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23.01.2022 Note that there has been an extension granted on time to enrol for the JobKeeper scheme until 31st May, 2020. You also now have until 8th May to ensure that minimum payments of $1,500 per fortnight have been made for eligible employees. Follow this link for more information, or feel free to contact us directly;

22.01.2022 Attached is a copy of the latest announcement from the Prime Minister in relation to the $130 billion JobKeeper payment; https://www.pm.gov.au//130-billion-jobkeeper-payment-keep- This will be paid to employers for up to 6 months for employees on the books before 1 March, 2020 who are retained by that employer, even under a stand down arrangement. The payment will be in arrears monthly, i.e. you will pay your employees for April, then the Government will reimburse you in th...e first week of May for those payments. Eligible employers include those with a turnover of < $1 billion who experience a reduction in revenue of 30% or more. They can be operating as a sole trader, partnership, company or trust. Eligible businesses can apply for the payment online and are able to register their interest via ato.gov.au

22.01.2022 Individuals or sole traders who find themselves in financial difficulty through job loss or reduced turnover may be able to access their superannuation early per this fact sheet: https://treasury.gov.au//Fact_sheet-Early_Access_to_Super_ You can potentially access $10,000 in the 2020 financial year, then another $10,000 in 2021 if you meet the eligibility requirements.... This can be applied for via your myGov log in, or check with your super fund directly if you find yourself in financial difficulties.

21.01.2022 Are you claiming the MAXIMUM DEDUCTION for your work or business related MOTOR VEHICLE TRAVEL? A lot of businesses and individuals miss out on maximising their claims for motor vehicle travel by not keeping a log book or diary during the year. There are multiple apps available to do the hard yards for you now (Driversnote, Driverdirect and Logbook TripTracker are free, come highly rated & downloaded). You only need to maintain a log book for 12 weeks every 5 years per vehicl...e (as a minimum) and it is well worth it if your business travel is quite high. The log book method enables you to claim all costs in relation to the vehicle - fuel, rego, insurance, repairs, depreciation and interest, at your business use %. If you don't keep a log book, the cents per km claim is a usual fall back, but it is limited to a maximum of 5,000 work/business related km's per year and is at a set rate of 0.68 c/km (for 2020). With more people working from home due to COVID-19, any travel for training, on site visits or to clients may be claimable, where previously they were not. Keep this in mind when preparing your 2020 tax and more information can be accessed via the ATO website.

20.01.2022 Please be wary of anyone contacting you directly from the tax office. Always advise them to contact your tax agent to discuss your tax affairs - they should know our number and be contacting us, not you.

17.01.2022 As we start a new financial year in what has been one of the most challenging times for small business, the importance of future proofing has become quite clear. But what does it mean to #futureproof your business I hear you ask...? Future proofing is a combination of strategies to toughen up your business to face almost anything that is thrown at it. These strategies can include;... diversifying your revenue streams - don't rely on one source & be more accessible; predicting future demands - anticipate what customers will want; always listening to customers - build bonds & maintain a strong relationship; observing what works and what doesn't - adapt & upgrade; Encourage an innovative culture within your business - have a growth mindset. During the past few months businesses have had to adapt to stay afloat, and now it's about building on those skills to ensure you have a strong foundation well into the future. At #backinbusiness, we can help you to develop and maintain future proofing strategies. We have clients who hand over full control of their finances to us so they can focus completely on developing their products/services and customer experience. Talk to us today and start 2021 as a year to remember for all the right reasons

17.01.2022 As we see more industries being affected by Coronavirus, its important to be aware of your requirements as an employer under the Australian workplace laws. Here is a link to the Fair Work website which can provide you with some direction: https://www.fairwork.gov.au//coronavirus-and-australian-wo It's important to look after your employees, with flexible working arrangements if possible or paid leave options. ... In business, explore your online options, load your products onto your Facebook page, provide access to payment services to cater for this, offer takeaway options, and most importantly keep supporting other businesses wherever possible. If you have to shut down and are an employer, lodge your March BAS asap to access those PAYG withholding credits. Its already sitting online for you to do. You will know what you are paying out in the next 5 days. This does have an end and we are fortunate enough to live on a beautiful remote island. Business will be booming when its over

17.01.2022 Note the increase to 0.80c/hr for home office claims effective from 1st March, 2020 for those of you working from home due to COVID-19.

17.01.2022 In addition to the economic stimulus package, the ATO have some other options available to assist businesses impacted by COVID-19: Options available include: * Deferring by up to six months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise;... *Allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to; * Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters; * Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities; * Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans; They have a dedicated web page now to provide information on what you need to know or do: https://www.ato.gov.au//In-de/Specific-disasters/COVID-19/ Any clients who need to take up any of these options or need specific information on what they are entitled to should contact us over the coming weeks.

14.01.2022 Find yourself working from a HOME OFFICE? Here's some tips on what you could claim; In a TEMPORARY SITUATION like most may find themselves at the moment, it's likely that you won't have a dedicated office space and are working in a dual purpose room. In this instance, you can claim; - a set rate of 0.52c p/hour worked from home;... - office/computer equipment < $300 claim outright, > $300 claim depreciation, noting claim limited to your work related %; - computer consumables and stationery; - phone and internet expenses (0.25c/call landline, 0.75c/call mobile, 0.10c text, or <$50/bill no analysis). In a DEDICATED OFFICE SPACE you can take this a step further and claim a proportion of actual running costs (instead of the set rate) such as cleaning expenses, heating, cooling and lighting. You just need to; - keep a record of actual hours worked from home, or a 4 week diary that is representative of your usual pattern of work; - work out the floor area of your office compared with the whole house; - take into account if other family members are using the same space and apportion. You can then use this % to claim a portion of your bills for running costs, as well as those expenses for office/computer equipment, office consumables, phone and internet, in accordance with your work %. Attached is a link to the ATO website with further information, along with detail on the limited circumstances in which you can claim occupancy costs too. https://www.ato.gov.au//Deductions-y/Home-office-expenses/ If you need more help, please don't hesitate to get in touch with us.

11.01.2022 Do you need to create a COVID-Safe plan? As business restrictions are eased from today, those who are involved with or are conducting a "defined public activity" need to ensure they have completed a COVID-Safe plan, or they could face fines of up to $5,000. Here is a link to the SA Governement website which can lead you through preparing your COVID-Safe plan:... https://www.covid-19.sa.gov.au/rec/create-a-covid-safe-plan. There is also a calculator to work out the maximum no. of people allowed in your business, downloads of COVID-Safe posters to display in your premises and relevant guidance and Q & A on all aspects. Please contact us if you need any further assistance to help you work through this.

10.01.2022 JOBKEEPER - ROUND 2 Whilst we can rest easy with the certainty that the JobKeeper Scheme will remain for those enrolled until the end of September, the new rules for round 2 see lower rates and additional eligibility testing introduced. Businesses will be required to prove they suffered an actual decline in turnover in previous quarters before qualifying. To keep receiving it into 2021 they will also need to reconfirm their turnover shortfall for the June, September and Decem...ber 2020 quarters. A two tiered wages subsidy is also being introduced to remove distortions, particularly for casuals. From 28/9/2020 to 3/1/2021 the payment rate will be $1,200/fortnight for those employed full-time in the 4 weeks before 1 March, 2020 and $750/fortnight for employees working < 20 hours avg a week. This will change again from 4/1/2021 per the table attached. These changes are designed to better target the funding to those industries still impacted by restrictions imposed by COVID-19. Feel free to contact us if you need any assistance in working out your eligibility or understanding the upcoming changes.

10.01.2022 This summary from the IPA on the Coronavirus supplement payment and expanded access for individuals that will be available from 27 April, 2020 has some good worked examples to understand if you may qualify; https://www.publicaccountants.org.au//income-support-for-i Whilst they may not be available immediately, it's good to keep in mind if you find yourself out of a job, or if your sole trader business has a significant reduction in turnover.... If you have a myGov account a lot of these claims can be made online via your Centrelink account.

09.01.2022 For those using Xero accounting software, here is a link to the instructions on finalising your STP (Single Touch Payroll) data: https://central.xero.com//Finalise-Single-Touch-Payroll-da

09.01.2022 The Government of South Australia released information about $10,000 Cash Grants for Small Businesses hit by COVID-19 this week. To be eligible, businesses and not-for-profits including eligible sporting and community organisations will need to: * Employ people in South Australia.... * Have annual turnover of more than $75,000 (GST exclusive). * Have an annual payroll of less than $1.5 million, and not be entitled to a payroll tax waiver under COVID-19 support measures introduced by the South Australian Government. * Have an ABN and were carrying on the operation of the business in South Australia on 1 March 2020. * Have been subject to closure or highly impacted by COVID-19 related restrictions. Apply by 1 June 2020. Funds must be used to support activities related to the operation of the business. Applications for the grant will open shortly and be available until 1 June 2020. If you would like to register your interest for the grant follow this link. https://www.treasury.sa.gov.au/Growing-South//registration You will receive an email when the application process opens. Contact us if you need more information on whether you qualify.

08.01.2022 Please be wary of the latest round of COVID-19 phishing emails and text scams https://www.staysmartonline.gov.au//widespread-reports-cov I have had a large number of these coming into my inbox daily, you need to just delete them and DO NOT open them or any attachments.... It's sad that these people want to take advantage of us in this difficult time, but don't fall victim to them. If you want to keep updated about COVID-19 visit the Department of Health (health.gov.au) or World Health Organisation (who.int/emergencies/diseases/novel-coronavirus-2019) websites directly, not via an email link.

08.01.2022 It was nice to see our name on the front page of our local newspaper last week... It's even nicer to hear that from this Friday, all cafes and restaurants will be permitted to seat up to a total of 20 patrons (10 inside and 10 outside) and from Friday June 5, all pubs across the state will be permitted to open. Our beauty salons, driving instructors and gyms will also be able to start trading again from Friday June 5 as part of the South Australian roadmap for easing COVID-...19 restrictions. We are so lucky to live in South Australia, and with our continued compliance with the measures as they roll out, hopefully we won't see a second wave as we get "Back in Business".

06.01.2022 Did you know you no longer have to issue PAYG Payment Summaries to employees if you are using STP (Single Touch Payroll)? Employees will instead be able to access their year- to-date and end of year payment summary information in ATO online via myGov and it is now called an income statement. Employers just need to make a finalisation declaration using their payroll accounting software by the 14th July.... Here is a link to the ATO fact sheet for employers with more information: https://www.ato.gov.au//Finalising-your-Single-Touch-Payr/

05.01.2022 An enhancement of the CASH FLOW ASSISTANCE available to small businesses means you can now claim back 100% of taxes withheld from employee wages (up from 50%), with a MINIMUM of $20,000, MAXIMUM of $100,000. This will be facilitated via credits issued on BAS lodgements for March, June and September, 2020 (per box W2). Basically if you withhold < $10,000 a quarter you will get a $10,000 credit on your March BAS, then a further $5,000 on your June BAS, then another $5,000 for... September. If you withhold >$10,000, you will get back 100% of the W2 total in March, then 50% of that again in both June and September. There are some worked examples in this fact sheet: https://treasury.gov.au//Fact_sheet-Cash_flow_assistance_f Please also contact us if you need more information.

05.01.2022 If you are looking to boost your business cash flow some more, SA Health are running "COVIDSafe Awards" where SA businesses could win $5,000 for going the extra mile in keeping staff, customers and the community safe. Nominations are now open via their website per the shared link. There are seven award categories:... * Gyms and fitness * Sport and recreation * Cinemas, theatres and tourism operators * Restaurants and cafes * Pubs, hotels, clubs, wineries and breweries * Personal care services * Other (e.g retail, churches, aged care) Businesses and defined public activities are required to submit a 300 word summary of how they have demonstrated innovation and compliance to be ‘COVIDSafe’ in their workplace. To apply, businesses will need to be operating within South Australia and hold a current ABN. A winner from each category will be awarded $5,000. Nominations close midnight Sunday 5 July 2020.

05.01.2022 After a few busy weeks at Back In Business, it was interesting to read this article by Dr Heather Bolton from Unmind via the Xero FB feed on the 7 key areas of well being - Connection, Calmness, Happiness, Coping, Health, Sleep and Fulfilment. I think there's something to take away from this for everyone. Both Jo Cowley and I love to escape for a week day run to clear our heads, and we stay connected using Zoom meetings. Continuing to do those things that work for you and k...eep you on track is really important and we hope you are all keeping well and staying on top of this. Feel free to put some of your tips in the comments below, we would love to hear them.

04.01.2022 With the 2020 Federal Budget announced last night, here is a summary of some of the main points you should be aware of; * PERSONAL TAX CUTS - main winners those earning < $120k; * AGED PENSIONERS - Australians on aged care, disability and family benefits will receive 2 x cash payments of $250 in December and March; * JOBMAKER HIRING CREDIT - up to $200/week for businesses employing those aged between 16-35 currently receiving welfare payments (note min. 20 hrs/week);... * JOBTRAINER FUND - providing additional 340,700 training places for school leavers and job seekers either free or low fee; * BUSINESS ASSET WRITE OFF - for businesses with turnover up to $5 billion (you heard right!), you can write off the FULL VALUE of assets purchased up to June 2022 (keep in mind business use %); * LOSS CARRY BACK - available for companies with turnover up to $5 billion to offset a loss from 2021 or 2022 against a prior year profit in 2019 or 2020 to generate a refund. For the full detail here is a link to the treasury website, and feel free to contact us if you would like any more information for yourself or your business. https://budget.gov.au/2020-21/content/overview.htm

03.01.2022 As another end of financial year approaches it's time to consider tax planning strategies. The most common ones are reducing income or increasing deductions. Ways to do this may include; - Making tax deductible super contributions by 30 June;... - Reviewing and writing off any bad debts; - Reviewing and writing off any obsolete stock; - Deferring sales invoices until July if the work has not, or will not be completed; - Prepaying annual subscriptions or training courses by 30 June; - Taking advantage of the increased instant asset write off threshold of $150,000 (for businesses with turnover < $500m); It's also a good time to update your diary in relation to any business travel, vehicle kilometres, or home office hours to ensure you have everything recorded. For individuals there is also the shortcut method available for home office claims of 80 cents/hour this year. However, be careful if you have purchased a lot of equipment to work from home as the existing method may provide you with a higher deduction. Feel free to contact us if you need any tax planning assistance before the end of financial year.

02.01.2022 The XERO STARTER PLAN has seen a significant improvement in the last month, now with unlimited bank reconciliation lines (used to be 20) and sales invoices increased to 20 per month (used to be 5). You can read more via the blog: https://www.xero.com//refreshed-xero-plan-supporting-busi/ There is also a PRICE PROMO where you get it for 50% OFF FOR 4 MONTHS - so it's only $12.50/month. HUBDOC IS also INCLUDED for FREE, so no more excuses, ditch the spread sheet and go paperless too. Contact us to start today!

01.01.2022 A very interesting article on some common misconceptions of running a small business and the importance of understanding your financial statements. At #backinbusiness we not only educate clients in understanding their financials, but we focus on forward looking KPI's to regularly test the strength of your business.

01.01.2022 If you missed out on the emergency cash grants offered by the SA Government earlier this year, Round 2 was released as part of the budget back in October, with $10,000 and $3,000 grants available for those meeting the criteria. Applications for the #emergencycashgrants are open until 28th February, 2021. Included in Round 2 are $3,000 cash grants for businesses that DO NOT employ people, but still operate from a commercial premises. The requirement to employ saw a lot of sol...e traders miss out on Round 1. The catch this time however, is that you must also be claiming JobKeeper Round 2. In light of the lockdown we experienced last week, Business SA is encouraging the Government to relax this criteria, so we will keep you posted if they succeed. To find out more about this, visit the Department of Treasury & Finance: https://www.treasury.sa.gov.au//Small-Business-Grants-Roun

01.01.2022 Announced today....the $150,000 instant asset write-off (IAWO) has been extended through to 31st December, 2020 for eligible businesses. This is an extension from the original date of 30th June, 2020. You need to purchase and install the asset ready for use by 31st December, 2020 and have a turnover less than $500 million to qualify - so I think that counts most of us in! Note the asset can be either new or second hand and it is based on the GST exclusive cost. You can only claim your "business use" portion, so keep this in mind for vehicles that are also for private use, or are subject to the car cost limit.

01.01.2022 Some more information was released yesterday from the ATO on how to enrol and apply for the JobKeeper payment - noting it is available from 20 April: https://www.ato.gov.au//enrol-and-apply-for-the-jobkeeper/ The main points for you as an employer to do now are;... - determine if your turnover has faced a 30% decrease; - ensure you have registered your interest; - determine your eligible employees; - continue to pay at least $1,500 gross per fortnight to eligible employees where possible & lodge pay runs via STP; - notify employees of your intent to claim; - send nominated employees a "JobKeeper employee nomination notice" (there is a link on the ATO website for this). Employees can only register with one employer if they have more than 1 job. You should already be catering for this in pay runs since 30 March and each software provider has issued instructions on how to set this up. The enrolments will take place via the Business Portal, or as a tax agent, we can also do this on your behalf. Remember it starts on 20 April, so ensure you have access to the ATO Business Portal, or contact us as your tax agent to register on your behalf.