year ahead, our dedicated team want to reassure you that we are here to support you through whatever the New Year brings us.

For small businesses of 20 or fewer employees including sole traders, they’ll be eligible for grants of either $5000, $7000 or $10,000, depending on the nature of the loss in turnover they can demonstrate. A tourism or hospitality related business can claim the grants if its turnover is less than $10 million each year.


Small businesses who experience a 70 per cent decline in turnover can access $10,000, those who have experienced a 50 per cent decline can access $7000 and those who have experienced a 30 per cent decline can access $5000.


The final application details have not been finalised, we will let you know as soon as they are released.


Application for the grants will be via Service NSW. For more information on current grants available click link below.


Source and credit: Business NSW and Service.nsw.gov.au

Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 received royal assent on 22 June 2021. From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members.


If you are considering expanding your fund, you will need to consider things such as what your fund’s trust deed allows, the structure of your fund, and its reporting requirements.


Some State and Territory laws restrict the number of trustees a trust can have. Because an SMSF is a type of trust, your fund may be impacted by these restrictions. To avoid this issue, you can set up your SMSF with a corporate trustee and each member as a Director of the corporate trustee.

It is important to seek professional advice and check State or Territory law restrictions before registering or expanding your fund.


The ATO are currently implementing the necessary system changes to enable SMSFs to add members five and six to their fund through the Australian Business Register (ABR). We recommend you wait until the ABR is updated before you register or update your fund with more than four members.


If this is not possible, an interim solution will be available from 1 July 2021 and can be used to add a fifth or sixth member.


For more information:

Keep up to date:

Source and credit: ATO.gov.au

JobKeeper payments are taxable, so you need to include them in your tax return.


If you’re a sole trader, partnership, company or trust that's received JobKeeper payments, the ATO will contact you or one of our team by early July to let you know:

  • the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out

  • where to report JobKeeper payments in your tax return.

From early July, sole traders who've received JobKeeper payments for themselves and any eligible employees will also be able to find the total amount of JobKeeper payments they’ve received through Online services for business, myTax or one of our team can assist.


The amount will be provided as ‘information only’ and will not be mapped to a label.


Here are some important points about including JobKeeper payments in your return:

  • You don’t need to include any JobKeeper payments that you’ve already repaid (or are repaying to the ATO) in your return.

  • You should review and cross-check the payment amounts against your own records to make sure they're accurate.

Find out about:

Source and credit: ATO.gov.au

JobKeeper payments are taxable, so you need to include them in your tax return.


If you’re a sole trader, partnership, company or trust that's received JobKeeper payments, the ATO will contact you or one of our team by early July to let you know:

  • the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out

  • where to report JobKeeper payments in your tax return.

From early July, sole traders who've received JobKeeper payments for themselves and any eligible employees will also be able to find the total amount of JobKeeper payments they’ve received through Online services for business, myTax or one of our team can assist.


The amount will be provided as ‘information only’ and will not be mapped to a label.


Here are some important points about including JobKeeper payments in your return:

  • You don’t need to include any JobKeeper payments that you’ve already repaid (or are repaying to the ATO) in your return.

  • You should review and cross-check the payment amounts against your own records to make sure they're accurate.

Find out about:

Source and credit: ATO.gov.au

We would like to welcome Jody Hawes to our team. She will be able to assist with directing your enquiries and making appointments as well as supporting our Administration team.


Jody has recently returned to the workforce after having time off to start a family.


She has worked in a variety of office and administration roles, in Australia and also for the 5 years while travelling around the world.


Jody recently completed her Certificate 4 in Accounting and Bookkeeping and would like to become a Bookkeeper in the not-to-distant future.

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.