JobKeeper 2.0 rules have now been released. The scheme was to end on 28 September but has now been extended until 28 March 2021. From 28 September 2020 Employers need to demonstrate that their actual GST turnover has fallen against a comparable period. Tier 1 and tier 2 JobKeeper rates apply and are generally based on average hours worked by employees. Extension 1 is from 28 September 2020 to 3 January 2021 Tier 1 will be $1,200 per fortnight and tier 2 $750 per fortnight. Extension 2…

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The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. Grant applications opened on Friday 18 September 2020. The grants available, range from $10,000 to $20,000 depending on the businesses annual payroll. Eligibility is similar to the second round grants and applicants must: Operate a business located within Victoria; and Participate in the Commonwealth Government’s JobKeeper Payment scheme; and Employ people and be registered with…

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What value could a VIRTUAL CFO add to your business?

Do you have the time or the skills to prepare and interpret the financial management reports that are required to guide your business? With rapid advancements in technology, is your business best placed to utilise the cloud resources that are now a crucial part of a business back office. 2020 has been a year of obstacles and difficulties for most small businesses, we’re hoping yours hasn’t suffered heavily. BKM’s virtual CFO team remains fully operational and we’re available to help…

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Superannuation Guarantee Amnesty Deadline Nears

Superannuation Guarantee (SG) Amnesty introduced earlier in the year is nearing its deadline date of the 7th of September 2020. Under the amnesty, an eligible employer will need to lodge their SG amnesty form to the Australian Taxation Office (ATO) by the deadline date. The SG amnesty form will detail any SG shortfall for employees from 1 July 1992 to 31 March 2018 which had not been previously disclosed. Employers who are already being reviewed by the ATO for SG…

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Economic and Fiscal Update

Economic and Fiscal Update The Government released its economic and fiscal update on 23 July 2020 The economic statement did not contain any new tax policy, but it did contain some new announcements and reiterated some of the previous announcements. Some of the key highlights were: JobKeeper No 2 – An extension of the JobKeeper program which has been revised and extended for 6 months from September 2020 through to 28 March 2021 JobSeeker Coronavirus supplement to be reduced and…

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JobKeeper No 2

JobKeeper No 2 The government announced this week that the JobKeeper program will continue for a further 6 months taking the program through until March 2021. The decision to continue the program was made after a 3 month review of the program. Initially designed to finish on 28 September 2020 the review concluded there was a very strong case for continuing the program. As such the program has been extended to the end of March 2021, however with some changes.…

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ASIC fee increase for 2020

ASIC fees are indexed each year in line with the Consumer Price Index (CPI) for the previous March quarter. The 2020 annual fee indexation has occurred effective 1 July 2020 and the most common fees have increased as follows: Fee Type New Fee Former Fee Annual review fee (for most companies) $273 $267 Annual review fee for super fund trustees* $55 $53 Company registration $506 $495 Change of company name $417 $413 Application for voluntary deregistration $42 $41 First late…

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Individual Income Tax Return Tips 2019-20

Due to COVID-19 The number of individuals working from home has increased significantly this financial year. DFK BKM Manager, Angie Karanikolopoulos provides the following information to assist with completion of your 30 June 2020 income tax return: Home Office Expenses 1. Actual cost method You may claim actual costs incurred as a result of working from home assuming you have a dedicated work area, these may include: Electricity and gas for cooling, heating and lighting The decline in value of home…

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Superannuation Yearend Planning

As we draw closer to 30 June 2020 it is important to consider tax planning strategies as well as other administrative duties for your money in superannuation. Contributions  Concessional contributions Concessional contributions cap for the 2020 FY is $25,000 and the deposits must be received into the Super Fund prior to 30 June 2020. When making a member concessional (deductible) contribution, you must give your notice of intent to claim the deduction to your Super Fund before the earlier of…

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Tax Planning 2020 Year End

Business Potential instant asset write off for purchases up to $150,000This has been extended to 31 December 2020 Small businesses can prepay expenses up to a year in advance Superannuation contributions for staff made prior to 30 June are deductible in this financial year. To make these contributions deductible the payment needs to be made before 30 June Check your stock for any obsolete items Check your debtors for any debts that may have gone bad Make sure all your…

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