Nicholson Partners in Thornbury, Victoria | Accountant

Nicholson Partners

Locality: Thornbury, Victoria

Phone: +61 3 9484 5000

Address: 831 High Street 3071 Thornbury, VIC, Australia

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

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• Tax preparation service
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• Financial service

25.01.2022 JOBKEEPER & SOFTWARE..... For all business that believe they are eligible for the new JobKeeper Payment & currently lodge their payslips/wages through software (i.e. MYOB, Xero, Reckon, etc. to name a few), the ATO has advised that new rules apply with these payslips. If the created payslips do not follow the ATO’s rules, the ATO may:... 1. Delay payment of the JobKeeper subsidy to your business, OR 2. Not pay the JobKeeper subsidy to your business at all. For these reasons we highly recommend you contact your software provider for more information on what you need to do in order to do this correctly. If you currently use the below software to record payslips/wages, please use the relevant links for more information on how to go about this. If your software provider is not listed, you will need to search for this directly. MYOB AccountRight: https://help.myob.com//COVID-19+wage+subsidy+%28JobKeeper% Xero: https://central.xero.com//Set-up-or-update-JobKeeper-pay-i Reckon One: https://help.reckon.com//1qtha4h03h-reckon-one-how-to-payr If you are unsure about what you need to do here, please do not hesitate to contact us sooner rather than later as the deadline to action this & make payment to your employees is 30/04/2020 if you are seeking the subsidy for the month of April.

24.01.2022 Our Office will be Closed on Monday 9 March 2020 Enjoy the Long Weekend...

23.01.2022 BUSINESS SUPPORT FUND - EXPANSION.... $5,000 Grants to Support Businesses through the renewed restrictions Businesses within metropolitan Melbourne and Mitchell Shire that are affected by the return to Stay at Home restrictions may be eligible for a one-off, $5,000 grant under the Business Support Fund Expansion program.... Applications for the program close on 19 August 2020. This program is in addition to the first round of the Business Support Fund, which closed on 1 June 2020. What type of Business can apply for this Grant? Businesses can apply where they meet all the criteria listed below. They must: Operate a business located in metropolitan Melbourne or Mitchell Shire. Be a participant in the Commonwealth Government’s JobKeeper Payment Scheme. Employ people. Be registered with WorkSafe on 30 June 2020. Have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis. Be registered for Goods and Services Tax (GST) as at 30 June 2020. Hold an Australian Business Number (ABN) and have held that ABN at 30 June 2020. Be registered with the responsible Federal or State regulator. Applications can be made via the ‘Apply now’ button at - https://www.business.vic.gov.au//bus/business-support-fund Currently open for applications.

22.01.2022 CONTAMINATED WATER IN MELBOURNE..... Don’t drink the water if you’re in one of these suburbs Click the news link... https://www.3aw.com.au/do-not-drink-contaminated-water-war/

20.01.2022 STEP BY STEP GUIDE FOR JOBKEEPER WAGE SUBSIDIES..... Step 1 Enrol Business for JobKeeper Wage Subsidies... Enrol an eligible business that has been significantly affected. Step 2 Identify and Maintain Employees Eligible for JobKeeper Wage Subsidies Employers and eligible employees must complete a Nomination Form. A business intending to use STP enabled payroll software with JobKeeper functionally: By 30 April Update each eligible employee in software and lodge via STP enabled software. A business that doesn’t have STP enabled payroll software, and has less than 40 employees: From 4 May Manually enter the tax file number and date of birth of each eligible employee online Step 3 Business Monthly Declaration for JobKeeper Payment Confirm eligible employees and turnover each month Available from 4 May

17.01.2022 EXTENSION OF TIME TO ENROL FOR THE JOBKEEPER SCHEME INCLUDING EXTENSION FOR WAGE PAYMENTS..... The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol 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. This includes having paid your employees by the appropriate date for each fortnight.... The ATO has just announced that it has extended the time in which employers need to pay employees for JobKeeper fortnights 1 and 2 until 8 May 2020. One of the key requirements of the JobKeeper Scheme is that employers must first pay their employees before they can apply to receive JobKeeper Payments. Originally, a concession was available that allowed employers to make the payments for JobKeeper fortnights 1 and 2 by 26 April 2020 (being the end of fortnight 2). The ATO then extended this to 30 April 2020. However, under this new announcement, a further extension has been granted until 8 May 2020 providing employers with additional time to ensure they have paid each eligible employee $3,000 for JobKeeper fortnights 1 and 2. As a warning, employers must be aware that, despite the fact they can now pay their employees as late as 8 May 2020 and still be eligible for JobKeeper Payments for fortnights 1 and 2, they are still required to pay their employees a further $1,500 by 10 May 2020 in relation JobKeeper fortnight 3 (which ends on the same date). At the current time, no extension to this date has been announced, and it would be unwise for employers to anticipate that there will be one. Reference can also be made to the following: ATO website https://www.ato.gov.au/general/JobKeeper-Payment/ Assistant Treasurer’s media release https://ministers.treasury.gov.au//jobkeeper-payment-exten

16.01.2022 UPDATED BUSINESS SUPPORT FUND..... ASSISTANCE FOR VICTORIAN SMALL BUSINESSES IMPACTED BY CORONAVIRUS (COVID-19)..... Immediate Action Required........ Further to the Facebook post dated 7 April 2020 regarding the Victorian Government’s Business Support Fund to help small businesses, the Government has introduced Stream Two of the Business Support Fund, whereby eligibility has been widened. Funding of $10,000 per business is available and will be allocated through a grant process. If you previously applied for a Business Support Fund grant and were deemed ineligible because of your industry classification, please do not submit another application. You will be contacted and invited to provide your JobKeeper enrolment details which will enable your application to be reassessed for Stream Two. If you have not previously applied, you will need to submit your application and provide the following:- a. Your JobKeeper enrolment receipt number (ATO Receipt ID number) is the 13 digit receipt provided by the Australian Taxation Office (ATO) when you first enrolled for JobKeeper by submitting a ‘Business enrolment for JobKeeper wage subsidy’. The enrolment receipt number starts with either ‘2410’ or ‘711’. b. A copy of your most recently lodged BAS for the 2019-20 financial year from the ATO’s Business Portal with evidence of lodgement date, or If you are unable to obtain the above, a copy of your most recently prepared BAS for the 2019-20 financial year with your ABN/TFN and evidence of lodgement to the ATO such as a receipt or bank statement showing payment. Eligibility Criteria..... - Your business employs staff. - Your turnover is greater than $75,000 in 2019/2020 (are registered for GST with the ATO) - Your business is expected to have payroll less than $650,000 in 2019/2020. - Your business has an ABN at 16 March 2020. - Your business is a going concern. - Your business is subject to closure on highly impacted by the shutdown restrictions announced by the Victorian Government as a result of COVID-19. Applications can be made via the ‘Apply now’ button at https://www.business.vic.gov.au//gra/business-support-fund Program closes on 1 June 2020. Currently open for applications.

15.01.2022 ASSISTANCE FOR VICTORIAN SMALL BUSINESSES IMPACTED BY CORONAVIRUS (COVID-19) Program Overview..... The Victorian Government has launched the $500 million Business Support Fund to help small businesses survive the impacts of the coronavirus (COVID-19) pandemic and keep people in work.... Funding of $10,000 per business is available and will be allocated through a grant process. Applications can be made via the ‘Apply now’ button at https://www.business.vic.gov.au//gra/business-support-fund Program closes on 31 May 2020. Currently open for applications.

14.01.2022 SUPPORTING APPRENTICES AND TRAINEES The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).... The subsidy will be available to small businesses employing fewer than 20 full-time employees who retain an apprentice or trainee. The apprentice or trainee must have been in training with a small business as at 1 March 2020. Employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will be eligible for the subsidy. Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australia Apprenticeship Support Network (AASN) provider. Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020. For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider. Further information is available at: The Department of Education, Skills and Employment website at: www.dese.gov.au Australian Apprenticeships website at: www.australianapprenticeships.gov.au

13.01.2022 Happy Easter from Us to You...

12.01.2022 FURTHER LAND TAX RELIEF..... The Victorian Government has announced further land tax relief for landlords, in response to the coronavirus (COVID-19) pandemic, as part of its extension of the commercial and residential tenancy relief schemes until 31 December 2020. An increased 50% waiver of the property’s 2020 land tax and deferral to 31 March 2021 for landlords of residential and commercial properties who provide eligible tenants with a 50% or more outright rent waiver for a...t least three months. Owner-occupiers of commercial properties can obtain a 25% waiver of the property’s 2020 land tax, and payment of the remaining tax can be deferred to 31 March 2021, if they would be eligible under the Commercial Tenancy Relief Scheme as if they were a tenant. Commercial landlords who apply for coronavirus land tax relief must continue to provide rent relief that complies with the requirements of the Commercial Tenancy Relief Scheme. If you have previously applied for a 25% waiver and you want to apply for this further relief, you must make a new application. However, applications are temporarily suspended while the State Revenue Office update My Land Tax with the additional relief measures. This will ensure a simpler application process for you. In the meantime, if you haven’t yet, register for My Land Tax and subscribe to land tax updates and the State Revenue Office will notify you when you can lodge your application.

10.01.2022 MONTHLY JOBKEEPER DECLARATIONS..... We are currently assisting some of our clients to lodge the April declarations prior to 8 May 2020. We encourage you to lodge your future monthly JobKeeper declarations, via your Business Portals to confirm the receipt of your JobKeeper payments.... In order to facilitate this monthly process, you must be able to access your Business Portal. Refer to the following guide to register your myGovID to your Business Portal. Getting Started..... If you haven't set up your myGovID, you'll need to: download the myGovID app on your phone and verify your identity To access your Business Portal, there are minimum security and computer requirements to log in. To get started, you will need: an Australian business number (ABN) anti-virus and firewall protection on your computer the latest version of your browser and Adobe Reader (recommended, see also Browser settings to view and print). If multiple staff members have access to the Business Portal you can use a separate, standalone tool called Access Manager to manage their access and permissions to your account and online services. If you require any assistance please call the ATO on 1300 287 539 to link yourself and any authorized persons to your business’s. The Australian Taxation Office is open after hours until 10.00pm weekdays and on weekends. If you wish for us to continue to lodge your declarations on your behalf, do not hesitate to contact us. For the next declaration, you will be required to provide the current actual turnover and estimated future turnover : For Example - by 1 June 2020 Actual Turnover May 2020 Estimated Turnover June 2020

10.01.2022 BOOSTING CASH FLOW FOR EMPLOYERS SUMMARY..... The Government is providing up to $100,000 to eligible small and medium businesses, and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. The payments will help businesses’ and not-for-profits’ cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff....Continue reading

10.01.2022 .... Xmas Closure Dates .... Our office will close at 12pm Wednesday 23 December 2020 & will reopen at 9am Thursday 7 January 2021....

09.01.2022 JOBKEEPER PAYMENT - APPLICATION PROCESS BUSINESS WITH EMPLOYEES........Continue reading

07.01.2022 TAX DEDUCTABLE SUPER CONTRIBUTIONS..... Want to Claim a Deduction for Super Contributions? Employers........ Super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them. To ensure you can claim a deduction for the 2019-20 income year, you need to allow processing time for your super payments to be received by your employees’ super funds before the end of the 2019-20 income year. Payments need to be accepted by the SBSCH by 23 June 2020. There is no change to when SG quarterly payments are due, the next quarterly due date is 28 July 2020. Personal Concessional Contributions..... Make a personal contribution to super for the purpose of claiming a tax deduction. To ensure you can claim a deduction, your superannuation fund must receive your contribution prior to 30 June 2020. We suggest you make payment no later than 23 June 2020. Be aware that your total concessional contribution limit is $25,000, per annum.

06.01.2022 Millions of Australians are being handed $750 by the government. Here's how to make sure you get your cash.

05.01.2022 THIRD ROUND OF BUSINESS SUPPORT FUND GRANTS..... Grants to Support Businesses through Restrictions. Program Overview........ The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. Grant applications open on Friday 18 September 2020. What Support is Available?..... The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must: operate a business located within Victoria; and participate in the Commonwealth Government’s JobKeeper Payment scheme; and employ people and be registered with WorkSafe; and have had an annual payroll of less than $10 million in 2019-2020; and be registered for Goods and Services Tax (GST); and hold an Australian Business Number (ABN); and be registered with the responsible Federal or State regulator. An eligible business will receive: $10,000 if its annual payroll is less than $650,000 $15,000 if its annual payroll is between $650,000 and $3 million $20,000 if its payroll is between $3 million and $10 million A full list of the eligibility criteria for the grant will be published when applications open. How to Apply..... Grant applications open on Friday 18 September 2020 www.business.vic.gov.au//business-/business-support-fund-3

05.01.2022 JOBKEEPER PAYMENT DATES..... Claims for JobKeeper payments for the first two fortnights will open from Monday 4 May and will require eligibility declarations, confirmation of eligible employees and reporting of actual and projected monthly turnover. JobKeeper Payment Dates ... The Payment Dates for all JobKeeper fortnights are: 30 March 12 April by Friday 8 May 13 April 26 April by Friday 8 May 27 April 10 May by Sunday 10 May 11 May 24 May by Sunday 24 May 25 May 7 June by Sunday 7 June 8 June 21 June by Sunday 21 June 22 June 5 July by Sunday 5 July 6 July 19 July by Sunday 19 July 20 July 2 August by Sunday 2 August 3 August 16 August by Sunday 16 August 17 August 30 August by Sunday 30 August 31 August 13 September by Sunday 13 September

04.01.2022 2020/21 Federal Budget Summary ....

04.01.2022 SUPPORT MEASURES TO ASSIST THOSE EFFECTED BY COVID-19 - AUSTRALIAN TAXATION OFFICE (ATO) FEDERAL GOVERNMENT..... The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.... Support measures could include deferral of some payments, quicker access to GST refunds, and options to enter low interest payment plans for existing or future tax debts. Options available to assist businesses impacted by COVID-19 include: Deferring by up to 4 months the payment date of amount due through the Business Activity Statement (including PAYG Instalments), Income Tax Assessments, Fringe Benefit Tax Assessments and excise Allowing businesses to vary Pay As You Go (PAYG) Instalment amounts to zero for the Match 2020 Quarter, Businesses that vary their PAYG Instalment to zero can also claim a refund for any Instalments made for the September 2019 and December 2019 Quarters. Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities. Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans. Employers will still need to meet their ongoing Super Guarantee obligations for their employees. Unlike the bushfire relief measures, which applied automatically to particular geographic areas, assistance measures for those impacted by COVID-19 will not be automatically implemented. Anyone impacted by COVID-19 is advised to contact the ATO to request assistance on the Emergency Support Infoline 1800 806 218, when you are ready to discuss your situation. VICTORIAN GOVERNMENT..... The Victorian Government will begin refunding Payroll Tax payments to small and medium businesses across the state this week as part of its $1.7 billion economic Stimulus Package in respect to the COVID-19 pandemic. The Government has pledged to fully refund the Payroll Tax already paid by small and medium businesses in the 2019-2020 financial year, in a measure estimated to be worth $550 million. To be eligible for the refunds, businesses must have a payroll of less than $3 million. The payments will begin this coming week and the Government said businesses could save up to $113,975 a year. Small and medium businesses will also be able to defer any payroll tax payments for the first three months of the 2020-2021 financial year, up until January 2021, which the Government said will contribute an additional $83 million back into the business community.

02.01.2022 JOBKEEPER KEY DATES..... 4 May.... From 4 May 2020 Identify your employees... Make sure you are successfully enrolled. Once you are successfully enrolled, you need to identify the eligible employees and/or the business participant for who you are claiming the JobKeeper wage subsidy. You have until 31 May to identify your employees for JobKeeper payment. 8 May..... By 8 May 2020 - Make sure you have paid your employees for April Pay your eligible employee a minimum of $1,500 (before tax) for each of JobKeeper fortnights 1 and 2 by this date to be able to claim JobKeeper payments for April. The first two JobKeeper fortnights in April JobKeeper Fortnight 1 30 March to 12 April JobKeeper Fortnight 2 13 April to 26 April 31 May..... 31 May 2020 is the final date you can enrol for JobKeeper if you intend to claim for wages paid for JobKeeper fortnights in April and May. Each month..... Make a monthly business declaration: - re-confirm your business and employee eligibility. - provide your business's current and projected GST You have until 31 May to enrol for JobKeeper if you intend to claim for wages paid for JobKeeper fortnights in April and May.

02.01.2022 Please note that due to Stage 4 Stay at Home Restrictions being implemented effective Thursday 6 August there will be changes to the way we operate. - Our Office will be CLOSED to the public for 6 weeks, or as directed by the Victorian Government - No on-site meetings will be conducted and will occur via video chat or telephone... - Our team remain AVAILABLE and ready to work with you in relation to your requirements via phone or email. Please refer to our Website for our contact details at www.nicholsonpartners.com.au Our high level of service, commitment and dedication to each and every one of our clients remain our number one priority. We are grateful to have the loyalty and support of all of you through these challenging times and are certain we will all come out stronger at the other end. Please Stay Safe. Regards Tony, Santo & all the Staff at Nicholson Partners

02.01.2022 Today is the Final Date for Lodgement & Payment of the December 2019 Quarterly BAS.

01.01.2022 JOBKEEPER PAYMENT - INFORMATION FOR EMPLOYERS OBLIGATIONS ON EMPLOYERS........ To receive the JobKeeper Payment, employers must: Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline. Provide information to the ATO on eligible employees. This includes information on the number of eligible employees engaged as at 1 March 2020 and those currently employed by the business (including those stood down or rehired). For most businesses, the ATO will use Single Touch Payroll data to pre-populate the employee details for the business. Ensure that each eligible employee receives at least $1,500 per fortnight (before tax). For employees that were already receiving this amount from the employer then their income will not change. For employees that have been receiving less than this amount, the employer will need to top up the payment to the employee up to $1,500, before tax. And for those employees earning more than this amount, the employer is able to provide them with a top-up. Notify all eligible employees that they are receiving the JobKeeper Payment. Continue to provide information to the ATO on a monthly basis, including the number of eligible employees employed by the business. ELIGIBLE EMPLOYERS..... 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 (of at least a month). The employer must have been in an employment relationship with eligible employees as at 1 March 2020, and confirm that each eligible employee is currently engaged in order to receive JobKeeper Payments. Not-for-profit entities (including charities) and self-employed individuals (business without employees) that meet the turnover tests that apply for businesses are eligible to apply for JobKeeper Payments. ELIGIBLE EMPLOYEES..... Eligible employees are employees who: Are currently employed by the eligible employer (including those stood down or re-hired); Were employed by the employer at 1 March 2020; Are full-time, part-time, or long-term casuals (a casual employed on a regular basis for longer than 12 months as at 1 March 2020); Are at least 16 years of age; Are an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category(Subclass 444) Visa Holder; and Are not in receipt of a JobKeeper Payment from another employer. If your employees receive the JobKeeper Payment, this may affect their eligibility for payments from Services Australia as they must report their JobKeeper Payment as income.