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BCS Accountants

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25.01.2022 JobKeeper enrollments have opened. Here are a few handy guides produced by the ATO on how the process works: For Sole Traders: https://www.ato.gov.au//In/JobKeeper-guide---sole-traders/... If you report your payroll to the ATO through STP: https://www.ato.gov.au//JobKeeper-guide---employers-repor/ If you do not report your payroll through STP: https://www.ato.gov.au//JobKeeper-guide---employers-not-r/ If you are a partnership, trust or compay there is some extra information provided here on claiming for non-wage earning business owners/participants: https://www.ato.gov.au//J/Sole-traders-and-other-entities/

24.01.2022 We are starting to see some action at a state level around rental agreements, both commercial and residential. This is still to go through parliament but of particular interest in todays media release: To encourage landlords to do the right thing by their tenants, the Government will provide $420 million in land tax relief. If a landlord provides tenants impacted by coronavirus with rent relief, they will be eligible for a 25 per cent discount on their land tax, while any ...remaining land tax can be deferred until March 2021. The Government will also create an $80 million rental assistance fund for renters facing hardship due of coronavirus. To be eligible, renters will need to have registered their revised agreement with Consumer Affairs Victoria or gone through mediation, have less than $5,000 in savings and still be paying at least 30 per cent of their income in rent. You can read the full media release here: https://www.premier.vic.gov.au/supporting-tenants-and-land/

24.01.2022 Tax Time is here and were ready when you are. Appointments available now in Sale and Maffra. In person over the phone or by email.

23.01.2022 You might notice theres a fair bit of road work going on out the front of the Maffra office currently. We are still actually open, but please take care in and around the works. For all phone enquiries please ring 5143 0041.

23.01.2022 The ATO have extended the enrolment period for the April payments of JobKeeper and confirmed when employees will need to be paid by. More details below: Extension of time to enrol for the JobKeeper scheme: The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.... If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. For the first two fortnights (30 March 12 April, 13 April 26 April), we will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. You can enrol and claim for JobKeeper earlier if you choose. For example, you can enrol by the end of April to claim JobKeeper payments for the two fortnights in April. https://www.ato.gov.au/general/JobKeeper-Payment/

23.01.2022 https://treasury.gov.au//Fact_sheet-Cash_flow_assistance_f The Federal Government has significantly increased the amount of PAYG Withholding it will be refunding to Employers in the coming months. Amounts will now range from $20,000 to $100,000

23.01.2022 https://www.ato.gov.au/general/gen/JobKeeper-payment/ Employers can register their interest in the new Jobkeeper payment announced today with the ATO at this link

22.01.2022 Treasurer Josh Frydenberg has announced that eligibility for JobKeeper 2.0 due to start at the end of September, will now be based on the single previous quarter rather than all quarters from June. This will enable business' suffering a downturn due to the increased Victorian restrictions to enter or stay in the JobKeeper Program. Previously employees were also required to be employed on March 1st this date has now been moved to July 1st further expanding eligibility.

20.01.2022 Lots of us are working from home at the moment. What will that mean come tax time? The ABC has an interesting article about deductions and home office vs the kitchen table.

20.01.2022 https://www.ausbanking.org.au/banks-small-business-relief-/ The Australian Banking Association have announced loan payment relief for small business. This could be a big help with cash flow for businesses experiencing a downturn.

19.01.2022 Federal Government announce current JobKeeper arrangements to stay in place until end of September 2020. After September businesses can retest for continued reduced payments until March 2021. Well be posting more details as they become available.

19.01.2022 JOBKEEPER PAYMENTS FOR PARTNERSHIPS, TRUSTS & DIRECTORS/SHAREHOLDERS Treasury has advised that only one partner in a partnership can be nominated to receive the JobKeeper payments. Also, where beneficiaries of a trust only receive distributions, rather than being paid salary and wages for work done, one individual beneficiary can be nominated to receive the JobKeeper payment.... Eligible businesses will also only be allowed to nominate one director to receive the payment and that individual may not receive the payment as an employee. Further, an eligible business that pays shareholders that provide labour in the form of dividends will only be able to nominate one shareholder to receive the JobKeeper payment.

18.01.2022 The Government has increased the instant asset write off threshold to $150,000 as part of its economic response to the Coronavirus. https://treasury.gov.au/coronavirus/business-investment

17.01.2022 https://www.ausbanking.org.au/banks-to-help-commercial-lan/ Australias banks have agreed to help landlords with commercial tenants with debt relief where they have helped their tenants stay in business.

17.01.2022 Worried about your Mortgage - Heres a great summary by the ABC on what the big 4 banks are offering customers affected by Coronavirus.

16.01.2022 Are you a farmer from East or Central Gippsland? Have you been impacted by drought and dry seasonal conditions? If you want to know about available grants and a...ssistance give us a call today, dont try and self-assess. The Victorian Government provides a range of assistance to support farming families, communities and small businesses to manage the impact of drought as well as technical information, tools and resources. Call us today on 136 186 or visit agriculture.vic.gov.au/dryseasons #vicdryseasons GippsDairy Victorian Farmers Federation Gippsland Farmer Relief See more

15.01.2022 The Tax Office has begun releasing details on the Job Keeper Payments. Enrollments open on the 20th of April. Employers will need their employees to fill out a notification to be eligible. Full details here: https://www.ato.gov.au//Enrol-and-apply-for-the-JobKeeper/

15.01.2022 Victoria to refund payroll tax for business with under 3mil payroll and defer land tax for property owners with at least one commercial property, as part of the states business support measures. https://www.sro.vic.gov.au//new-tax-measures-support-busin

14.01.2022 Our website and emails are currently down - we apologise for any inconvenience caused. Hopefully back up very soon!Our website and emails are currently down - we apologise for any inconvenience caused. Hopefully back up very soon!

13.01.2022 Proud sponsors today at the Maffra Bowls clubs Presidents invitational day

12.01.2022 Theres been a lot happening in the world during the past week and not a whole lot to smile about. However, we did have some wonderful news in the BCS office with Kristy, Dave and Finn announcing the safe arrival of a baby girl Harper Louise Griffiths weighing 6 pound 2 oz, and 48cm long! Mum and bub both doing great.

12.01.2022 Remember way back when the virus first started? Along with the message that there was enough toilet paper for all, one of the first announcements made by the G...overnment was the $750 stimulus payments. Were still waiting for toilet paper but if you were already in the system you should have received your first payment. The ABC has details on when the second payment is coming and more details for those waiting on the first: See more

12.01.2022 This Christmas is significant for us in that we farewell Helene as she commences her retirement. We wish her all the very best and look forward to hearing of her adventures far and wide. Please note that our offices are now closed until Monday, January 6th. From our BCS Family to yours, we wish everyone a very Merry Christmas and a Happy and safe New Year in 2020.

11.01.2022 Cashflow for businesses wanting to pay their employees JobKeeper has been a big issue in the past few weeks. The Treasurer has announced Banks are working to speed up applications for loans to cover initial JobKeeper payments.

11.01.2022 So apparently the debate over 'no Christmas decorations before December' has been well and truly lost

10.01.2022 https://treasury.gov.au/coronavirus/jobkeeper We are still waiting on some of the specifics around the new Jobkeeper payment but in the mean time, Treasury have updated their fact-sheets on the Jobkeeper payment. Separate information is now available for Employers and Employees

10.01.2022 JOBKEEPER MONTHLY DECLARATIONS START TODAY If you have enrolled in JobKeeper now is the time to complete your first Monthly Declaration to receive payment for the first two periods. You will need to declare your turnover for April and projected turnover for May. (please note this is not a retest of the entitlement and is for data collection only) Full details on Monthly Declarations and Enrollment here:... https://www.ato.gov.au//E/Enrol-for-the-JobKeeper-payment/

08.01.2022 https://www.abc.net.au//coronavirus-how-to-apply-/12083948 The ABC just posted this handy guide if you are dealing with Centrelink for the first time and applying for the Jobseeker Payment.

07.01.2022 https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p Details of the new Jobkeeper payment can be found on the above link. To register your interest with the ATO see our previous post.

06.01.2022 Website and emails all fixed. If you were having trouble sending anything through on Tuesday afternoon, please try again. Note that our office is closed Friday October 23rd for the Public Holiday.

06.01.2022 Pensioners, Veterans, Families, Job Seeker and Others in line to receive a one-off payment of $750 as part of economic stimulus package. https://treasury.gov.au//Fact_sheet-Assistance_for_househo

05.01.2022 https://treasury.gov.au//JobKeeper_frequently_asked_questi More details are starting to trickle out regarding the JobKeeper payments: Treasury have released a FAQ sheet on the JobKeeper payments. Answering a range of questions about eligibility requirements.

04.01.2022 Two free tickets are available for Glory Days The Boss Experience. Thursday September 5th, 8pm. Hands down one of the best tribute performances youll ever experience. This explosive show brings to life the incredible its of The Boss Bruce Springsteen. Starring the vocal talents of James G Brennan & his incredible group, emulating the sounds of the E Street band. This incredible show features all the big hits, including Born to Run, Dancing in the Dark, Hungry Heart, Im on Fire, Born in the U.S.A and many more! An entertaining night not to be missed!

04.01.2022 Make sure you are keeping a log of the hours you are working at home during the lock-down. The ATO has made temporary changes to the Home Office Deduction rules to make claims easier.

03.01.2022 Victorian Government announces 3rd round of COVID-19 Support and Grants. We are still waiting on the details of some elements of the new grants but will be sending out information as it comes to hand in during the next week. Currently the requirements for the main business grant seem to follow the previous 2 rounds. Details on the $3,000 Sole Trader Grant and Hospitality/Alpine Business Grants are not yet available. You can find out more on the official website here:... https://www.business.vic.gov.au//b/business-support-fund-3

03.01.2022 A wonderful night was had by all at Blue Gables vineyard with our office friends from Professional Money Management. After a year of staying apart it was great to come together to celebrate Christmas

01.01.2022 Wheres my payment summary? If youre an employee, youre probably used to receiving your payment summary (now called an income statement) at the end of the financial year. Now days, theres every chance you wont physically receive one. Rest assured though that we can access the details securely via the ATO and prepare your tax return for you. Call 5143 0041 to book in at our Sale or Maffra office.

01.01.2022 Happy New Year! Our staff are currently taking a well earned break after a challenging year, but will be back in the office from Monday 11th January, 2021. Until then, stay safe everyone!

01.01.2022 https://www.business.vic.gov.au//gra/business-support-fund Details on eligibility and how to apply on Victorias Business Support Fund with grants of up to $10,000 can be found here