Bay Business Solutions Group in Hampton, Victoria, Australia | Financial service

Bay Business Solutions Group

Locality: Hampton, Victoria, Australia

Phone: +61 3 8080 9614

Address: Suite 9, Level 1, 349 Bluff Road, 3188 Hampton, VIC, Australia

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

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• Accountant
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25.01.2022 It’s Wednesday already! Where has the week gone?

25.01.2022 REMEMBER JOBKEEPER PAYMENT IS GIVEN TO BUSINESSES AFFECTED BY COVID-19 TO ASSIST IN THE COST OF WAGES OF THEIR STAFF.REMEMBER JOBKEEPER PAYMENT IS GIVEN TO BUSINESSES AFFECTED BY COVID-19 TO ASSIST IN THE COST OF WAGES OF THEIR STAFF.

24.01.2022 Temporary JobKeeper Scheme to end on March 28, 2021. March 2021 Monthly Business Declarations due by April 14, 2021.Temporary JobKeeper Scheme to end on March 28, 2021. March 2021 Monthly Business Declarations due by April 14, 2021.

23.01.2022 What support is available? The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, 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 WorkSafe; and * have had an annual payroll of less than $10 million in 2019-20; and * be registered for Goods and Services Tax (GST); and * hold an Australian Business Number (ABN); and * be registered with the responsible Federal or State regulator. An eligible business will receive: - $10,000 if its annual payroll is less than $650,000 - $15,000 if its annual payroll is between $650,000 and $3 million - $20,000 if its payroll is between $3 million and $10 million. A full list of the eligibility criteria for a grant will be published when applications open. How to apply: Grant applications open on Friday 18 September 2020. If you would like to be notified, please subscribe to the Business Victoria Update newsletter. Otherwise, please bookmark this page and check it regularly. https://www.business.vic.gov.au//b/business-support-fund-3 Source : Business Victoria

22.01.2022 NOMINATING NEW EMPLOYEES - ATO EXTRACT This information will assist you with adding newly eligible employees for August 2020 JobKeeper fortnights. From 3 August 2020, you may be able to nominate new employees as eligible for the JobKeeper Payment scheme.... These new employees must have been employed by you on 1 July 2020 and meet other eligibility criteria. This can include employees that: - you employed after 1 March 2020 - were employed by you on 1 March 2020 and did not meet the eligibility requirements, but do as of 1 July 2020 e.g. they turned 18 years old after 1 March 2020 but before 1 July 2020. For the fortnights commencing on 3 and 17 August 2020, employers have until 31 August 2020 to meet the wage condition for newly eligible employees under the 1 July eligibility test. Attached are links to ATO JobKeeper Guides and Treasury Updates. https://treasury.gov.au/coronavirus/jobkeeper/extension

20.01.2022 Local Government COVID-19 Support Grants Did you know that apart from the Federal and State Government Grants, some Local Governments are also lending a helping hand to SMEs. Check out if your Local Council is offering Grants just like the one Frankston City Council is!

20.01.2022 For help to understand your obligations and compliance when employing staff, Fair Work can provide you with the information and guidance you need.

19.01.2022 Every year we at Bay Business Solutions Group choose a Charity to donate to. Our choice of foundation is based on family, friends, clients or acquaintances that have been affected by illness or are passionate about a cause. This year we have chosen to support the Leukaemia Foundation as my daughter’s good friend Rebecca (Stotty) Stott a 28yo elite athlete has been diagnosed with Hodgkin’s Lymphoma Stage 3. If you too would like to lend a helping hand, click on the link below... and donate to a great cause! Collectively we can make a difference!

19.01.2022 ****Important Update : JobKeeper Employee Test Requirements - 1 July 2020 Test If you have employees that may ‘now’ be eligible for JobKeeper, Employee Nomination Forms must be filled in and email to our office by 22nd August 2020 for filing. Contact our office for further information.... As per ICB: This is ONLY about employees who become eligible as of 1 July Rules issued ALL EMPLOYERS MUST Check whether any employee currently not on JK are now eligible Provide them with the new Employee Nomination Form (arguably before COB 21st August) but maybe in time for return and then payment to them before 31 August Any newly eligible employees (see below) MUST be paid any topup for Fortnights 10 & 11 before 31 August Employee Eligibility Changes apply NOW! Previously - Employee as of 1 March - Regular Systematic Casual of 12 months employment as of 1 March From 3 August - Employees commencing between 1 March and 1 July are now eligible - Employees who may have turned 18 between 1 March and 1 July - Employees who are 16 or 17 and meet the eligibility requirements as of 1 July - Casuals with regular and systematic work whose 12 months duration has been achieved as of 1 July Impact - It is still one in all in so all newly eligible employees must be offered JK support for Aug. and Sept. - New FT / PT employees between 1 March and 1 July will now be eligible for JK - Casuals who achieved 12 months employment upto 1 July are eligible

19.01.2022 The Tourism Industry along with many others has suffered a terrible blow from COVID-19. If you have a holiday rental that has had cancellations due to COVID-19, you may be eligible for funding.

18.01.2022 Sometimes all you need is a short escape from the rat race! Recharge whenever you can, it’s vital!

15.01.2022 Word has it that BAS for Quarter 1 YE 2021 must be lodged with ATO before we can submit JK Eligibility Declarations for July-September 2020 quarter! #jobkeeper2 #jobkeeperpayments #baslodgements

15.01.2022 Clients not using STP The ATO will be chasing them. Commencing late October, the ATO will be directly communicating with BAS Agents and their clients who have not started reporting payroll through STP. The ATO will send SMS and emails at first, followed up with letters for those that do not respond.... Agents will also be sent a client list with the status of STP reporting. ICB have asked that the date of the most recent STP submission be included in that report to make it evident if a business has stopped reporting during COVID-19. Small employers with only closely held payees have until 1st July 2021 to start Single Touch Payroll (STP) reporting. They can start earlier if ready. A closely held payee is someone who is directly related to the entity from which they receive payments including family members, directors, or beneficiaries of a trust. If they are employing arm’s-length employees, they will need to start STP reporting for those employees now.

15.01.2022 Ever wonder where you spend your hard earned cash? Many clients we speak to often say we work so hard but can’t seem to be able to put anything away. This may not be due to how much you're earning but actually overspending. We have all become what I call affluent the more we earn, the more we spend and this goes on unnoticed. With COVID-19 we have become very aware of how much less we are spending and how much less we need! Now is the perfect time to review your home expenditure! We have set up the very affordable Personal Cashflow Package to easily track your personal/home spending. You cannot fix something if you don’t know where the problem lies. Email for further information.

14.01.2022 New Year! New Office Contact Hours! This change is designed to increase productivity and further improve our service to our clients.

14.01.2022 Five Day Snap Lockdown Our office will be closed & staff will again be working remotely till 18th February 2021Five Day Snap Lockdown Our office will be closed & staff will again be working remotely till 18th February 2021

13.01.2022 As per The Institute of Certified Bookkeepers (ICB) Newsletter: Minimum wages in the third and final group of awards increase from 1st February 2021 The minimum wage increase of 1.75% will apply from first full pay period on or after 1st February 2021 for the 27 modern awards in Group 3.... Awards in Group 3 are listed below: Air Pilots Award 2020 [MA000046] Aircraft Cabin Crew Award 2020 [MA000047] Airline Operations Ground Staff Award 2020 [MA000048] Airport Employees Award 2020 [MA000049] Alpine Resorts Award 2020 [MA000092] Amusement, Events and Recreation Award 2020 [MA000080] Commercial Sales Award 2020 [MA000083] Dry Cleaning and Laundry Industry Award 2020 [MA000096] Fast Food Industry Award 2010 [MA000003] Fitness Industry Award 2020 [MA000094] General Retail Industry Award 2020 [MA000004] Hair and Beauty Industry Award 2010 [MA000005] Horse and Greyhound Training Award 2020 [MA000008] Hospitality Industry (General) Award 2020 [MA000009] Live Performance Award 2020 [MA000081] Mannequins and Models Award 2020 [MA000117] Marine Tourism and Charter Vessels Award 2020 [MA000093] Nursery Award 2020 [MA000033] Professional Diving Industry (Recreational) Award 2020 [MA000109] Racing Clubs Events Award 2020 [MA000013] Racing Industry Ground Maintenance Award 2020 [MA000014] Registered and Licensed Clubs Award 2020 [MA000058] Restaurant Industry Award 2020 [MA000119] Sporting Organisations Award 2020 [MA000082] Travelling Shows Award 2020 [MA000102] Vehicle Repair, Services and Retail award 2020 [MA000089] Wine Industry Award 2020 [MA000090] Note: For anyone not covered by an award or an agreement, the National Minimum Wage is $753.80 per week or $19.84 per hour. This applied from the first full pay period starting on or after 1st July 2020.

12.01.2022 Keep up to date with your Employment Obligations - updated Fair Work NES Statement!

11.01.2022 Business Survival and Adaptation Package - Business Victoria BUSINESS SUPPORT Small and medium sized business ($822 million): The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million. Grant applications open on Friday 18 September 2020.... - Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location. - Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups. - Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards. - Sole Trader Support Fund ($100 million): Grants of up to $3,000 to over 30,000 eligible sole traders who operate from a commercial premises or location to which the sole operator is the tenant or licensee. BUSINESS ADAPTATION The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under COVID normal settings. * $20 million voucher program to assist sole traders and small businesses in building their digital capability * $15.7 million package to help Victorian exporters get their products to market and establish new trade channels. * $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses. * $87.5 million Outdoor Eating and Entertainment Package to support hospitality businesses prepare for COVID Normal reopening across Victoria. * $100 million Melbourne City Recovery Fund between the Victorian Government and the City of Melbourne to support Melbourne on the roadmap for reopening to COVID Normal in the lead up to Christmas and during summer. WAIVERS AND DEFERRALS The Government is also providing $1.8 billion in tax and cashflow support. $1.7 billion to defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria $33 million to defer the planned increase in the landfill levy for six months $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred. $27 million in liquor license fee waivers for 2021 $6 million to waive Vacant Residential Land Tax for vacancies in 2020. THIRD ROUND BUSINESS SUPPORT FUNDS GRANTS ONLGOING 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. https://www.business.vic.gov.au//business-survival-and-ada Source : Business Victoria

10.01.2022 We have a new Website! Check us out and let us know what you think! https://www.baybusinesssolutionsgroup.com.au/

10.01.2022 For those of you who like reading, here's another for the week! Small Business tax cuts!

08.01.2022 With Retail Trade being another one of the hardest hit from COVID-19, some smaller Retailers were quick on their feet to adapt Online platforms to sell their goods. Australia Post has recognised this for many years thus the Australia Post Online Retail Industry Awards (ORIAS). This year it has been said that online sales have skyrocketed! Figures have indicated online sales showing records numbers in the past few weeks. If this is you, nominate your business for the 2020 A...wards. You just never know! About the awards: The Australia Post Online Retail Industry Awards (ORIAS) are the country’s flagship awards for businesses who sell online. The ORIAS recognise and reward retailers for their innovation, hard work and outstanding customer experiences. The People’s Choice Award is the only ORIAS category voted by customers, recognising online shoppers favourite Australian small and large online retailers.

06.01.2022 Budget Updates 2020

06.01.2022 JobKeeper 2 Extended - Update. https://www.baybusinesssolutionsgroup.com.au//jobkeeper-2-

06.01.2022 Watch this space, hopefully small business will get funding for much needed help from Accountants, BAS Agents and Bookkeepers! MICB - The nation’s peak accounting and bookkeeping bodies have joined forces with the Australian Small Business and Family Enterprise Ombudsman Kate Carnell to make a united call for a Small Business Viability Review program to be included in the Federal Budget. Read the full media release - https://lnkd.in/dVm_iEp

05.01.2022 From 1 March 2021, the price of Xero Starter, Standard and Premium plans will increase by $2 a month in Australia.From 1 March 2021, the price of Xero Starter, Standard and Premium plans will increase by $2 a month in Australia.

05.01.2022 Victorian lockdown explained.

05.01.2022 JobKeeper Record Keeping - Best Practice Introduction (source ICB) Employers need to satisfy record keeping requirements to be entitled to JobKeeper payments. These include:... - evidence to support the decision to enter into the JobKeeper scheme, including evidence the employer is eligible and that the decline in turnover test was satisfied - notification electing to participate in the scheme - nomination notices have been received for eligible employees - evidence that employee eligibility criteria is satisfied - evidence that eligible employees have been paid in accordance with JobKeeper obligations monthly declaration of current and projected GST turnover. Principles of Governance by an Employer Around JobKeeper (et al) 1. Leverage existing corporate governance where possible 2. Keep good records 3. Make a reasonable assessment of projected GST turnover The judgment of whether a reasonable assessment has been made depends on the circumstances of your business. The question is whether a reasonable person in the same circumstances and at the same time would have exercised greater care in making the assessment. Large public and multinational groups generally have more sophisticated corporate governance systems and this will be reflected in the standard applied. The ATO states: If you've made a claim and made genuine mistakes, we'll help you resolve them. We want to give you the support you need, without the worry of accruing a debt, repaying money or getting penalised for genuine mistakes. We know that most Australians are honest and do the right thing. However there are a handful of people who try to take advantage and exploit the system for their own financial gain. We will not tolerate anyone engaging in illegal behaviour or developing contrived schemes designed to take advantage of the COVID-19 stimulus packages. Where people deliberately exploit the system, we will take action. We've already seen some examples of people doing the wrong thing, and we've acted quickly and decisively. Documented JobKeeper Compliance Issues Some behaviours that are attracting ATO attention include: payments to people who do not meet the eligibility requirements or are not employees, falsifying records or revising activity statements to meet the fall in turnover test, applying for JobKeeper where there is no evidence of carrying on a business or there is no assessable income from carrying on a business, employers failing to pass on the full $1500 JobKeeper payment to eligible employees, multiple eligible business participant claims, employees being incorrectly excluded under the one-in-all-in rule The ATO will also focus attention on the application of the decline in turnover test. This may include asking questions where actual and projected turnover have significantly diverged.

04.01.2022 January 2021 JobKeeper Declarations due for lodgement by Monday.January 2021 JobKeeper Declarations due for lodgement by Monday.

03.01.2022 The ATO Portal is currently down. We are aware many clients are waiting for Cash Flow Boost 2 update. Thanks for being patient.The ATO Portal is currently down. We are aware many clients are waiting for Cash Flow Boost 2 update. Thanks for being patient.

03.01.2022 Parental Leave Pay Changes from 1 July 2020

02.01.2022 JobKeeper 2.0 - Further Guidance Legislation to extend JobKeeper has passed both houses and received royal assent. Further, yesterday afternoon the Treasurer released a legislative instrument providing further details. The instrument sets out the decline in turnover test for the extension of JobKeeper to 28 March 2021, and the new two-tiered payment rates....Continue reading

02.01.2022 It’s official! It’s 2021 and we are back in the office ready to take it by the horns! Happy New Year to all!