JP Rutkowski & Co in Penrith, New South Wales | Tax preparation service

JP Rutkowski & Co

Locality: Penrith, New South Wales

Phone: +61 2 4732 4333

Address: 29 Lemongrove Road 2750 Penrith, NSW, Australia

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

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25.01.2022 Update on Super Guarantee Amnesty A reminder that the Super Guarantee Amnesty is an opportunity to catch up on any unpaid super without the normal penalties applying. The Amnesty ends on 7 September 2020. If you have paid the right amount of super for your employees, you dont need to do anything further.... If you are worried you have not paid all your employees their super, get in touch with us today. If you are eligible for the Amnesty you can pay the previously unpaid super and you will not have to pay any penalties or administration fees. You will also be able to claim a deduction for any payments you make before 7 September 2020. We understand that you may be concerned that you are not currently able to pay the amount you have owing. If this is the case, you should still apply for the Amnesty to receive its benefits whilst we work with you to establish a payment plan. ATO payment plans can be tailored to your circumstances and extend beyond 7 September 2020 when the Amnesty ends. If you need further information, please contact us or visit ato.gov.au/SGAmnesty

25.01.2022 Westpac has announced extensive support measures to help consumers and businesses impacted by the outbreak of COVID-19 in Australia. We remain determined to assist customers, and committed to help our broker partners through this extraordinary period. To provide further financial support for home lending, savings and small business customers, Westpac will introduce the following changes: To support the cashflow needs of our small business customers, overdrafts will be redu...Continue reading

25.01.2022 Announcing a third wave of support measures to keep small businesses afloat, the NSW government said it is providing $10,000 grants to thousands of businesses struggling to cope across the state. The NSW government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat. Under the latest program, eligible small businesses will be invited to apply for a grant of up to $10,000 through Serv...ice NSW within a fortnight. The program, to remain open until 1 June 2020, is specifically catered for businesses with up to 19 employees to help them meet unavoidable business costs such as utilities, overheads, legal costs and financial advice. This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation, Premier Gladys Berejiklian said. Treasurer Dominic Perrottet said the fund was designed to provide help fast and would benefit tens of thousands of businesses across NSW. Many local cafs, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply, Mr Perrottet said. We have the structures in place after the bushfires and expect to see this money rolling out the door shortly. This is real, rapid relief for tens of thousands of businesses and it will help ensure many businesses that are not eligible for payroll tax waivers and deferrals can live to trade another day.

23.01.2022 The NSW state government has announced a new round of grants, handing out $3,000 to thousands of small businesses reopening across the state after the COVID-19 shutdown.

23.01.2022 Wow......after reading this, no one should be complaining!! https://www.zerohedge.com//goodbye-middle-class-50-america

21.01.2022 The biggest purchaser of all our stuff is in trouble! what impact will it have on us? https://wolfstreet.com//world-trade-falls-most-since-fina/

20.01.2022 We all know prices of things are going up more than the Official inflation rate - Dont we? https://www.zerohedge.com//somethings-fishy-about-americas

20.01.2022 Extension of JKP To qualify for the JKP after 27 September 2020 (i.e., for JobKeeper 2.0) businesses must satisfy two separate decline in turnover tests, being: The original projected GST decline in turnover test - adjusted under the Amending Rules to include a comparison of the projected GST turnover of any of the calendar months from March 2020 to December 2020 (or any of the June 2020, September 2020 or December 2020 quarters) against the actual GST turnover of the relev...ant 2019 comparison period; and The new actual GST decline in turnover test

20.01.2022 Macquarie bank are introducing a comprehensive package of support measures to help Australians dealing with the impact of coronavirus (COVID19). Immediate support measures theyre making available for households and businesses include: from 20 March 2020, all Macquarie Personal and Business Banking clients who are experiencing financial difficulty can immediately defer their repayments for six months ... this applies to all commercial loan, overdraft, home loan, car loan and credit card clients. See more

19.01.2022 It seems we are not the only country that has an entitlement issue!! https://www.zerohedge.com///nation-free-men-or-free-things

19.01.2022 The government has announced a second major economic rescue package worth $66bn, on top of an initial $17.6bn package and more than $100bn in emergency banking measures to prevent against a credit freeze. Framed as a safety package, the second wave of stimulus ramps up support for small business and also includes a major boost to welfare recipients and for people who lose work as a result of the Covid-19 pandemic. The new suite of measures was described by prime minister Sc...Continue reading

19.01.2022 Wage Condition for Employees. The payment rate applicable to an employee is determined by reference to the actual hours the employee worked, had paid leave and paid absence on public holidays over an applicable ‘reference period’ (refer below). Specifically, the applicable rate is determined as follows: Higher rate - If an employee’s total hours were 80 hours or more for the employer over an applicable 28-day reference period, then the employer is entitled to the higher rat...e in respect of that employee. Lower rate - If the total hours of work and equivalent paid leave are less than 80 hours over the applicable 28-day reference period, the lower rate applies.

18.01.2022 Changes to Personal Income Tax Rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year). These changes involve: increasing the upper threshold of the 19% personal income tax bracket from $37,000 to $45,000; and...Continue reading

18.01.2022 Be careful what you read and rely on for investing. Its a true shame when one cannot rely on audited financial statements..... https://www.zerohedge.com//accounting-coverup-mattel-invit

17.01.2022 The Morrison government has announced a third stimulus package designed to keep Australians in work as businesses struggle to mitigate costs following the coronavirus outbreak. The unprecedented package, worth $130 billion, aims to prevent firms from laying off employees in order to ensure the economy bounces back once the threat of the coronavirus has passed. Businesses of all sizes will be eligible, while workers will need to have been employed by the business for more ...than 12 months to receive the payment. The payments will start in the first week of May and be backdated to March. We want to keep the engine of our economy running during this crisis, Prime Minister Scott Morrison told media. But the question remains of whether the lay-offs this part of the package seeks to avoid have already happened, with long lines for Centrelink support dominating the news last week amidst reports that a million people are already out of work. We are working now to a whole new set of rules, Prime Minister Morrison said, warning that some countries could see both their societies and economies collapse. The latest package follows the first stimulus package worth $17 billion, which was aimed at retirees and the unemployed and a second $66 billion package designed to keep small businesses afloat as well as those who lost their job. The Prime Minister announced this partner income threshold has been extended to $79,762 per annum, which was previously capped at $48,000. Morrison said, however, that Australians will not be eligible for both the JobKeeper and the JobSeeker Payments. I would note, though, that many of those partners who are seeking those payment will obviously now in very many cases be covered by this job to the payment by remaining attached to their employers, he said. Unlike the first two stimulus packages, the third will help New Zealanders living in Australia on a 444 visa. New Zealanders on 444 visas dont get access to the welfare system, but they can get access to this JobKeeper Payment, Mr Morrison concluded.

16.01.2022 The Federal Government has announced the following stimulus package. The package has four parts: 1. Delivering support for business investment: increase the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020 providing a time limited 15 month investment incentive (through to 30 June 2021) to support business investment and econo...mic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct an additional 50 per cent of the asset cost in the year of purchase. These measures start today and will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees or 3 in every 4 workers. The measures are designed to support business sticking with investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term 2. Cash flow assistance for businesses: businesses with a turnover of less than $50 million that employ staff, between 1 January 2020 and 30 June 2020 will be able to receive a payment from $2,000 up to $25,000. The payment will be tax free and businesses will receive payments of 50 per cent of their Business Activity Statements or Instalment Activity Statement from 28 April with refunds to then be paid within 14 days. eligible employers can apply for a wage subsidy of 50 per cent of the apprentices or trainees wage for up to 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice. 3. Stimulus payments to households to support growth: provide a one-off $750 stimulus payment to pensioners, social security, veteran and other income support recipients and eligible concession card holders. 4. Assistance for severely-affected regions: $1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education. Please call our office for further information.

16.01.2022 We haven't begun to feel the effects of the unnecessary shut down of economies around the world. Financially, 2021 and 2022 will be far worse for us here. https://www.zerohedge.com//chuck-e-cheese-parent-files-cha https://www.zerohedge.com//wirecard-files-insolvency-after... https://www.zerohedge.com//gnc-files-chapter-11-bankruptcy

16.01.2022 PAYG instalments for the 2020-21 income year No gross domestic product (GDP) will apply to PAYG instalments for 2020-21.

15.01.2022 The NSW state Government has just announced the following Stimulus package: SW Just this morning (17 March), NSW Premier Gladys Berejiklian and state treasurer Dominic Perrottet announced a $2.3 billion package thats expected to span the next six months.... Ms Berejiklian said she wanted a no regrets policy and so the policy includes a $700 million boost for NSW Health. Ms Berejiklian said that she had asked the state healthcare provider what it needed, and responded to its requests. The remaining money will go towards economic stimulus measures, to keep people in jobs. More than $750 million is to be spent on capital works and public asset maintenance, it was revealed. Another measure sees $450 million allocated to waive payroll tax for businesses with payrolls of up to $10 million for three months, with the Premier noting payroll tax [as] the main lever the government has to work with. $250 million is being dedicated to public schools and state-owned buildings for the employment of more cleaners. Announcing the measures, Ms Berejiklian said, We will do whatever it takes to keep our people safe. The state treasurer conceded that the measures are going to hurt our finances, but its going to help our economy.

15.01.2022 The new tax rebate explained... https://www.theguardian.com//income-tax-cuts-explained-how

13.01.2022 Jobkeeper Update: According to the Prime Minister, the new JobKeeper payment will be reduced to $1,200 per fortnight from October, while those working under 20 hours pre-COVID will receive $750 instead of the $1,500 flat rate. As of the start of January until the end of March 2021, the payment will be lowered further to $1,000 and $650, respectively.

13.01.2022 SMEs to enjoy lower taxes from Wednesday Aussie SMEs earning up to $50 million a year will enjoy a 26 per cent tax rate from Wednesday, with the governments fast-tracked tax cuts for small companies due to come into effect on 1 July.

12.01.2022 Good news for instant asset write-off The $150,000 instant asset write-off threshold has been extended to 31 December.

12.01.2022 Printing money out of thin air, also known as counterfeiting, and giving it away has consequences..... https://www.nestegg.com.au//australia-could-lose-aaa-ratin

10.01.2022 Here is child care assistance information for you! https://www.servicesaustralia.gov.au//applying-during-temp

10.01.2022 We have warned about going cashless for some time and the implications for everyone if the banks, Governments and credit card companies get their way! This is what has happened! Could you imagine one day logging onto your bank account to pay some bills and you get this..... https://www.zerohedge.com//glitch-or-hack-countless-fideli

10.01.2022 I cant think of anything more ridiculous than what the govener of the reserve bank is thinking of doing. The impact will be lower interest rates (fantastic for some of you) BUT a massive reduction in living standards....Stupidity knows no bounds.... https://www.zerohedge.com//aussie-reserve-bank-considering

10.01.2022 This is just so sad.... https://www.zerohedge.com//researchers-blame-marriage-rate

09.01.2022 TEMPORARY INSOLVENCY RELIEF EXTENDED UNTIL YEAR’S END The government has announced the extension of temporary insolvency and bankruptcy protections until 31 December 2020 for businesses that have been impacted by the coronavirus crisis

09.01.2022 Year End Tax Issues Pre year-end expenditure Consider whether any expenditure should be brought forward before 30th June....Continue reading

09.01.2022 While we are distracted, the real disaster is playing out.... https://www.zerohedge.com//here-real-april-jobs-report-42-

08.01.2022 NOTICE FROM WESTPAC Dear Jason, Updated Repayment Relief Support for Business Customers.... Westpac has announced an update to its COVID-19 Repayment Relief Support for Business customers. Eligible Westpac business customers who need help with managing their cash flow can defer eligible principal and interest payments* of business term loans, equipment finance facilities and equipment loans**, for six months. Eligibility for payment relief The deferred payment period applies to eligible business connections impacted by COVID-19: With total business exposure of less than $10 million per customer group; and includes commercial property customers, who commit to supporting their tenants throughout the six-month period payment deferral period by ensuring that tenants affected by COVID-19 can continue to operate from their premises even if they are unable to pay their rent; where the business is operated in Australia with less than 20% foreign ownership; and for those customers above $3 million total business exposure, with current facilities that have not been in arrears in the last 90 days. Apply Now Please note that: interest deferred will be capitalised*; any current fixed rate period will also be extended by 6 months at that fixed term rate; and your loan term will be extended by at least 6 months. *Interest deferred will be capitalised. Terms and Conditions and eligibility criteria apply. **Please note that customers with an overdraft facility should utilise their available balance in the first instance and speak to their Relationship Manager if further assistance is required. Customers with cashflow/invoice/trade finance and commercial bills facilities requiring assistance should also refer to their Relationship Manager. Further information: Please contact your local Westpac Business Development Manager or Westpac Relationship Executive. Regards, Westpac Equipment Finance

08.01.2022 Am I eligible for the coronavirus wage subsidy? Employers will be eligible for the subsidy if: their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago; their business has a turnover greater than $1 billion and a turnover drop of 50 per cent or more; their business is not subject to the Major Bank Levy;...Continue reading

07.01.2022 AND the money printing begins! despite the fact that it didnt work in the EU, Japan or the USA, our moronic Reserve Bank Governor decides to follow everyone into the abyss..... https://www.mortgagebusiness.com.au//14421-rba-s-closes-36

07.01.2022 The Australian Taxation Office (ATO) has now issued preliminary guidance on the extension of the JobKeeper stimulus measure to 28 March 2021, following its passage through Parliament on 1 September. According to the guidance, businesses already enrolled in JobKeeper will not need to re-enrol nor will they need to reassess employee eligibility or ask employees to agree to be nominated, but they will need to determine if they satisfy the actual fall in turnover test for the two extension periods 28 September 2020 to 3 January 2021, and 4 January 2021 to 28 March 2021.

05.01.2022 Decline in Turnover Test The new actual GST decline in turnover test only applies with respect to the six-month extension of JKP (i.e., JobKeeper 2.0) and is broken up into two separate extension periods, as follows: a) Extension Period 1- applies to JobKeeper fortnights that start on or after 28 September 2020 and end on or before 3 January 2021. The additional test will be satisfied where the entity’s actual GST turnover has declined by the required percentage (i.e., either... 30% or 50%) for the quarter ending 30 September 2020, relative to its September 2019 quarter. b) Extension Period 2- applies to JobKeeper fortnights that start on or after 4 January 2021 and end on or before 28 March 2021. The additional test will be satisfied where the entity’s actual GST turnover has declined by the required percentage (i.e., either 30% or 50%) for the quarter ending 31 December 2020, relative to its December 2019 quarter.

05.01.2022 Who wouldve thought..... https://www.zerohedge.com//company-stock-prices-fall-when-

05.01.2022 Here we go! https://www.zerohedge.com//mass-layoffs-are-back-are-you-r

05.01.2022 Notification Requirements Where an employer fails to notify the Commissioner of the applicable payment rate in respect of an employee for JobKeeper fortnights commencing on or after 28 September 2020, the employer is not eligible for JKPs until a valid notification is made. This applies regardless of whether the employer has been receiving JKPs in respect of the employee prior to 28 September 2020.... In addition, employers must also notify their employees in writing within seven days of advising the Commissioner of the payment rate applicable to the employee.

03.01.2022 For those of our clients using Reckon Single Touch Payroll,please follow the link https://help.reckon.com//3dsrjd3kel-stp-app-end-of-financi

03.01.2022 The truth about the unemployment rate! its no different here.... https://www.blacklistednews.com//nearly-102-million-americ

03.01.2022 Too often we forget about the basics of operating a business. Good record keeping is essential to the effective operation of your business. https://www.business.gov.au/New-to/Keep-the-right-records/

02.01.2022 Just a reminder that we will be closing down over the Christmas Period - from Friday December 20th through to Monday January 20th. MERRY CHRISTMAS !!

02.01.2022 We havent begun to feel the effects of the unnecessary shut down of economies around the world. Financially, 2021 and 2022 will be far worse for us here. https://www.zerohedge.com//chuck-e-cheese-parent-files-cha https://www.zerohedge.com//wirecard-files-insolvency-after... https://www.zerohedge.com//gnc-files-chapter-11-bankruptcy

01.01.2022 Politics aside! You destroy the financial system by demanding unabated money printing and Zero interest rates and then this! Oh the irony.... https://www.zerohedge.com//trump-organization-seeks-conces

01.01.2022 Think it wont happen here! it already is with the first interest rate cut and more to come! its not to benefit you!..... https://www.zerohedge.com//goodbye-middle-class-percentage