The Clock is Ticking
Initially introduced on 6 March 2020, the government super guarantee amnesty is nearing its end.
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Extension of the JobKeeper Payment
Sadly, many Australian businesses are a long way from trending back to 'normal' as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications.
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End of Financial Year Celebrations
Last Friday the Parallax team celebrated the EOFY at Fitzy's Toowoomba. It was a great way to recognise and celebrate the achievements of our awesome employees throughout the past 12 months.
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COVID-19 and Division 7A Relief
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”.
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Regulations Confirm No SG Obligation on JobKeeper Payments Where Work is Not Performed
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020.
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Treasury Laws Amendment (2019 Measures No 3) Bill 2019
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law.
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Why You SHOULDN'T Rush to File Your Tax Return on July 1
As tempting as it is, taxpayers should avoid rushing to file their tax return when the financial year ends on 30 June.
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COVID-19 and Tax Depreciation Reports – Are Physical Inspections Necessary?
Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law in respect of their income-producing properties – for example, a rental property, office building or factory.
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Guidance on JobKeeper Reporting via STP
The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’).
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ATO Reminder for Employers – Finalise STP Data for 2020
The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration.
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Keith Braved the Shave!
On Friday evening Keith shaved his luscious, slightly-greying locks in support of the World's Greatest Shave.
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JobKeeper Declaration Due 14 June
Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.
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Our Office is OPEN FOR BUSINESS!
As of 1st June 2020 our office has reopened. We will continue to operate our normal operating hours of Monday- Friday from 8:30am to 5:00pm.
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ATO Reminder About Salary Packaged Super
The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (‘SG’) obligation their employer has even though doing so reduced their Ordinary Time Earnings.
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Small Business COVID-19 Adaption Grant Program
The Queensland Government has announced a new grant program to support small and micro businesses who have been highly impacted during the COVID-19 lockdown. The grant aims to see businesses adapt and sustain their operation, and build resilience.
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SMSFs May Be Able To Offer Rental Relief To Related Party Tenants
As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property may want to give a tenant – who is a related party – a reduction in rent because the related party tenant has had a collapse in revenue.
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Act Now To Improve Your Cash Flow
After determining the current financial position of your business and preparing a cash flow forecast, you can take actions to improve your cash flows.
Improving cash flow, whether it be by getting more cash into the business or reducing cash leaving the business, or both, is fundamental to business survival. It should also put your business in a good position to take advantage of the recovery.
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Understand Your Current Financial Position
COVID-19 presents a significant threat not only to human health but also to business. However, businesses have an array of actions they could implement to manage through the COVID-19 pandemic. These actions could ensure its longevity and place it in the best possible position to take advantage of the recovery.
The more you understand your current financial position, the better choices you will make when during and moving forward after the pandemic. To be able to make the best possible decisions in a difficult environment, you need access to the most up-to-date information on the financial position of your business.
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Enrolment Extension - JobKeeper Scheme
The Commissioner has made a decision to extend the enrolment time limit for the initial JobKeeper periods, from the 30 April 2020 until the 31 May 2020.
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ATO on Property Investments
The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know.
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