Blume Accounting Group in Keysborough, Victoria, Australia | Tax preparation service

Blume Accounting Group

Locality: Keysborough, Victoria, Australia

Phone: +61 3 8593 7314

Address: 1st Floor 5/31 Keysborough Close 3173 Keysborough, VIC, Australia

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

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24.01.2022 GRIM ECONOMIC FORECAST FOR OUR state Victoria Treasurer J Frydenberg says "closures will cost jobs but are necessary" commenting on a hard lockdown 9 public housing towers in Melbourne & 52 new cases linked to them and NSW/Vic borders closure from Tuesday, July 7, 11.59pm. We are likely to be the worst-performing economy state during the COVID-19 crisis and will be suffering "prolonged misery" even as the national economy could recover more quickly than previously forecast.... https://www.afr.com//growth-to-rebound-but-not-jobs-or-wag

22.01.2022 WILL YOUR BUSINESS SURVIVE in Post Pandemic Times? We're nearly 3 months of COVID-19 pandemic but it's already impacted so many small & medium size businesses and looming economic downturn of our lifetime putting extreme pressure on the owners How To Keep Operating, How To Adapt and most important one - How To Survive after the pandemic is over. Businesses who have strong chances of survival now and more likely be trading in post COVID times adapted quickly to the current con...ditions & implemented strategies that transformed their business models operationally & humanly. Article below is giving you a good insight about 6 common characteristics of any business that will survive and have a future post pandemic. https://www.smartcompany.com.au//six-characteristics-busi/

21.01.2022 *** The JobKeeper blunder could be a much needed boost for our struggling traveling & hospitality industries and their casual employees? *** https://7news.com.au//treasurer-josh-frydenberg-says-60bil

21.01.2022 ***Job Keeper review next month will decide whether it will be extended beyond cut-off day of 27th of September*** Yesterday was a "tough day" for Australia described by PM Scott Morrison. Job numbers were crashed as nearly 600000 were lost in April alone. It did added some pressure to the government that our economy will "fall off a cliff" once the massive subsidies finish, hence to review JK payment next month. https://www.smh.com.au//review-to-consider-extending-jobke

20.01.2022 Victorian Business Support Package - Expansion Announced by PM D Andrews on Friday, July 11, 2020 to help businesses who have been affected by lockdown 2.0 particular in Melbourne. Applications will be closed on 19th of August 2020. Business Support Fund for 80,000 eligible businesses with $5000 one off payment available to all areas under Stage 3 restrictions... 30 million fund for Hospitality industry 26 million in Mental Health support for Small Businesses 40 million capped fund for Regional Tourism businesses to cover the cost of refunds. $225 per night for up to 5 nights for every room cancellation $20 million Business Support fund for Melbourne CBD Payroll Tax relief - up to 10 million turnover can defer their liabilities for the first 6 months of FY 20-21 (until 31 Dec 2020) Business owners that Do Not Employ people (non-employing businesses) are Not Eligible for funding through this program You May be Eligible If you are: - operate a business located in metropolitan Melbourne or Mitchell Shire - receiving JobKeeper Payment - employ people - be registered with WorkSafe on 30 June 2020 - an annual payroll of less than $3 million in 2019-20 on an ungrouped basis - registered for GST as at 30 June 2020 - have ABN and have held that ABN at 30 June 2020 - be registered with the responsible Federal or State regulator. https://www.business.vic.gov.au//bus/business-support-fund

14.01.2022 PM D Andrews announcement about easing restrictions from 11.59pm May, 12 til 11.59pm May, 31 brought some relief and cautious optimism today. The 5th reason for Victorians to be out - visiting family and friends. Now we are allowed to invite up to 5 people (family members & friends) over for a dinner. Victorians also will be able:... - to go golfing, hiking, fishing and gather for outdoor exercise in small groups up to 10 people; - AFL players can resume training in groups of 10; - weddings & auctions up to 10 and funerals up to 20 people; - back to school by Term 2 Restrictions still apply to: - cafe and restaurants open for takeaway only; - working from home if you still can; - playgrounds, outdoor gyms, skate parks remain closed except for exercise. https://www.heraldsun.com.au//ce7baa480c8447b594846a302da0

13.01.2022 ***JOBKEEPER APPLICATIONS EXTENDED*** The Australian Commissioner of Taxation has extended the time to enroll for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enroll 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 (includes having paid your employees by the appropriate date for each fortnight).... https://www.ato.gov.au/general/JobKeeper-Payment/

11.01.2022 JOB KEEPER can be ordered to pay back Some small businesses will be required to pay back $1500 Job Keeper to the ATO and it will affect those who started trading on/after the 1st of January 2020. There are some contradictions to the above statement, however, if you read information directly from the ATO website about JK eligibility for those affected.... As an Accounting Practice we strongly recommend to get in touch with your accountant and check again your entitlements, ie if your business is still eligible for JK. We are happy to accommodate and take on board those who currently don’t have an accountant and looking for a one. https://www.theguardian.com//tax-office-sole-traders-jobke

08.01.2022 JOB KEEPER has been extended to 2021 Below are the most important points you need to know: JobKeeper extended to January, 3, 2021 No Changes to all existing payments until September, 28th, 2020... To continue receive payments after September, 28 you will need to be re-assessed and show 30% or more decline in both March and September quarters 2020 (check the fact sheet for additional info) JOBKEEPER rules and payments in 2020 From Sept 28th 2020 to Jan 3rd 2021 JK payments are: $1,200 per fortnight for all eligible employees working 20 hours or more per week (business & NFP) in the 4 weeks of pay periods before 1 March 2020. Also all eligible business participants who were actively engaged in the business for 20 hours or more per week on average in February 2020. $750 per fortnight for eligible employees & business participants who worked less than 20 hours in the 4 weeks prior to 1 March 2020. JOBKEEPER rules and payments in 2021 You need to be re-assessed again in Jan 2021 to be eligible to receive payments until March 2021 (30% downturn rules apply again) Payments from 4 January 2021 to 28 March 2021 will be paid at a lower rates: $1,000 per fortnight for all eligible employees who, in 4 weeks of pay periods before 1 March 2020, were working for 20 hours or more per week (business & NFP). Also eligible business participants who were actively engaged in the business for 20 hours or more per week in February 2020. $650 per fortnight for eligible employees & business participants who worked less than 20 hours in the 4 weeks prior to 1 March 2020. We are happy to assist if you have any accounting/financial quarries via email, message or phone call https://treasury.gov.au//Fact_sheet-JobKeeper_Payment_exte Credit: a very handy infographic developed by Chartered Accountants Australia and New Zealand team

08.01.2022 Today is the last day in the Australian Tax calendar - June, 30. The most challenging and emotional year will go down in finance history books at 11.59pm tonight We cannot be more proud of all our clients who stayed focused, been innovative, kept all their employees, showed compassion, employed more people and haven’t stop winning new work in this difficult time! Certainly we cannot wait to see you grow Bigger Better & Tougher in the new tax year 2021 and support you throughout your business journey !

05.01.2022 The end of Tax Year 2020 is just 2 weeks away and there are some unexpected tax deductions ATO will allow you to do because of COVID-19 challenging times in the last 6 months. However, there will be some traps along the way and you should be aware of them before you complete your tax returns - individual and business ones. https://7news.com.au//atos-tax-advice-why-coronavirus-coul

05.01.2022 ***Monthly Declarations for JobKeeper are now open*** There are a few things to note here: - If you have employees, they must have been paid the $1500 before tax per fortnight before May 8th to qualify for the 2 fortnights in April. You opt-in for the start of May instead if you wish to do so. ... - You have until May 31st to enrol - however, if your employees were not paid $1500 or more a fortnight, you won't be eligible to claim the fortnights in April, you will have to begin claiming for them in May. - All Employees should be paid using STP system - otherwise, you will need to lodge their pays manually. - If the form doesn't work for you - just don't lodge it. Call the ATO instead and try again - they have been working on weekends and happy to guide you. - You don't need to include the JobKeeper payments in your turnover amounts. Your GST Turnover for this declaration is total income less GST collected. - You need to do this monthly - however you are not proving eligibility every month. Once you were eligible using March or April or April to June turnover - you are in for the whole 6 months. The monthly declaration is for reporting purposes only. - This is how the law stands as of today after passing our Parliament. But you are not proving eligibility again each month. - Do not adjust your numbers thinking it will keep you eligible. ATO will know once when you lodge your BAS or tax return. Stay Home, Stay Safe, Stay Positive

04.01.2022 Australian plan of reopening was unveiled by PM Scott Morison just now via press conference. First good news for the last few months of frustration, uncertainty, pain, grief, anger, sadness and fear! Victorian PM D Andrews tough approach "Victoria will not ease restrictions until next week" cannot overshadow good news for Australia as a whole! ... https://www.9news.com.au//343a2ceb-b414-41af-a361-e225ab70

03.01.2022 ***Building & Construction stimulus package near 1B$ during COVID-19 is next for Australian economy*** PM Morrison signaled that "it will be targeted support" that includes residential constructions & home renovations. https://au.finance.yahoo.com//25k-home-building-scheme-to-

01.01.2022 **Job Keeper Program and Cash Economy** Capturing those outside the legitimate economy (ie cash based businesses with questionable accounting records) has been a dream for Treasurers of all persuasions in Australia since GST introduction. Now their wish might come true in 2020. Will JobKeeper Allowance program can be the one who can achieve that? ... https://www.smh.com.au//the-ato-just-got-a-gift-20200403-p