How to return to work after COVID-19

As we all know, the world came to a stop when news of the COVID-19 virus sprung upon us. In the lengthy 8 months we have been in lockdown, businesses all across Victoria took a hit from the state of the economy. According to statistics from the first instalment of the Impact of COVID-19 Businesses report, results show that the crisis has affected majority of business in Australia. In April, approximately 58% of businesses owners reported that COVID-19 strongly affected…

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Business Structuring

Before the commencement of any business venture one of the first fundamental questions is what business structure you will operate under. If this is not considered carefully & the correct decision made, this can be costly in the future if you need to restructure your business. Your choice of structure will depend on the size and type of business and how you want to run it. Each structure may have an impact on key areas such as tax you’re liable…

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This quarter’s newsletter covers the following topics: DFK ANZ Feature Article2020 Federal Budget Explained DIV7A Loans & COVID-19 Depreciation limit on cars COVID-19 Working from home deductions Upcoming Key Dates Download the full newsletter here

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Super Fund Updates

As part of its 2019-2020 budget the government announced changes to the contributions rules to allow older Australians greater flexibility to make contributions into their super fund.  The changes were introduced into parliament in separate bills in March and May 2020 and importantly relate to: Amending the work test requirement from age 65 to 67 (first bill) Increase the cut off age for spouse contributions from 69 to 74 (first bill) Making the brought forward rules available to members aged…

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Selling Your Business

If you are considering selling your business, whether it be sooner or later, the more prepared you are the better the outcome may well be. As Benjamin Franklin said – “if you fail to plan, you are planning to fail”. As you can see from below – there are so many steps to take and it likely won’t be an overnight process.  But there is help at hand to make the process as smooth as possible. Speak with your adviser…

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Comments on the 2020 Federal Budget

The 2020 Federal Budget has been handed down delayed due to COVID-19.Rather than returning to surplus the effects of the COVID-19 pandemic sees the country in a recession with debt of over $200 billion and this is anticipated to grow to $1 trillion. The focus of the Budget is to deliver an Economic recovery plan to create jobs and to stimulate and rebuild the Australian economy. Key measures announced were:  Backdating personal income tax cuts Expanding the immediate asset write…

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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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