ID Accounting & Wealth Solutions in Geelong, Victoria | Financial service

ID Accounting & Wealth Solutions

Locality: Geelong, Victoria

Phone: +61 3 5221 1000

Address: 441 Moorabool Street 3220 Geelong, VIC, Australia

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

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25.01.2022 ATO extends initial JobKeeper payment deadline. https://www.idaws.com.au//ato-extends-initial-jobkeeper-p/

24.01.2022 IMPORTANT CHANGES TO EMPLOYEE ELIGIBILITY FOR JOBKEEPER! It will be news to no one that JobKeeper has been extended to March. One aspect of the most recent JobKeeper announcements that has been overlooked is the changes to eligibility within the existing JobKeeper scheme. It is proposed that from 3 August 2020, the relevant date of employment moves from 1 March 2020 to 30 June 2020. This means that some employees who were previously ineligible for JobKeeper due to not being e...mployed by the business as at 1 March 2020 (or for casuals not being employed by the business for 12 months or more as at 1 March 2020), JobKeeper eligibility may change. There are two aspects of this change that are currently uncertain; 1. This is not yet law, and parliament will not sit to vote on the changes until at least 24 August. 2. In order for employers to claim JobKeeper they must meet the wage condition, i.e., pay eligible employees at least $1,500 per JobKeeper fortnight. With this change proposed to take affect from JobKeeper fortnight 10, that would mean topping up eligible employees by 16 August; prior to the changes being legislated. We assume that there will be a grace period to allow employers to back-date top up payments to eligible employees. As such, ID Accounting & Wealth Solutions suggests not making top up payments to those employees that are expected to be newly eligible just yet, and we would advise our clients to wait for the changes to become law. If you have any questions about this or the extended JobKeeper Payment please get in touch.

23.01.2022 For anyone that wasn't aware, Entertainment Books have now gone fully digital! Buy an Entertainment Membership from us to support the Geelong Hosptial Children's Ward and get a BONUS WISH eGift Card and 2 months extraMembership FREE on selected Memberships! " Offer ends 13/07/20. Please follow the below link to purchase your membership:... https://www.entertainment.com.au/orderbooks/11p4239 See more

22.01.2022 It’s tax time! And things are a little different this year. We are being flexible to ensure we can still provide top level service during these times. To help make things easier we are now offering Zoom appointments or appointments over the phone to complete your FY20 Income Tax Return. If you would like to arrange one of these please call us on 03 5221 1000 or email [email protected] ... For your convenience, we have a checklist on our website so you can gather everything you need. You can find this by clicking the link below. We’ve included some updated information if you are working from home at the moment due to COVID-19. https://www.idaws.com.au//2020-income-tax-return-checklis/

22.01.2022 AUSTRALIA DAY Please be advised, our office will be closed Monday the 25th and Tuesday the 26th of January for the Australia Day public holiday. We hope everyone has a lovely weekend with the beautiful weather ahead!

22.01.2022 After the year we have all had, I’m sure we can agree it is time for a break! We wish to advise ID Accounting & Wealth Solutions will be closed as of 5:15pm Tuesday the 22nd of December 2020 for the Christmas holiday period and will re-open as of 8:45am Monday the 4th of January 2021. We wish all our wonderful clients a very Merry Christmas and a safe and happy New Year and look forward to seeing you all in 2021!... All the best, The IDAWS Team

19.01.2022 REMINDER IMPORTANT CHANGE AT ID ACCOUNTING & WEALTH SOLUTIONS A reminder that commencing this week, ID Accounting & Wealth Solutions will be trialling a 4.5 day working week, which will afford the team some extra daylight hours away from their desks to pursue those things that they are passionate about. Our office will close at 12:00pm on Fridays, as of this Friday the 9th of October.... This is a big change for us, but we also recognise that it is a big change for our clients and will take some getting used to. For the first few weeks there will be someone in the office (for security reasons the door to the office will be locked) to take phone calls from clients who have not received this message, or for those who have just forgotten because again, it’s a big change! Then, beginning October 30th, the phones will not be manned on Friday afternoons, but messages will be monitored, and we will respond to any urgent queries or requests for information. We hope that our clients will understand the reasons behind this change and continue to support us. If you have any questions, we encourage you to get in touch.

18.01.2022 VICTORIAN GOVERNMENT BUSINESS SUPPORT PACKAGE. In the wake of stage 3 and 4 restrictions, the Victorian Government has expanded the business support package to regional Victoria. Eligible businesses in regional Victoria can receive a grant of $5,000 to put towards business costs, professional advice, and business development. Business' in metropolitan Melbourne can receive $10,000. Businesses that received a grant under the initial round of the Business Support Fund are still... eligible to apply. ID Accounting is able to apply on your business' behalf. To be eligible your business must; operate a business located within Victoria; and be a participant in the Commonwealth Government’s JobKeeper Payment scheme; and employ people; and be registered with WorkSafe on 30 June 2020; and have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis; and be registered for Goods and Services Tax (GST) as at 30 June 2020; and hold an Australian Business Number (ABN) and have held that ABN at 30 June 2020; and be registered with the responsible Federal or State regulator. Some evidence is required to submit an application, including; - JobKeeper registration ID; and - Workcover Employer Number; and - proof of the business address (such as a utility bill or lease agreement). Please contact us as soon as possible to discuss your business’ eligibility. Applications must be submitted by 11:59pm on September 14. Regards,

18.01.2022 THIS IS A MUST READ IMPORTANT CHANGE COMING TO ID ACCOUNTING & WEALTH SOLUTIONS 2020 has been a tough year. For many people it has been difficult being isolated from their friends and families and denied opportunities to do the things they love. As the days get longer and the weather (hopefully) improves, we all look forward to getting back to something more like normal and making up for lost time. In recognition of the dedication and flexibility that the team at ID has sho...wn over the past 6 months, the Directors have decided to explore a significant change to the way we do things. From October 9th ID Accounting & Wealth Solutions will be trialling a 4.5 day working week, which will afford the team some extra daylight hours away from their desks to pursue those things that they are passionate about. As a result, our office will close at 12:00pm on Fridays. This is a big change for us, but we also recognise that it is a big change for our clients and will take some getting used to. For the first few weeks there will be someone in the office (for security reasons the door to the office will be locked) to take phone calls from clients who have not received this message, or for those who have just forgotten because again, it’s a big change! Beginning October 30th, the phones will not be manned on Friday afternoons, but messages will be monitored, and we will respond to any urgent queries or requests for information. We hope that our clients will understand the reasons behind this change and continue to support us. If you have any questions, we encourage you to get in touch.

18.01.2022 The future of JobKeeper, will you be eligible? Follow the below link to find out.. https://www.idaws.com.au//extension-of-the-jobkeeper-paym/

14.01.2022 WE JUST MADE ONE OF OUR CLIENTS $20,000 TAX FREE! Today is a good day! Yes, masks are off when you’re outside but that’s not what we’re talking about. Today we received confirmation from the ATO that based on an objection we raised on behalf of one of our clients, they had overturned a decision not to pay that client the Cash Flow Boost. Our client, a sole trader with a small commercial cleaning business, experienced a significant increase in trade at the beginning of the C...OVID-19 pandemic. In March they took on an employee to help with the increased workload, paid that employee wages (and super), and reported the wages and associated PAYG Withholding on their March BAS (and June, and so on). Employers are entitled to the Cash Flow Boost, right? So why did the ATO refuse to pay it in this instance? Well, their reasoning was that our client was ineligible because they did not pay any wages before March 12, 2020. There is only one problem with that it’s not the law! So we went back to the ATO (more than once) to object to their decision. We made a clear and logical argument based on the legislation that enables the Cash Flow Boost, provided the correct supporting documentation, and had multiple telephone discussions with the ATO officer assigned to the case. As a result, this week our client will receive a bank transfer from the ATO for $20,000 the minimum CFB entitlement across the March, June and September quarters. We’re so pleased to be able to help our clients maximise their entitlements, and will fight for those entitlements in circumstances where the ATO, SRO or any other organisation has not properly applied the law. Now, please excuse us while we work to recover $70,000 of GST for a client who has made some mistakes in their accounts system!

09.01.2022 The Victorian government has expanded the eligibility of it’s Business Support Fund grants, please follow the below link to read more. https://www.idaws.com.au//10000-government-grant-program-/

06.01.2022 Here we go again. As regional Victoria enters stage 3 restrictions again, we will be forced to close our doors to clients after close of business on Wednesday August 5. We anticipate that lockdown 2.0 is going to have more of an impact on our ability to service our clients compared to what we experienced in round one. The fact of the matter is that in most cases working remotely inhibits collaboration among staff, makes it more difficult to teach and learn, and slows throughp...ut. Many of you will also have experienced the horror show that is working from home with small children, and some of the ID team will be dealing with this again from tomorrow. Unfortunately there will be delays in completing accounting work like annual financial statements and tax returns, so we ask for your understanding. Please keep in mind that most 2020 tax returns are not due to be lodged until May 2021, so there is no rush, however we are acutely aware that many of you have had your income reduced as a result of business restrictions over the last four months, that there is an expectation that this might lead to larger than normal tax refunds, and that you are keen to get that cash in the bank as soon as possible. If you already have an appointment to come into the office from Thursday onwards, we will be in touch to discuss changing that meeting to a telephone or video conference. If you have an appointment to come into the office prior to Thursday and you are in any way uncomfortable about that, please contact us as soon as possible on 5221 1000. Some staff will remain in the office, so if you need to drop off or pick up documents this can be arranged but please call first. Stay safe.

03.01.2022 For those who aren’t aware.. HAYLEE IS TURNING 30!! You don’t look a day older than when you started here 10 years ago.. we all hope you have an amazing birthday

01.01.2022 Jess & Haylee needed some extra help today to get everything organised before the office closes at 5.15 for the Christmas holidays. Just a reminder we re-open at 8:45am Monday the 4th of January 2021. We wish all our wonderful clients a very Merry Christmas and a safe and happy New Year and look forward to seeing you all in 2021!... All the best, The IDAWS Team & Fred

01.01.2022 CURRENT VICTORIAN GOVERNMENT GRANTS The Victorian government has responded to the COVID-19 pandemic with a raft of grants and support packages and navigating these has become increasingly confusing. As it stands businesses may be eligible for one or more of the following; - Business Support Fund - Licensed Hospitality Venue Fund... - Sole Trader Support Fund - Outdoor Eating and Entertainment Package - Melbourne City Recovery Fund - The list goes on! It is important for business owners to understand how the various grants interact with each other, to ensure that they receive the maximum amount of funding. For example, did you know that if your business is eligible for the Licensed Hospitality Venue Fund then it is not eligible for the third round of the Business Support Fund, and that the Licensed Hospitality Venue Fund may provide more funding? Applications for the Business Support Fund are open now but the process for applying for many other grants has not yet been finalised. ID Accounting & Wealth Solutions is ready to assist businesses in determining which grants they may be eligible for and submitting applications. As your tax agent we can submit applications on your behalf. Please contact us if you have any questions or need assistance with your application.

01.01.2022 JOBKEEPER RULES UPDATED JULY 1 ELIGIBILITY NOW IN EFFECT The Australian government has moved to enact previously announced changes to the JobKeeper system. Part-time and full-time employees whose employment began after March 1 but on or before July 1 may now be eligible for JobKeeper from August 3 (JobKeeper fortnight 10). For fortnights commencing August 3 and August 17, the Tax Office will provide employers until August 31 to enrol and where necessary, top up all newly el...igible employees. However, JobKeeper employee nomination notices must be completed by this Friday, August 21. Businesses should now consider a range of employees who may now be eligible under the new test. This could include casuals who did not meet the definition of a long-term casual employee by 1 March but have since become long-term casual employees by 1 July, or employees who did not qualify on 1 March due to their age or visa status but have since become 16 or 17 and meet the independence and study conditions, or 18 years, or obtained the necessary visa. The one in, all in rule means that any full-time or part-time employee hired between March 2 and July 1 2020 who meets the age and residency requirements, or casuals who also meet the 12-month condition to be a long-term casual employee, will need to be provided with a nomination notice. Changes to the JobKeeper rules also now allow individuals who have nominated as an eligible employee or eligible business participant with one entity to re-nominate as an eligible employee of another entity in limited circumstances. To re-nominate, the individual must have ceased their employment or business participation with the first entity before July 1, and commenced their employment with the new entity by July 1. Note that this change applies only to employees. Businesses and business participants that were ineligible for JobKeeper due to not being in business on March 1, 2020 are still ineligible. If you are in any doubt as to how these changes affect you, please contact us as soon as possible to discuss your position.