Banks Group in Hawthorn, Victoria | Business service

Banks Group

Locality: Hawthorn, Victoria

Phone: +61 3 9810 0700

Address: 801 Glenferrie Road 3122 Hawthorn, VIC, Australia

Website: http://www.banksgroup.com.au

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• Accountant
• Financial planner

25.01.2022 CHILD CARE PROVIDERS | Approved providers of child care services are reminded that their employees and business participants are no longer eligible for JobKeeper payments from 20 July 2020. However, Family Day Care educators (that are not approved providers of a child care service) may still meet JobKeeper eligibility requirements. To claim for JobKeeper payments up until 19 July 2020, approved providers of child care services need to follow the appropriate steps when completing their next monthly business declaration in order to stop receiving JobKeeper payments. Click below to find out more.

23.01.2022 STP REMINDER | Employers with 19 or fewer employees are reminded that the deadline for making a finalisation declaration through your Single Touch Payroll (STP) solution is Friday 31 July 2020. If your STP data is already correct and ready to go, you can finalise ahead of the deadline. This will enable your employees to lodge their tax returns.

22.01.2022 SUPER GUARANTEE AMNESTY | Employers are reminded that applications for the superannuation guarantee (SG) amnesty close at 11.59pm (local time) on 7 September 2020. The SG amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC) owed to employees, including nominal interest, for quarters starting from 1 July 1992 to 31 March 2018 without incurring the administration component ($20 per employee, per quarter) or Part 7 penalty (up to 200% of th...e SGC). Employers will also be able to claim a tax deduction on payments of SGC made to the Australian Taxation Office (ATO) after 24 May 2018 and before 11.59pm (local time) on 7 September 2020. If your circumstances change as a result of COVID-19 after applying for the amnesty and you are unable to pay the liability, the ATO will work with you to establish a payment plan.

22.01.2022 MUSIC VENUE GRANTS | Applications for grants provided by Creative Victoria as part of the Victorian Live Music Venues Program are closing on 13 August 2020 at 5pm. This funding is intended to support Victorias live music sector by helping music venues cover immediate business costs caused by COVID-19 shutdowns and to help businesses reopen in a COVID-safe way. Operators of licenced music venues across Victoria with a capacity of 50 to 1,200 people are encouraged to apply. Click below for full details including the eligibility criteria.

22.01.2022 JOBKEEPER | For businesses on JobKeeper, there are a couple of points to note relating to the month of August 2020. Read our bulletin to find out more.

21.01.2022 A TEAM YOU CAN COUNT ON | At Banks Group, our team is passionate about supporting the growth of businesses and entrepreneurs in Australia and beyond. Since 1978, we’ve supported and educated our clients at every step with astute accounting and financial planning advice so that they understand how intelligent financial decisions can create opportunities to help make a positive difference to their business, their life and the world we live in. Click below to meet our leadership team who can help you to unlock your business’ true potential.

20.01.2022 HERE FOR YOU | On 6 September 2020, the Victorian Government announced the Coronavirus (COVID-19) roadmap to reopening. With restrictions on businesses in metropolitan Melbourne still in force until certain trigger points are met, our Melbourne office will continue to be closed for on-site work and will be unattended until workplace restrictions have been eased. In the meantime, our team is well-equipped with the technology and processes to assist you and your business while ...working remotely. We remain contactable via phone, email and other virtual meeting platforms. Please do not hesitate to get in touch with us if you have any questions, concerns or require assistance. (03) 9810 0700 [email protected] www.banksgroup.com.au

20.01.2022 THIRD ROUND SUPPORT | Included in the Victorian Governments $3B business support package pledge was the introduction of a third round of Business Support Fund grants for eligible businesses. Applications for these grants are now open via the Business Victoria website and will remain open until 11.59pm on 23 November 2020 or until funds are exhausted, whichever is earlier. Read our bulletin to find out which businesses are eligible to apply for the grant.

19.01.2022 BG TV | This week's BG TV episode shows how you can highlight cells that contain formulas or constants (non-formulated values) in Excel. This tip is useful for understanding the flow of the worksheet when attempting to locate errors. For example, when a user has mistyped in a cell which was supposed to contain a formula or vice versa. If you'd like us to help you to save time by improving the usability and efficiency of your Excel files, please contact us via [email protected].

19.01.2022 REMINDER | Employers enrolled in the JobKeeper program are reminded that business monthly declarations for JobKeeper payments made in October need to be lodged by 16 November 2020. They must also confirm the payment tier being claimed for each eligible employee and business participant. 16 November is an extension of the usual due date of the 14th of each month, as the Australian Taxation Office's online services will be undergoing maintenance on 14-15 November.

17.01.2022 TPAR REMINDER | Businesses are reminded that they may need to lodge a Taxable payments annual report (TPAR) by 28 August if they pay contractors to provide any of the following (even if it's only part of the services provided): Building and construction services Cleaning services Courier, delivery or road freight services... Information technology services Security, surveillance or investigation services With many businesses now offering new or expanded services in response to COVID-19 challenges, it is worth confirming whether or not your business needs to lodge a TPAR.

16.01.2022 BG TV | This week's BG TV episode shows how you can easily add or edit JobKeeper payment tiers for nominated employees in Xero. As a Xero Platinum Partner, Banks Group has assisted hundreds of clients in streamlining their business accounting needs. We love sharing our knowledge and expertise, so please get in touch if you'd like us to help you to take full advantage of Xero's array of features.

16.01.2022 CAREER OPPORTUNITIES | We are seeking to recruit an experienced Paraplanner and Client Services Administrator to join our high achieving Wealth Management division. Follow the link below for more information on key responsibilities, required skills and experience. If you or anyone within your network is interested in having a confidential discussion about either of these roles, please contact:... Annabelle Welsh | People & Culture Manager T: 03 9810 0700 E: [email protected]

15.01.2022 RISE FUND | On 11 August 2020, the guidelines for the new Restart Investment to Sustain and Expand (RISE) fund were released by the Federal Government. RISE part of the Governments $250 million COVID-19 Creative Economy Support Package will provide competitive seed funding for new productions, festivals and events to support the successful re-opening of Australias creative and cultural sector. The $75 million in competitive grant funding in 2020-21 will be allocated in ...grants ranging from $75,000 to $2 million, depending on the scope of the grant activity and its complexity. Applications for grants will be open from 31 August 2020 (9.00am AEST) until 31 May 2021 (11.30pm AEST), subject to the allocation of funds. Click below for further information including eligibility criteria.

15.01.2022 PUBLIC HOLIDAY | Please note that our Melbourne team will be offline on Tuesday 3 November 2020 for the Melbourne Cup public holiday. We will be back online on Wednesday 4 November 2020.

15.01.2022 SHORTCUT METHOD | The Australian Taxation Office (ATO) has extended the temporary working from home shortcut method into the new financial year until 30 September 2020. This method allows taxpayers to claim 80 cents per hour for working from home expenses. Originally meant to run from 1 March 2020 to 30 June 2020, the ATO has noted that it will continue to take into account the ongoing COVID-19 situation and is open to further extensions if work patterns haven't returned to normal by 30 September 2020. Taxpayers will still be able to choose the most appropriate calculation method for their circumstances (fixed rate method, actual cost method or shortcut method).

14.01.2022 TAXI TRAVEL | The Australian Taxation Office (ATO) has confirmed that as a result of recent amendments to the Fringe Benefits Tax Assessment Act 1986, ride-sourcing (eg Uber) is now considered taxi travel for fringe benefits tax (FBT) purposes. This means that travel by ride-sourcing vehicles now qualifies for FBT exemptions in the same way travel by traditional taxis does. Applying from 1 April 2019, any benefit arising from travel by an employee using a registered taxi or ride-sourcing vehicle (other than limousines) is now exempt from FBT subject to meeting certain criteria.

14.01.2022 BUSINESS SUPPORT FUND | On 3 August 2020, and as a result of the further lockdown restrictions, the Victorian Government announced revisions to the Business Support Fund Expansion Program. Whereas the Victorian Government had previously announced in July 2020 a $5,000 grant was available to eligible businesses located in Metropolitan Melbourne and Mitchell Shire as a result of Stage 3 lockdown, the revised Business Support Fund Expansion Program announced on 3 August 2020... has increased the amount of the grant available under the program to $10,000 for eligible businesses located in Metropolitan Melbourne and Mitchell Shire, and has now introduced a grant of $5,000 for eligible businesses located outside of Metropolitan Melbourne and Mitchell Shire that will be moving to Stage 3 lockdown. Eligible businesses located in Metropolitan Melbourne and Mitchell Shire that have already applied for the $5,000 grant under the Business Support Fund Expansion Program will automatically get the increased amount and do not have to apply. All other businesses will need to make an application for the grant. Read our bulletin to find out the conditions that a business needs to satisfy in order to apply for the Business Support Fund Expansion Program.

14.01.2022 CASH RATE | Following its meeting on 4 August 2020, the Reserve Bank of Australia (RBA) decided to hold the cash rate at 0.25% where it has been since an emergency rate cut in March.

14.01.2022 MINDFULNESS | Thanks to Lauren Smith from The Balanced Base who ran a virtual session for our team yesterday on mindfulness and wellbeing in our personal lives. She took us through techniques that help to relieve stress and anxiety, develop self-compassion and bring more mindfulness to ourselves every day. A key takeaway was the importance of mindfulness techniques in rewiring the brain to stop ruminating about the past and future in order to bring ourselves into the here and... now. Thanks for the great session Lauren!

13.01.2022 CASH RATE | At its meeting on 3 November 2020, the Reserve Bank of Australia (RBA) decided to cut the official cash rate by 15 basis points to a historic low of 0.1%. This was part of a package of further measures aimed at supporting job creation and the recovery of the Australian economy.

12.01.2022 CLIENT HIGHLIGHT | We were proud to see our wonderful longtime client Colleen May (General Manager at May Constructions) recently announced as a Life Member of HIA. This was in recognition of Colleens dedication, commitment and service to HIA and the construction and development industry for over 20 years. Congratulations on this outstanding achievement Colleen! by Housing Industry Association - HIA

12.01.2022 HOSPITALITY GRANTS | In recognition of the restrictions placed on Victorian businesses, there are various business support package grants that have been released by the Victorian Government. In particular, there are grants available through Business Victoria that businesses in the hospitality sector may be eligible to apply for. Read our bulletin to find out more.

11.01.2022 REMINDER | Businesses enrolled in the JobKeeper program are reminded that business monthly declarations for JobKeeper payments paid in July need to be completed by 14 August 2020. The monthly declarations reconfirm eligible employees and business participant details, along with providing the Australian Taxation Office (ATO) with information about GST turnover for the reported month and projected GST turnover for the following month.

11.01.2022 #RUOKDay | Today is R U OK Day which serves as a reminder that every day is the day to ask, Are you OK? if someone in your world is struggling with lifes ups and downs. This year's key message is: Theres more to say after R U OK? However, its not always easy to keep the conversation going when someone says theyre not OK... But that conversation could change, or even save, their life. ... Click below to access an interactive conversation roleplay video to help you learn what to say after R U OK? More advice, support and resources are available at www.ruok.org.au. #theresmoretosay

11.01.2022 MISSED SUPER | Attention employers: If you missed the 28 October due date or did not pay your super guarantee contributions in full for the quarter ended 30 September 2020, you must lodge a 'Superannuation guarantee charge statement' by 28 November 2020 to meet your obligations and avoid significant penalties.

11.01.2022 EARLY ACCESS | The Federal Government has announced the extension of the COVID-19 early release of super scheme deadline to 31 December 2020 (previously 24 September 2020). Eligible citizens and permanent residents of Australia and New Zealand who have been adversely financially affected by COVID-19 can apply to access up to $10,000 of their super in the 2020-21 financial year. However, the implications of accessing super early should be carefully considered before applying.

11.01.2022 ELIGIBLE EMPLOYEES | As part of the Treasurers announcements on the modifications of the JobKeeper scheme, it was announced that the employment commencement date for an employee to be eligible for the JobKeeper scheme will change from 1 March 2020 to 1 July 2020 (effective from 3 August 2020). In addition to widening the net of employees for which an employer is eligible to receive JobKeeper 2.0 payments for, the amendment will also broaden the amount of employees for which an employer is eligible to receive JobKeeper payments for under the existing JobKeeper scheme for the months of August and September. Read our bulletin to find out more.

10.01.2022 SUPPORTING YOU REMOTELY | As a result of Stage 4 restrictions on businesses in metropolitan Melbourne, our Melbourne office will be closed for on-site work and will be unattended from Thursday 6 August 2020 until further notice. Please rest assured that it will be business as usual in terms of our team being able to continue serving your needs. While our methods may be different during this time, we remain absolutely committed to maintaining an excellent level of client care and service. We thank you for your understanding and cooperation as we navigate this challenging situation together. Please dont hesitate to contact us on (03) 9810 0700 if you have any questions, concerns or require assistance.

10.01.2022 CONNECTED | It was great to have Dugald Christie-Johnston (AKA The Barefoot Coach) present a virtual 'Connected teams and mindful wellbeing' session to our team today. This interactive session discussed the importance of daily self-care, provided resilience and coping strategies to help maintain mental health and wellbeing, and gave us useful techniques to develop strong and meaningful connections with our colleagues, especially while working remotely. Thanks for the uplifting session Dugald!

09.01.2022 CLIENT HIGHLIGHT | Congratulations to our talented client Alice Zaslavsky on the successful launch of her new book 'In Praise of Veg' which is now available in bookstores across Australia and New Zealand (and in the UK on 12 November)! In Praise of Veg is the definitive guide to making vegetables the centre of the plate, with Alice profiling 75+ vegetable varieties across 150+ delicious recipes, along with countless tips to help beginners and avid cooks alike produce amazing ...meals. Well done Alice! #InPraiseofVeg

09.01.2022 CASH RATE | At its meeting on 1 September 2020, the Reserve Bank of Australia (RBA) decided to hold the cash rate at 0.25% as widely expected.

08.01.2022 $3B SUPPORT FUND | On 13 September 2020, the Victorian Government announced an expansive $3B support fund aimed at helping Victorian businesses. The largest business stimulus package in the history of the state includes a third round of the Business Support Fund, grants for licenced venues and the deferral of payroll tax liabilities. Read our bulletin to find out more.

07.01.2022 GAME SHOW | Our team had heaps of fun last Friday night going head-to-head in Game Show a collection of interactive challenges inspired by iconic shows such as Family Feud, Wheel of Fortune, The Amazing Race, The Chase and Show Me The Movie! Congratulations to the White Team (Andrew, Angela, Chelsea, Gayle and Kishan) on claiming victory in a hotly contested field. Also, a big thank you to our awesome hosts Samm and Gabe from Great Race Australia for making it such an enjoyable event.

07.01.2022 EXTENSION | On 21 July 2020, the Australian Government announced that the JobKeeper scheme will be extended until 28 March 2021. JobKeeper 2.0 will see a shift to reduced rates via a new two-tiered payment that is subject to tighter eligibility requirements. Further details are available via bit.ly/JobKeeper2.

05.01.2022 RENT AND EVICTIONS | The Victorian Government recently announced that they will extend the moratorium on rent increases and evictions for residential and commercial tenants until 31 December 2020. Eligible tenants and landlords will also be supported with up to $3,000 of payments as part of the Victorian Governments Rental Relief Grant program for tenants and Hardship Fund for landlords. In addition to this, further land tax concessions will be introduced for landlords who h...ave provided tenants with a 50% or more rent waiver for at least a three month period. Read our bulletin to find out more.

04.01.2022 JOBKEEPER 2.0 CHANGES | On 7 August 2020, the Treasurer announced that the turnover reduction test that is required to access JobKeeper 2.0 from 28 September 2020 will change from that previously announced in July. This change has been made to reflect that some businesses may have experienced improvement in conditions before again being impacted as a result of tighter lockdown restrictions. With Stage 4 lockdown in Victoria and its impact on business, it is expected that the JobKeeper 2.0 program may continue to evolve further before it commences. Click below to find out more about the latest JobKeeper 2.0 changes.

03.01.2022 JOBKEEPER 2.0 | We are now nearing the end date for JobKeeper 1.0 and nearing the commencement date for the JobKeeper 2.0 program on 28 September 2020. The Treasurer, Josh Frydenberg recently released a Legislative Instrument outlining various details of the JobKeeper 2.0 program and the Australian Taxation Office (ATO) has since updated their own website with updated commentary on the application of the program. Click below to access a snapshot of the more relevant points fo...r the JobKeeper 2.0 program including: Eligible Employers Eligible Employees Eligible Business Participants Calculating whether the business has experienced a reduction in turnover Calculating the JobKeeper 2.0 rates What do those businesses that are already enrolled for JobKeeper 1.0 need to do?

03.01.2022 VOLUNTARY CONTRIBUTIONS | Changes to the rules around superannuation contributions came into effect on 1 July 2020 that now allow people aged 65 and 66 to make voluntary contributions without meeting the work test requirement. Voluntary contributions include: After-tax (non-concessional) contributions... Tax-deductible (concessional) contributions Voluntary employer (salary sacrifice) contributions Spouse contributions Under the previous rules, people aged between 65 and 74 were only eligible to make voluntary contributions if they qualified for a work test exemption or had been gainfully employed for at least 40 hours within a consecutive 30 day period during the financial year a contribution was made, prior to the contribution being made. Please dont hesitate to contact us on (03) 9810 0700 if you have any questions regarding the recent superannuation changes.

02.01.2022 JOBKEEPER REMINDER | Employers are reminded that for the JobKeeper fortnights commencing on 3 and 17 August 2020, Monday 31 August 2020 is the deadline to meet the wage condition for all newly eligible employees included under the 1 July eligibility test.

02.01.2022 $5,000 GRANT | As a result of returning to Stage 3 Stay at Home restrictions, the Victorian Government has announced a new $5,000 grant to support eligible businesses operating within metropolitan Melbourne and Mitchell Shire to get through the temporary COVID-19 lockdowns. Click below to find out more about the Expanded Business Support Fund.

02.01.2022 FUEL TAX CREDITS | Fuel tax credit rates are indexed twice a year in February and August in line with the consumer price index (CPI). As announced on 3 August 2020, there will be no increase to the fuel tax credit rates this time around due to the CPI indexation factor being less than one (0.9850). The rates for liquid and blended fuels for heavy vehicles travelling on public roads is 16.5 cents per litre, while the rates for all other business uses is 42.3 cents per litre. If you use fuel in heavy vehicles or other machinery for your business, check the latest rates via the link below to ensure you are up to date.

01.01.2022 BUSINESS SUPPORT | One day after revealing its $3 billion support fund to assist Victorian businesses, the Victorian Government announced a $290 million package aimed at supporting sole traders, the entertainment industry and repurposing Melbournes CBD to aid in the recovery from COVID-19 impacts. This support package includes the Sole Trader Support Fund, Outdoor Eating and Entertainment Package and the Melbourne City Recovery Fund. Read our bulletin to find out more.

01.01.2022 SAILABRATION | Congratulations to Banks Group's own Greg Marino who has been elected as the Commodore of Royal Melbourne Yacht Squadron (RMYS)! Greg won a hotly contested election with a resounding victory announced at the AGM last Saturday. Moving from Vice Commodore to the helm of RMYS, Greg has the mandate to progress the building master plan which will see major improvements to the clubhouse and onshore facilities. RMYS had its beginnings in early 1870 in St Kilda. Most ...major championships have been held off its shores, with the Squadron being the control centre for the 1956 Melbourne Olympic yachting events, as well as the 1999 Laser World Championships. Greg has always loved the water, starting surfing at a very young age and later taking up windsurfing. He started sailing at RMYS about 20 years ago. He is an owner of Portofino (pictured), a Farr 38 IMS which has competed in many offshore races, as well as weekly club races in the bay, winning numerous club awards and major interclub events.