SCG Accountants & Advisors in Melbourne, Victoria, Australia | Tax preparation service

SCG Accountants & Advisors

Locality: Melbourne, Victoria, Australia

Phone: +61 3 9510 1000

Address: 606 St Kilda Road 3004 Melbourne, VIC, Australia

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

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25.01.2022 JobKeeper 2.0 is designed for businesses and non-profit organisations that continue to be affected by COVID-19. Over time, payment rates will be reduced and a two tiers of payments will be introduced. The tiered system will provide continued financial support, but over time, it will wean businesses off JobKeeper, rather than a sudden stop in March. From 28 September 2020 to 3 January 2021, the payment rate will be $1,200 per fortnight for all eligible employees who, in the f...our weeks before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week. The payment rate will be $750 per fortnight for employees who were working in the business or not-for-profit for less than 20 hours a week on average and business participants who were actively engaged in the business less than 20 hours per week in the same period. From 4 January 2021 to 28 March 2021, the second ‘tier’ will be put into place. The payment rate will be reduced further to $1,000 per fortnight for all eligible employees who in the four weeks before 1 March 2020, were working for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week. It will be reduced to $650 per fortnight for employees who were working for less than 20 hours a week on average and business participants who were actively engaged in the business for less than 20 hours per week in the same period.

19.01.2022 Working from home deductions during COVID-19 As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home. To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced. A simplified method has been introduced that allows you to claim a rate of 80 cents per hour for all your running expenses, rather than having to calculate t...he additional amount you incurred for specific running expenses. This simplified method will be available to use from 1 March 2020 until 30 June 2020. You may still use one of the existing methods to calculate your running expenses if you would prefer to. You can claim a deduction of 80 cents for each hour you work from home due to COVID-19 as long as you are: Working from home to fulfil your employment duties and not just carrying out minimal tasks such as occasionally checking emails or taking calls Incurring additional deductible running expenses as a result of working from home You do not have to have a separate or dedicated area of your home set aside for working, such as a private study.

18.01.2022 Extending the Instant Asset Write-Off This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than $500 million to immediately deduct the cost of a depreciating asset (instant asset write-off). The asset must cost less than a threshold of $150,000 and be first used or installed ready for use for a taxable purpose by 31 December 2020. Without these amendments the $150,000 instant asset write-off would have ended... on 30 June 2020. By extending the previous end date of 30 June 2020 to 31 December 2020, the amendments give businesses additional time to access the $150,000 instant asset write-off for their acquisitions of depreciating assets, including those purchases that have been delayed by supply chain disruptions. Further, the amendments extend cash flow support to businesses through the early stages of the recovery from the economic conditions caused by COVID-19. It will be interesting to see if this timeframe is further extended at some later point. Note that, come 1 January 2021, if there is no further extension, the $150,000 threshold for the instant asset write-off for depreciating assets will collapse to $1,000 and the turnover threshold for eligibility for the outright deduction of less than $500 million will fall to a turnover of less than $10 million. #scg #scgaccountants&advisors #COVID-19 #instantassetwriteoff #tax

15.01.2022 JOBKEEPER DECLARATION DUE 14 JUNE Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. The monthly declaration must be made by the 14th day of each month to claim JobKeeper payments for the previous month. ... As part of the declaration, businesses will need to: ensure they have paid their eligible employees at least $1,500 (before tax) in each JobKeeper fortnight they are claiming for; re-confirm their eligible employees, including notifying if an eligible employee has changed or left employment; and provide the current and projected GST turnover of the business note, this is not a retest of the eligibility of the business. For example, to claim JobKeeper payments for the May 2020 JobKeeper fortnights, businesses must report their GST turnover for the month of May 2020 as well as their projected GST turnover for the month of June 2020 by 14 June 2020. The monthly declaration can be lodged through the ATO business portal or through STP-enabled software. Alternatively, tax agents can assist clients by lodging the monthly declaration on behalf of registered clients. #jobkeeper #ato #jobkeeperdeclaration #scg #scgaccountsandadvisors #monthlydeclaration

11.01.2022 Businesses can now claim JobKeeper for new Employees A legislative instrument was registered on 14 August 2020 amending the JobKeeper rules to allow businesses to claim the subsidy in respect of new employees. The changes apply to JobKeeper fortnights beginning on or after 3 August 2020. Under the changes, the reference date for assessing which employees are eligible for the JobKeeper payment is now 1 July 2020.... Another very positive change relates to the ability for an employee to re-nominate with a new employer (which was previously not allowed). Broadly, if an individual was a 1 March 2020 employee of another entity but is not employed by that entity at any time from the start of 1 July 2020, then the individual is now permitted to give a nomination notice to a new employer. The same applies for eligible business participants, as applicable. The ATO has also confirmed that for fortnights commencing on 3 August and 17 August 2020, employers will have until 31 August 2020 to meet the wage condition for all new eligible employees who are now included in the JobKeeper scheme under the 1 July 2020 eligibility test. For further information, please refer to: Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 7) 2020 https://www.legislation.gov.au/Details/F2020L01021 ATO JobKeeper key dates https://www.ato.gov.au//JobKeeper-Pay/JobKeeper-key-dates/ #jobkeeper #ato #scg #scgadvisors #employees

10.01.2022 JobMaker Hiring Credit passed The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per week for an eligible employee aged 16 to 29 years and $100 per week for an eligible em...ployee aged 30 to 35 years, paid quarterly in arrears by the ATO. To be eligible, the employee must have been receiving JobSeeker Payment, Youth Allowance (Other) or Parenting Payment for at least one of the previous three months, assessed on the date of employment. Employees also need to have worked for a minimum of 20 hours per week of paid work to be eligible, averaged over a quarter, and can only be eligible with one employer at a time. The hiring credit is not available to an employer who does not increase their headcount and payroll. Employers and employees will be prohibited from entering into contrived schemes in order to gain access to or increase the amount payable. Existing rights and safeguards for employees under the Fair Work Act will continue to apply, including protection from unfair dismissal and the full range of general protections. #SCG #JobMaker #HiringCredit #COVID19 #employment

01.01.2022 Superannuation guarantee rate increase update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee ('SG') have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund.... The rate of SG has been frozen at 9.5% of an employee’s ordinary wages since July 2014, but from 1 July 2021 it is due to incrementally increase (by 0.5% each financial year) until it ultimately reaches 12% in July 2025. As a result, the superannuation guarantee rate is currently set to increase to 10% from 1 July 2021. #super #superannuation #scgadvisors #sg #superguarantee