This is the category for small business tips/articles
The Pros & Cons Of A Partnership As A Business Structure If you’re looking to go into business with someone, the chances are that you might be looking at using a business structure known as a partnership. A partnership is a type of business structure that is made up of two or more people who […]
Please see below information from the ATO on Things to consider for your 2020/2021 tax return. 2020–21 has been difficult, but your tax return doesn’t need to be. We have a range of different approaches to help you through this tax time with specific measures and support available for individuals. JobKeeper payment You will need […]
What is Single Touch Payroll? Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to the ATO each time you pay them through STP-enabled software. Payroll information includes: salaries and wages pay as you go (PAYG) withholding superannuation. STP started […]
Are you claiming a tax deduction on super payments? Using the Small Business Superannuation Clearing House (SBSCH)? If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021. This allows processing time for […]
Job Keeper Extension round 2 – Are you eligible? The new Job Keeper Extension period will run from the 4 January 2021 to the 28 March 2021. You can be eligible for JobKeeper extension 2 even if you were not eligible for JobKeeper extension 1 and must have satisfied the original decline in turnover test. You will […]
Job Keeper – Extension 2 4th January 2021 – 28 March 2021 The JobKeeper scheme has been extended from 28 September 2020 until 28 March 2021. There are two separate extension periods. For each extension period, an additional actual decline in turnover test applies and the rate of the JobKeeper payment is different. The extension periods are: […]
The JobMaker Hiring Credit will help to accelerate growth in the employment of young people during the COVID-19 recovery. This will improve their economic, health and social outcomes and reduce the scarring from long term unemployment. The JobMaker Hiring Credit will give businesses incentives to take on additional young job seekers. This will help young […]
Small employers with only closely held payees have until 1-July-21 to start Single Touch Payroll (STP) reporting. You can start earlier if your business is ready. You or your agent has either advised us that you only have closely held payees or you currently receive a lodgment concession for the pay as you go (PAYG) […]
2020-2021 Budget showing that Australians have experienced a year like no other. The COVID-19 pandemic has had a profound impact on Australia’s health system, community and economy, as it has all around the world. The Government has acted quickly and decisively to address the consequences of COVID-19. As a result, Australia has achieved some of […]
Tax Cuts – Change to withholding amounts for employees have been announced by the Australian Government. Personal income tax cuts introduced to apply from 1 July 2020. Updated tax tables are now available for you to reflect the tax cuts in employee’s take-home pay. You must make sure you are withholding the correct amount from […]
