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Electra Frost Accounting

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25.01.2022 QLD government has come to the rescue of residential tenants in between a rock and a hard place with their landlords over the next month. Hopefully other States will provide a similar stop gap while tenants are waiting for their landlords insurers and Centrelink to get on board.

25.01.2022 Not seeing any action here? Head on over to our NEW PAGE to follow instead! https://www.facebook.com/electrafrostadvisory

24.01.2022 Any South Australians here? SA Government $10k COVID-19 Small Business Grants registration page is here: https://www.treasury.sa.gov.au/Growing-South//registration

23.01.2022 Our team has collaborated remotely with cloud business tools since 2012 to ensure the best client experiences. #WeveGotYourBack

21.01.2022 While we await the legislation and rules to let us confirm the most effective ways to safely maximise your JobKeeper and Cash Flow Boost outcomes ... or polish our crystal balls if the government fails to deliver.... please browse Treasurys latest factsheet with FAQs ! Happy Easter everyone https://treasury.gov.au//JobKeeper_frequently_asked_questi

20.01.2022 Just announced! Grants of up to $3,000 will soon be available for independent artists and arts workers. stART are new quick turnaround grants to help artis...ts doing it tough. Our Governments $20 million in support for the Arts now includes: $10.5 million rapid initial response More support for Queenslands major Arts institutions and companies stART grants for independent artists Alarmingly, many artists are facing uncertainty as they are ineligible for the Federal Governments JobKeeper package. I will say it again, the Federal Treasurer, Josh Frydenberg, can fix this with the stroke of a pen, to help support the struggling sector.

20.01.2022 #jobkeeper #fallinturnover #alternativetests #startups Details are unclear on JobKeeper eligibility, however we're still hoping the ATO will spell out some alternative turnover tests for pre-revenue businesses and those trading for less than 12 months. This would throw a lifeline to startups that are dependent on investor funding and trying to extend their runways for as long as possible in order to get through the COVID-19 crisis, and for which skilled staff are an important... asset. StartupAus chief Alex McCauley encouraged pre-revenue startup to apply for the JobKeeper scheme. Then develop a strong case showing how youve been impacted, he advised. The risk here is that an alternative test may never eventuate and the Tax Office may audit and demand repayment of JobKeeper payments from employers that have already made salary outlays to their staff. Directors can self-assess for the JobKeeper wage subsidies if they have a strong basis of evidence. Id be graphing weekly turnover from the earliest date to 31 March 2020 or some other activity metric to illustrate a drop in expected turnover for April-June 2020 or apply for Commissioner discretion. But as an alternative to waiting for the ATO - and missing out on the first weeks/months of payment a measured risk could be taken provided you have a strong argument for your position, supported by financial analysis. Remember the 30 April cut off if youre an employer. Employers wanting to cover their payroll with JobKeeper payments will want a reliable formal answer from the ATO by then and probably wont get one.

18.01.2022 Artists in QLD - check it out https://www.arts.qld.gov.au//new-start-grant-program-for-q

17.01.2022 Confused about how the Government Stimulus Package works for your business? The new legislation and explanatory material is now being broken down into BITE SIZED CHUNKS by our team to deliver to clients in practical and actionable ways. JOIN OUR FREE WEBINAR ON FRI 17 APRIL. We'll demonstrate how the benefits are calculated, how to factor the payments into your cash flow forecast, and explain bonus tips and costly traps through real-world examples that MAKE SENSE. Learn how to work successfully with your accountant so they can maximise your benefits sooner and with the least risk for your business and personal assets. Hope to see you there!

15.01.2022 A helpful analysis for anyone weighing up the net benefit of JS vs JK. We generally recommend applying for JS first by default (if eligible) while waiting to see how things pan out with JK. Please be patient with your employers if expecting JK as its been rather complicated and uncertain for many situations. https://au.finance.yahoo.com//jobkeeper-vs-jobseeker-tax-r

15.01.2022 Employers with no revenue must somehow pay staff wages this week so as to receive JobKeeper subsidies... but with so many small businesses experiencing difficulty with obtaining finance in the current environment, something had to give ....

15.01.2022 Could this be the solution to inspire more confidence in small business employers to employ more people? If adopted by the government, the Small Business Award would be simpler than existing awards and available to all small businesses on an opt in basis.

15.01.2022 Our latest newsletter covers JobKeeper updates, working from home claims, instant asset write offs, 30 June tax planning, our ongoing accounting + advisory + tax services packages, our new website & business solutions offerings... plus what we're working on now to deliver the business advisory and reporting you need to mitigate challenges and take advantage of opportunities in the coming months. Email us for a copy: [email protected] Click here to subscribe for future news: https://electrafrost.us19.list-manage.com/subscribe

13.01.2022 JobKeeper changes to the Fair Work Act, Unpaid pandemic leave: On 9/4/2020, the Fair Work Act was amended to support and implement the JobKeeper scheme in Australian workplaces. The Fair Work Commission has varied 99 awards to provide employees with 2 weeks unpaid pandemic leave and the ability to apply to take annual leave at half pay. https://coronavirus.fairwork.gov.au//unpaid-pandemic-leave

13.01.2022 JOBSEEKER UPDATE: More Centrelink delays if you were counting on partners income increase to $3068 per fortnight - they say wait until closer to April 27 to put in your claim.

12.01.2022 ATO webinar today: DO NOT LODGE YOUR BAS BEFORE 28 April if claiming Cash Flow Boost, otherwise the benefit will be used to offset existing tax debts...!! LODGE AFTER 28 APRIL - The ATO will then have to refund the boost payment back to employer. Well try to confirm this next week. Interesting tip from ATO experts .. we heard that even if youre a monthly lodger, and your due date is 21 April, do not lodge before 28th as the ATO is putting systems in place. (We cautiously... recommend requesting a lodgement extension, though). ALSO - do not use the recontributions strategy for the $10,000 Super access as they will be tracking this and and refusing deductions. NOW that ATO has taken over the administration of Jobkeeper program, CHECKOUT ato.gov.au/jobkeeper every morning for updates. The ATO are working through legislation and Q&A for problem issues....maybe some clarity to come.... join our webinar next week if you have employees, and well update you.

11.01.2022 NEW ATO GUIDE: SOLE-TRADERS' AND BUSINESS OWNERS' ELIGIBILITY FOR JOBKEEPER ... according to the business participation entitlement. More info coming tomorrow. Note: the ATO website contains interpretative material and constantly changes, it's not the legislation. So if relying on anything written here, make sure you take a screenshot and seek professional advice based on your individual circumstances. ... But please don't ask us til next week. We are still waiting for more information https://www.ato.gov.au//J/Sole-traders-and-other-entities/

11.01.2022 We are experiencing an unprecedented change to the structure of how we do business. https://www.linkedin.com//why-support-startups-entrepreneu

11.01.2022 COVID-19 UPDATE: A FURTHER AND BROADER STIMULUS PACKAGE IS IMMINENT In todays address to the nation, the Prime Minister: - admitted that the second stimulus package was not a stimulus, it was a safety net package... - confirmed that further income support measures will be announced shortly. - urged employers to wait until these further measures are announced before making decisions to stand down more staff or shut up shop. The next stage of financial support is set to apply more broadly than the earlier packages (not just to SMEs). The PM confirmed that the goal for the government is to put in place measures to hibernate businesses for a period of 6 months and maybe beyond that, depending on when the virus passes. Stay tuned as a further announcement is expected tonight.

11.01.2022 No rest for the wicked this Easter! Breaking News - JobKeeper Rules and Explanatory Memorandum released by the Treasurer: Rules - https://bit.ly/JKFedGovtRule090420 EM - https://bit.ly/JKEM090420 Employer Fact Sheet - https://bit.ly/JKEmployers090420... Employee Fact Sheet - https://bit.ly/JKEmployees090420 FAQ - https://bit.ly/JKFAQ Integrity Fact Sheet - https://bit.ly/JKIntegrityFactSheet General Fact Sheet - https://bit.ly/JKGenFactSheet Happy Easter!!

09.01.2022 We contributed to a Xero Blog: As accountant Electra Frost says, Panic isnt the answer right now. When dealing with unexpected change, the more anxious we get, the less likely we are to find a way through it. The solution lies in gathering the information you need to make a decision and considering which steps will help you reach your goal (even if that goal is simply making it through). https://www.xero.com//recognising-advisors-supporting-smal

09.01.2022 This article on our website runs through "Stimpack 2" announced by the Government on 22 March 2020. Our clients have received several emails from us this week with further information about the updated cash flow boost and payment mechanisms and business continuation planning tips which go into far more depth than this article does. Please contact us if you'd like to receive our newsletters, or to book a meeting. Whatever situation your business is in, we can help forecast your cash flows for tax planning, business continuation or wind-up, and personal financial outcomes. We're here to help.

09.01.2022 NSW businesses struggling with cash flow - as one of the specific expenses that the $10k can be used for is to "pay your accountant"! This may potentially be a much needed "lifeline" for businesses who need more hands on assistance and expertise from their accountants and advisers in the difficult months ahead. https://www.accountantsdaily.com.au//14216-nsw-businesses-

09.01.2022 To stay ahead of the times and support creative businesses with the advice they need, we've remodelled our business. Please follow our new page Electra Frost Advisory for all updates on tax, government grants, cloud accounting and business best practice. Like our new page now Electra Frost Advisory and don't miss out! Hope to see you there.

09.01.2022 EMPLOYERS AND COMPANY DIRECTORS ON SALARIES - Remember to pay at least $1500 per fortnight gross wage (top-up if needed) to every eligible employee, to be allowed the subsidy for the JobKeeper fortnight theyre paid in. The JobKeeper scheme works in dedicated fortnights, although businesses arent required to change their individual payroll cycles to bi-weekly ones, so long as they comply with the dates listed below. JobKeeper fortnight 1: March 30 April 12; employees mus...t be paid by May 8. Fortnight 2: April 13 April 26; employees must be paid by May 8. Fortnight 3: April 27 May 10; employees must be paid by May 10. Fortnight 4: May 11 May 24; employees must be paid by May 24. Fortnight 5: May 25 June 7; employees must be paid by June 7. Fortnight 6: June 8 June 21; employees must be paid by June 21. Fortnight 7: June 22 July 5; employees must be paid by July 5. Fortnight 8: July 6 July 19; employees must be paid by July 19. Fortnight 9: July 20 August 2; employees must be paid by August 2. Fortnight 10: August 3 August 16; employees must be paid by August 16. Fortnight 11: August 17 August 30; employees must be paid by August 30. Fortnight 12: August 31 September 13; employees must be paid by September 13. Fortnight 13: September 14 September 27; employees must be paid by September 27. See more

09.01.2022 Fortunately all our employer clients use Xero! This should make it much less trouble to process their JobKeeper payments to workers, including those made before JobKeeper was passed by Parliament. The software will create a pay item so that you can accurately report these payments to the ATO. Youll just need to add the item to your employees payslip. Contact us for payroll training and ongoing support. Read more here...... https://www.xero.com/bl/2020//jobkeeper-coming-to-payroll/

07.01.2022 Applications are now open for the Queensland Governments $500 million COVID-19 Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. http://www.qrida.qld.gov.au//queensland-covid19-jobs-suppo

07.01.2022 Congratulations Kristie Ogden on gaining your Tax Practitioner's licence. Since joining us in January 2017 you've upheld values of integrity and honesty above all else while going above and beyond to help your colleagues and clients achieve their best outcomes, and we are so proud to have you in our team!

07.01.2022 UP TO $10,000 GRANTS for eligible businesses impacted by COVID-19. The funding can be used towards professional advice around business sustainability, diversification and strategic planning. As business advisors, were actively advising on business continuation... so please contact us if your business is eligible for this grant and we can help your business set new financial goals and stay on track.

06.01.2022 #workingfromhomefunnies #zoomvirtualbackgroundfun Hey look, we're the Brady Bunch!

05.01.2022 Fortunately we postponed our JobKeeper workshop to Monday! Friday night: ATO changed monthly reporting for eligibility to include cash basis. Still waiting for alternative tests for startups. Starts next week. Updating all advice. Hectic Fortunately we postponed our JobKeeper workshop to Monday! Friday night: ATO changed monthly reporting for eligibility to include cash basis. Still waiting for alternative tests for startups. Starts next week. Updating all advice. Hectic

05.01.2022 RESCHEDULED TO MONDAY to incorporate Friday's major updates and avoid confusion about eligibility and processes once and for all..! ... Want to know how to utilise the Government Stimulus Package for your business continuation? The new legislation and explanatory material is now being broken down into BITE SIZED CHUNKS by our team in practical and actionable ways. JOIN OUR FREE WEBINAR. We'll demonstrate how the benefits are calculated, how to factor the payments into your ...cash flow forecast, and explain bonus tips and costly traps through real-world examples that MAKE SENSE. Learn the key elements and areas that you need to be aware of to run your business and plan for the coming weeks and months. Tips for working successfully with your accountant so they can maximise your benefits sooner and with the least risk for your business and personal assets. Hope to see you there! https://zoom.us/webinar/register/WN_B2ViIVnDTWmqiujNpQubDw

05.01.2022 Victorian businesses can apply for a $10,000 grant to assist with financial, accounting and advisory costs. Business Support Fund to assist small to medium businesses most impacted by the COVID-19 outbreak. To register your interest in receiving more details of the program see the link below https://www.business.vic.gov.au//gra/business-support-fund

04.01.2022 Straight from the horses mouth so to speak: The ATO spokesperson has said that they quite frankly would prefer people to hold off calling them as there is nothing that that can say yet regarding JobKeeper. The ATO advice is to register your interest and wait. So please also wait until we send you a newsletter update before sending us your questions about JobKeeper. Message us your email address if you would like to join our mailing list. Now is a good time for sole traders a...nd businesses to get their year to date accounting records in order so that when the JobKeeper application processes become available it will be possible to act quickly on them. Thank you! https://www.accountantsdaily.com.au//14238-treasurer-relea

04.01.2022 *** ATTENTION EMPLOYERS OF CASUAL STAFF *** Last week the Federal Court confirmed a casual mining worker employed by labour-hire firm WorkPac was entitled to paid leave. Now, small business owners have been advised by workplace lawyers to consider whether to offer their casual staff part-time conversions. We're already raising questions with our clients about the casuals they do or don't identify as eligible employees for JobKeeper, and how this impacts the "one-in all-in" r...ule. Stuffing up on this rule may mean having to pay back JobKeeper subsidies (ouch). So getting your casual vs part-time employment classifications right is so important! This Thursday at 2:15pm, we'll attend this Facebook live stream with Australian small business and family enterprise ombudsman Kate Carnell, and Employsure managing director Ed Mallett to get the information you need on casual worker entitlements.

03.01.2022 #jobkeeper #cashflowboost #governmentstimulus We may not have certainty on all the rules ... so reverting to our ethical and professional standards will guide us as to what is right.#jobkeeper #cashflowboost #governmentstimulus We may not have certainty on all the rules ... so reverting to our ethical and professional standards will guide us as to what is right.

02.01.2022 For employers - you have been given an extra week to pay employees their $3000

01.01.2022 Australian banks will defer loan repayments for six months for small businesses who need assistance because of COVID-19. They are also offering loans, including overdrafts, with no repayments for the first six months, at very low interest rates, supported by the Government, through an SME Loan guarantee. Other assistance can include fees waived, loans restructured, and further credit offered to get through the pandemic.... https://www.ausbanking.org.au/campaigns/financial-hardship/

01.01.2022 At this difficult time, SME Business Owners will make the best decisions if they: * Don't Panic * Rely on Facts, and * Take Swift Action. What's on your mind right now? Join our webinar to find out: * What rent reductions most business owners are getting * What other businesses are doing about stand-downs and re-employment... * Where this may be headed, and what it means for small business * Ways other businesses are pivoting to compete in the new economy * Swift Action - Assessing your position and preserving capital - the 6 keys steps We'll share what's on our minds, and taking swift action on the 6 key steps! Electra Frost Accounting, est. 2008, are specialists for creative and innovative small businesses. In 2020, we are experiencing an unprecedented change to the structure of how we do business. Our mission is to drive small business success in the new economy with practical accounting support and transformative advice. PLEASE BOOK BELOW: After registering, you'll receive a confirmation email about joining the webinar. Check your junk-mail and and be sure to add this event to your calendar. Hope to see you there! https://zoom.us/webinar/register/WN_7VpcXVMnSLyy4F4RipTInA