The COVID-19 Blog is written by our principal Daniel Rands. These blogs are aimed to help businesses navigate the changes caused by COVID-19. For more information, contact us.
JobKeeper – Three critical Fridays coming up. If you are enrolled in JobKeeper or if you or someone you know is not enrolled but maybe should be, then the three coming Fridays are critical for you. If there are any business owners who are unsure about their eligibility, they should email [email protected] for an obligation free assessment.
Cash flow boost on your BAS denied by the ATO because your 2019 tax return was late, or you are not registered for GST? The ATO is wrong to do that and there are things you can do about it. It is correct that the Rules require that that you have either lodged your 2019 tax return before 12 March 2020 or made taxable supplies and advised the Commissioner of this before that date. I am aware of instances where the cash flow boost has been denied by the ATO because of strict adherence to this timeframe, but that approach has been done without regard to the next line of the Rules which says 12 March or “a later time allowed by the Commissioner”.
Are you sure you shouldn’t register for JobKeeper? Its not to late. JobKeeper is a federal government subsidy to support businesses which have suffered a downturn as a result of COVID-19. Eligibility is from a decline in 2020 turnover compared to 2019. There are a number of alternative tests for businesses which have not been established for twelve months, which have made acquisitions in the last twelve months, have been impacted by natural disaster or have suffered irregular turnover. While the subsidy is principally in respect of employees, business owners and related parties can also be eligible for the $1,500 benefit in certain circumstances if the business itself is eligible.
JobKeeper - The Critical Last Step. Most businesses knew there was a place on the Australian Taxation Office website for expressions of interest in JobKeeper support and a number have registered themselves without help from accountants. There is, however, final necessary and critical step which has not received publicity and my observation is that it is not widely known. The further step is the lodgement of a monthly claim form, needed each month for the term of JobKeeper. The form requires the employee information and business turnover details. This is a very valuable programme and the difference between a business continuing and failing. Businesses should ensure they do not miss out because crucial documentation is missed.
Why I didn't send everyone home and shut the office. Daniel Rands explains why he chose to keep the office open.
An important update on the JobKeeper wages reimbursement system. The enabling legislation was passed by Parliament last night, but this does not mean that all details have now been made available or even worked out yet. The law has been structured to allow the Treasurer to make ‘rules’ for the operation of the JobKeeper wages reimbursement system. These rules will set out the finer details for aspects such as employer eligibility and, no doubt, address anomalies and areas of concern as the system is implemented.
The importance of your March 2020 BAS - The March 2020 BAS is important because a major part of the Federal Government’s support measures for small businesses is a tax free credit on the BAS. If you need to lodge your March BAS electronically, to speed up the processing time, we have the technology to prepare the BAS and arrange your signing without you leaving your home.
Can you get rent relief where your self managed super fund is your landlord? - Our principal Daniel Rands has received the following information from the SMSF Association, as a member service following its dialogue with the Australian Taxation Office.
The Impact of Coronavirus on Family Law Property Settlements - Daniel Rands is forensic accounting specialist, as designated by Chartered Accountants Australian New Zealand, who practices extensively in Family Law.
Summarising both of the governments business support packages - The government’s second business support package was released over the weekend. Our principal, Daniel Rands, has summarised the total package from both announcements as they impact on business.
Advice for businesses - Businesses in Australia will be planning how they respond to COVID-19. Our principal Daniel Rands has written an article urging them to implement income boosting measures in this difficult time. The article recommends a creative mindset looking at all options, rather than cutting back on staff or other “costs” as the business’ only response.
Summarising the government's first business support package- The government’s first business support package contained a number of measures which will be of assistance to Australian businesses turning over less than $500 million.