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NS & Associates

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25.01.2022 $30,000 instant asset write-off for small businesses Thinking of purchasing assets for your business? The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.... If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion. Different thresholds apply for assets purchased before that date: - from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000 - before 29 January 2019, the threshold is $20,000. You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold. Assets that cost $30,000 each or more can't be immediately deducted. You can continue to deduct them over time using the small business pool. The instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million. if you have any further queires please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

24.01.2022 Access to superannuation Employees who have been made redundant, or those who have their working hours reduced by 20 per cent or more, or sole traders whose businesses have been suspended or see a reduction in turnover by 20 per cent or more will also now be allowed to access up to $20,000 of their superannuation. Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020, and be able to access up to a fu...rther $10,000 from 1 July 2020 for approximately three months. The government will also reduce the minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 201920 and 202021 income years. The measure, similar to the approach taken in the 2008 global financial crisis, will benefit retirees by reducing the need to sell investment assets to fund minimum drawdown requirements. Deeming rates for pensioners will also be reduced by another 0.25 of a percentage point. for any further information please feel free to contact our office. www.nsassociates.com.au

24.01.2022 50% subsidy on apprentice wages, up to $21,000 The Government is supporting small businesses to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentices or trainees wage for 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. The wage subsidy will be claimable for wages paid since 1 January 2020. The app...rentice or trainee must have been in-training with a small business as at 1 March 2020. If a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice. if you need any further information or clarification please call us. www.nsassociates.com.au

21.01.2022 MAXIMISE MOTOR VEHICLE DEDUCTIONS If you use your motor vehicle for work-related travel, there are two choices of how you can claim. If the annual travel claim does not exceed 5000 kilometres, you can claim a deduction for your vehicle expenses on the cents-per-kilometre basis. This figure includes all your vehicle running expenses, including depreciation. ... The allowable rate for such claims changes annually; this years rate can be obtained from the ATO or your CPA Australia-registered tax agent. You do not need written evidence to show how many kilometres you have travelled, but the ATO and therefore your tax agent may ask you to show how you worked out your business kilometres. The ATO has flagged concerns that taxpayers are automatically claiming the 5000-kilometre limit regardless of the actual amount travelled. If your business travel exceeds 5000 kilometres, you must use the log book method to claim a deduction for your total car-running expenses. You can contact your CPA Australia-registered tax agent to clarify what constitutes work-related travel and which of the above methods can be applied to maximise your tax position. CLAIM DONATIONS The ATO will pre-fill your tax return with the gifts and donations information they have received. Make sure to add in any donations not included where the receipt shows your donation is tax deductible. If you made donations to an approved organisation through workplace-giving, you still need to record the total amount of your donations at this item. Your payment summary, or other written statement from your employer showing the donated amount, is sufficient evidence to support your claim. You do not need to have a receipt. If you have any information, please feel free to contact our office. Suite 1230-1232 1 Queens RD MELBOURNE VIC 3004 POINT COOK Office (Only by Appointment) www.nsassociates.com.au

21.01.2022 Treasury updates in relation to JobKeeper Payments Treasury has now released an updated frequently asked questions fact sheet on the JobKeeper payments.... The 12-page fact sheet details responses to a raft of questions that have arisen in the wake of the governments announcement to roll out a flat $1,500 payment per fortnight to businesses as a wage subsidy for employees retained in the business. The update comes after the Commissioner of Taxation was given discretion to determine eligibility where businesses are unable to demonstrate impact through turnover reduction test. Businesses with a turnover of less than $1 billion will be eligible for the subsidy if their turnover has fallen by 30 per cent or more, while business with a turnover of $1 billion or more will need to estimate that a fall of 50 per cent or more in turnover has happened. Further, charities and not-for-profits will be eligible if their turnover has fallen by 15 per cent or more relative to a comparable period. Regarding the turnover test, Treasury has now clarified that turnover will be defined according to the current calculation for GST purposes as reported on business activity statements. It will include all taxable supplies and all GST-free supplies but not input-taxed supplies. Only Australian-based sales will be included. The ATO will provide guidance about self-assessment of actual and anticipated falls in turnover, Treasury said. Partnerships, trusts, shareholders Treasury has also now advised that only one partner in a partnership can be nominated to receive the JobKeeper payments. Likewise, where beneficiaries of a trust only receive distributions, rather than being paid salary and wages for work done, one individual beneficiary can be nominated to receive the JobKeeper payment. Eligible businesses will also only be allowed to nominate one director to receive the payment and that individual may not receive the payment as an employee. Further, an eligible business that pays shareholders that provide labour in the form of dividends will only be able to nominate one shareholder to receive the JobKeeper payment. Integrity measures Treasury has now warned that legislation will include appropriate integrity rules to prevent employers from entering into artificial schemes in order to get inappropriate access to payments. There are serious consequences, including large penalties and possible imprisonment, for those trying to illegally get benefits under the scheme, Treasury said. Businesses that use Single Touch Payroll will need to report payments made to employees to support the online claims process. Where businesses do not report through Single Touch Payroll, there will be a manual claim process, although Treasury has yet to reveal further details. You can access the frequently asked Questions sheet released by the treasury from the following link. https://treasury.gov.au//JobKeeper_frequently_asked_questi www.nsassociates.com.au

20.01.2022 50% cashback on PAYGW, up to $25,000 Eligible small and medium-sized employers will be provided with a 50% tax-free cashback of up to $25,000 (and a minimum of $2,000) on their PAYG Withholding on wages between January 1, 2020, and 30 June, 2020. I should clarify, you do not get 50% of your total wages expenses as a credit. You are entitled 50% of the PAYGW associated with the wages. So, breaking this down, if you have spent more than $50,000 in PAYGW for the six month peri...od between January 1 and June 30, you should receive $25,000 in cash from the government. If you have spent $30,000 in PAYGW for the same period, you will get $15,000 (50% of $30,000), and so on. The payment will be tax-free and delivered by the ATO as a credit in your Business Activity Statement (BAS) system effective from April 28, 2020. You will not get $25000 as a cash refund it will be only a credit to your activity statement. If you employ workers but do not withhold any taxes because of low income you may get a cash refund of $2000. So, if you lodge a quarterly BAS, you will get the credit in the June-20 quarter BAS. If you lodge a monthly IAS, the total amount will be credited by 50% from the March-20 IAS up to the June-20 IAS. A couple of other points on this. If you take your salary as a dividend or directors drawing and want to maximise your cashback, you could explore changing the treatment of your remuneration from drawings to salary. If you have an existing debt with the ATO, its unclear if this cash payment will simply offset your existing debt (hopefully not). Please feel free to contact us if you have any queries or need any further clarifications. www.nsassociates.com.au See more

18.01.2022 Record keeping for capital gains tax (CGT) As ATOS data-matching capabilities increase, ATO is paying close attention to capital gains made on shares, property and cryptocurrency. We advise our clients to keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when they dispose of one. Let them know their records must be in English or readily translatable to English, and must show:... the nature of a transaction, event or set of circumstances the date it happened how it is relevant to working out the capital gain or loss the parties involved. If the asset is jointly owned, evidence of each owner's interest is also required. Please remember; they generally need to retain records relating to a capital gains tax (CGT) event for at least five years after the year in which the event occurred there is no time limit on how long they can carry forward a net capital loss, but they must have records of the relevant CGT event in order to offset the loss against a capital gain in a later year. If you have any further queires please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

16.01.2022 TAX TIPS FOR EMPLOYEES Do you know the tax deductions and offsets for which you might be eligible this financial year? The following tips may help you to legitimately reduce your tax liability in your 2018-19 return. With so much information being pre-filled into your tax return this year, its best to wait until all the data is finalised before lodging. ... For example, check that your income statement from your employer says tax ready and your private health insurance statement is available before visiting your tax agent. Otherwise, youre potentially lodging your return with unfinalised data and due to this you may need to amend your tax return and pay additional tax. Just remember that for an expense to qualify: you must have spent the money yourself:- -it must be directly related to earning your income -it must not have been reimbursed -you must have the relevant records to prove it. -The ATO has been given additional funding to close the $8.7 billion individuals tax gap and part of its focus is on employee claims. The ATO will also receive the details of your work-related deductions data from your tax return, whether lodged through an agent or by yourself. If you have any information, please feel free to contact our office. Suite 1230-1232 1 Queens RD MELBOURNE VIC 3004 POINT COOK Office (Only by Appointment) www.nsassociates.com.au

16.01.2022 Tax incentives for small business owners The immediate tax deduction threshold has been increased from $30,000 to $150,000. Assets over $150,000 will attract an additional 50% depreciation rate of the asset cost in the year of purchase.... you should also consider that Its important to note that these are tax incentives, not cashback incentives. In other words, you need to spend the money, and pay income tax in order to get the tax benefit. The tax benefit will be applicable for your FY2020 tax return, which means you wont see any benefit until youve lodged your 2020 return. But nevertheless they are good incentives and can reduce your tax liabilities. For any further information or clarification please feel free to contact our office. www.nsassociates.com.au 03 98639865

16.01.2022 JobKeeper scheme legislation achieves royal assent Legislation to establish the JobKeeper scheme of wage subsidies in the form of payments made via employers has passed both houses of Parliament and has achieved royal assent. The bills concerned (the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 and the Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020) also amend the Fair Work Act 2009 to support the practical operation of the... JobKeeper scheme, as well as other measures including the guarantee of lending to small and medium enterprises, and consequential amendments. We now await the legislative instrument to be issued by the Treasurer that sets out the details of how the JobKeeper package works in detail. We are also waiting for a major change to the ATO website that will give in-depth details of how the ATO will administer all of the governments stimulus packages, including its attitude towards the application of the anti-avoidance provisions. The details of eligibility for particular payments as well as the amount of payments and the time when they are to be paid will be set out in the rules made by the Treasurer, so that arrangements can be modified appropriately in response to the impacts of COVID-19. In the meantime, Treasury has issued Jobkeeper Payment Information for Employers, fact sheet as well as JobKeeper Payment Information for employees fact sheet (pdf). www.nsassociates.com.au

15.01.2022 ECONOMIC RESPONSE TO THE CORONAVIRUS JOBKEEPER PAYMENT INFORMATION FOR EMPLOYERS OBLIGATIONS ON EMPLOYERS...Continue reading

15.01.2022 Quick and efficient access to credit for small businesses The Government is providing an exemption from responsible lending obligations for lenders providing credit to existing small business customers. This exemption is for 6 months, and applies to any credit for business purposes, including: new credit credit limit increases credit variations and restructures... Responsible lending obligations do not currently apply to lending which is predominantly for a business purpose, but it can take time and effort for lenders to be satisfied that the money borrowed meets this test. By providing a temporary exemption from responsible lending obligations, this reform will help small businesses get access to credit quickly and efficiently. Supporting the flow and reducing the cost of credit - Reserve Bank of Australia The Reserve Bank of Australia (RBA) announced a package on 19 March 2020 that will put downward pressure on borrowing costs for households and businesses. This will help mitigate the adverse consequences of the coronavirus on businesses and support their day-to-day trading operations. The RBA is supporting small businesses as a particular priority. The RBA has announced a term funding facility for the banking system. Banks will have access to at least $90 billion in funding at a fixed interest rate of 0.25 per cent. This will reinforce the benefits of a low cash rate by reducing funding costs for banks, which in turn will help reduce interest rates for borrowers. To encourage lending to businesses, the facility offers additional low-cost funding to banks if they expand their business lending, with particular incentives applying to new loans to SMEs. In addition, the RBA announced a further easing in monetary policy by reducing the cash rate to 0.25 per cent. It is also extending and complementing the interest rate cut by taking active steps to target a 0.25 per cent yield on 3 year Australian Government Securities. for any further information please do not hestiate to contact us. www.nsassociates.com.au

15.01.2022 Things you can claim on your tax return Tax time is almost here and this is the time when most of us wonder what to claim and what not to. In order to claim an expense, workers must have spent the money themselves without being reimbursed, it must have gone towards an item or service directly related to earning an income, and there must always be a record to prove it....Continue reading

15.01.2022 Work out what business expenses you can claim You should apply these three golden rules when claiming business expenses to help get it right: The expense must have been for your business not for private use. If the expense is for a mix of business and private use, you can only claim the portion that is used for your business.... You must have a record to prove it. Tips for claiming business expenses When claiming business expenses do not include private expenses such as private rent, fines, travel, food, or renovations of a private residence. For expenses that are a mix of business and private use, claim only the business portion. When upgrading accounting software, check business and private expense codes are correct. When claiming business expenses, ensure it is at the GST exclusive rate if you are registered for GST, not the GST inclusive rate. Make sure you have the right records to prove your business expenses. If you operate your small business as a company or trust, paying private expenses from these accounts may have other tax implications such as fringe benefits tax and shareholder loans. if you have any further queires please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

14.01.2022 Need an expert team on your side? Look no further...

13.01.2022 FIRST HOME SUPER SAVER SCHEME The First Home Super Saver (FHSS) Scheme allows you to save money faster for your first home with the concessional tax treatment of super. You can make additional voluntary salary sacrificed superannuation contributions up to $15,000 per year (and $30,000 in total) into your complying superannuation fund which can be withdrawn to help finance a first home deposit. Compulsory superannuation employer contributions and contributions in respect of de...fined benefit funds are not eligible for the FHSS scheme. Various other eligibility conditions must be satisfied. The FHSS scheme is primarily aimed at low to middle income earners speak to your CPA Australia-registered tax agent for more information. MAXIMISE TAX OFFSETS Tax offsets directly reduce your tax payable and can add up to a sizeable amount. Eligibility for tax offsets generally depends on your income, family circumstances and conditions for particular offsets. Taxpayers should check their eligibility for tax offsets which include, among others, the low- and middle-income tax offset, senior Australians and pensioners offset and the offset for superannuation contributions on behalf of a low-income spouse. If you have any information, please feel free to contact our office. Suite 1230-1232 1 Queens RD MELBOURNE VIC 3004 POINT COOK Office (Only by Appointment) www.nsassociates.com.au

11.01.2022 We wish all our clients a very Happy New Year

11.01.2022 https://amp.9news.com.au//8c51b023-d638-437d-b601-8674be5d Www.nsassociates.com.au

10.01.2022 ATO Support for relief in relation to Tax payments As part of the governments coronavirus response package, it has provided for the ATO to give administrative relief for some tax obligations for people affected by the coronavirus outbreak, on a case-by-case basis. Business operatives affected by the coronavirus should contact the ATO to discuss relief options.... Options include: -deferring by up to four months the payment date of amounts due through BAS (including PAYG instalments), income tax and FBT assessments and excise. - allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to - allowing businesses to vary PAYG instalment amounts to zero for the April 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, and 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. For any further queries or clarifications please do not hesitate to contact our office. www.nsassociates.com.au

09.01.2022 Dear Clients, I hope you all are keeping well and staying safe. We have been inundated with inquiries regarding the stimulus packages and other incentives and help being provided by the Government. So in order to keep everyone informed i am compiling information from reliable sources and will be posting in the coming days all the relevant information so that you can act and seek guidance accordingly. In order to support the flow of credit the Government, Reserve Bank of Austr...alia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the Australian economy, in particular for small and medium enterprises (SMEs). Coronavirus SME Guarantee Scheme for loans upto $250,000 The Coronavirus SME Guarantee Scheme will provide support for these businesses. Under the Scheme, the Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital. This will enhance these lenders willingness and ability to provide credit, which will result in SMEs being able to access additional funding to help support them through the upcoming months. SMEs with a turnover of up to $50 million will be eligible to receive these loans. The Government will provide eligible lenders with a guarantee for loans with the following terms: Maximum total size of loans of $250,000 per borrower. The loans will be up to three years, with an initial six month repayment holiday. The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan. Loans will be subject to lenders credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions. As part of the loan products available, the Government will encourage lenders to provide facilities to SMEs that only have to be drawn if needed by the SME. This will mean that the SME will only incur interest on the amount they draw down. If they do not draw down any funds from the facility, no interest will be charged, but they will retain the flexibility to draw down in the future should they need to. The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020. if you have any further queries please do not hesitate to contact our office. www.nsassociates.com.au

08.01.2022 PRTECTING YOUR INFORMATION We all need to protect our information from identity thieves. Identity thieves can use stolen identities and other personal information to:... -access your bank account and shop using your credit card -access your myGov account -steal your superannuation -apply for a government benefit -sell your house -create fake businesses and commit refund fraud in your name -take over your business and submit adjustments for BAS that you have lodged before -sell your identity to organised crime groups on the dark web or via other means. Thieves only need some basic details such as name, date of birth, address, myGov details, or tax file number (TFN) to commit identity crime. If criminals steal your identity, it can take a long time to fix. It may be difficult for you to get a job, a loan, rent a house, or apply for government services or benefits. If you suspect your TFN or ABN has been stolen, misused or compromised, phone ato as soon as possible on 1800 467 033 between 8.00am and 6.00pm MondayFriday so they can investigate and place additional protective measures on your account. https://www.ato.gov.au//Ident/Protecting-your-information/ for any information please feel free to contact us. www.nsassociates.com.au

08.01.2022 Cryptocurrency records under review ATO has started collecting bulk records from cryptocurrency digital currency exchanges where individuals and businesses buy, sell and transfer cryptocurrency. The data will be collected on an ongoing basis. This will allow ATO to verify purchase and sale information by matching the data with taxpayer records.... If you deal in cryptocurrency, you may be contacted by ATO and given the opportunity to clarify the information they have. You will have 28 days or more to do this. You need to keep records of cryptocurrency transactions. Although ATO may contact you, it is also important to remember scammers regularly impersonate the ATO via phone calls, email, SMS, fake websites and forms. ATO has information to help you tell when the contact might be from a scammer. if you have any further queries please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

08.01.2022 ATO blitz on black economy nationwide Officers from the ATO are visiting small businesses across the country and their tax practitioners as part of a nationwide crackdown on the black economy. The ATO is expected to visit around 10,000 small businesses in the 2019-20 financial year. Between May and June 2019, the ATO will visit hundreds of small businesses in Northern Territory (NT), Queensland and Victoria, and is particularly concerned about businesses in these locations... that are not registered for pay as you go (PAYG) withholding or GST. If you have any further queires please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

06.01.2022 Temporary insolvency relief measures Directors will now be temporarily relieved of their duty to prevent insolvent trading with respect to any debts incurred in the ordinary course of the companys business, with the measure set to run for six months. According to Treasury, egregious cases of dishonesty and fraud will still be subject to criminal penalties. Any debts incurred by the company will still be payable by the company.... Further, the government will increase the current minimum threshold for creditors issuing a statutory demand on a company under the Corporations Act 2001 from $2,000 to $20,000 for six months. The statutory time frame for a company to respond to a statutory demand will also be extended temporarily from 21 days to six months. Likewise, the threshold for the minimum amount of debt required for a creditor to initiate bankruptcy proceedings against a debtor will temporarily increase from its current level of $5,000 to $20,000. The time a debtor has to respond to a bankruptcy notice will be temporarily increased from 21 days to six months. for any further information please feel free to contact our office. www.nsassociates.com.au

06.01.2022 From all of us at NS & Associates, a big THANK YOU for your continued support this year. 2020 has been a challenging year, we trust that some of the difficulties of the last 12 months are now behind you. We look forward to working with you in 2021 and continuing to support you through this time of increasing change. In the true spirit of the holiday season, we extend to you our sincerest appreciation for your business and we wish you a happy holidays and a wonderful year ahead.

06.01.2022 SINGLE TOUCH PAYROLL If you are a business owner and have employees you must educate yourself regarding Single Touch Payroll. With Single Touch Payroll (STP) now a reality for Australian small businesses of all sizes, and the 1 July 2019 deadline for business owners to start reporting just months away, its time to get your clients STP ready.... What is STP? Single Touch Payroll is an initiative from the ATO to encourage regular salary reporting. Under STP, employers are required to report salaries and wages, PAYG withholding tax, and superannuation, every time they pay their employees. From 1 July 2019, STP will apply to almost all Australian employers. This means that over 400,000 extra small businesses will need to file STP with every pay run, and a huge amount of people are likely to need help from Accountants and Business Advisors. if you need assistance or guidance with this please contact our office. NS & Associates Pty Ltd Suite 1230-1232, 1 Queens Road, Melbourne POINT COOK Office ( By appointment only) www.nsassociates.com.au

06.01.2022 REPORT INCOME AND EXPENSES FROM THE GIG ECONOMY AND ANY SIDE HUSTLES If you drive people around, do odd jobs, rent out your possessions, run social media accounts or sell products, your income from such activity may be assessable and your expenses deductible. This can include barter and cryptocurrency payments as well. The ATO is receiving data from a range of websites including AirTasker, Uber, AirBnB and eBay which is matched against tax returns. Make sure you keep records... and report correctly. For some activities such as online selling, youll need to first determine whether you are in business. CONSIDER SALARY SACRIFICE ARRANGEMENTS You may wish to review your remuneration arrangements with your employer and forego future gross salary in return for receiving exempt or concessionally taxed fringe benefits and/or making additional superannuation contributions under a valid salary sacrifice arrangement. You should consult a licensed CPA Australia financial planner to consider the merits of exploring these options. CONSIDER THE SUPERANNUATION CO-CONTRIBUTION An individual likely to earn less than $52,697 in the 2018-19 tax year should consider making after-tax contributions to their superannuation to qualify for the superannuation co-contribution if their circumstances permit. The Government will match after-tax contributions fifty cents for each dollar contributed up to a maximum of $500 for a person earning up to $37,697 The maximum then gradually reduces for every dollar of total income over $37,697 reducing to nil at $52,697. CHECK OUT THE SUPER CHANGES COMING IN FROM 1 JULY 2019 From 1 July 2019, there are changes to superannuation. No super fund will be able to charge more than 3 per cent on balances below $6000 and exit fees will also be removed if you choose to move your money into a new fund. Insurance will be provided on an opt-in basis for members with balances below $6000 or who are under 25 or who have not touched their account for 16 months. If this applies to you, youll need to contact your fund by Sunday 30 June if you wish to keep insurance. If you have any information, please feel free to contact our office. Suite 1230-1232 1 Queens RD MELBOURNE VIC 3004 POINT COOK Office (Only by Appointment) www.nsassociates.com.au

06.01.2022 Scam Alert Update Scammers trying to fleece money out of Australians by pretending to be the tax office have reportedly changed tactics for the new year. Last year, the Australian Taxation Office battled to warn the public not to engage with scammers who threatened to prosecute taxpayers if they didnt make immediate payment for fake tax debts.... They pretended to be the ATO by manipulating the calling identification so the call appears to be from the tax office. After stealing more than $800,000 in November alone, the new year has seen their modus operandi shift as more people become aware of the scam. We are seeing the emergence of a new tactic, where scammers are using an ATO number to send fraudulent SMS messages to taxpayers asking them to click on a link and hand over their personal details in order to obtain a refund, said assistant commissioner Karen Foat. Foat warned that just because the originating number of a phone call or a text message is a real ATO telephone number, it doesnt mean that the call or text is legitimate. Taxpayers should be wary of any phone call, text message or email asking you to provide login, personal or financial information, especially if you werent expecting it, she said. This scam is not just targeting your money, but is after your personal information in an attempt to steal your identity. The tax office has stated it would never request the recipient to click on a link to type in login, personal or financial information, or to download a file or open an attachment. ATO staff would never use aggressive or rude behaviour, or threaten you with arrest, jail or deportation. The real tax office would also never demand payment via iTunes or Google Play vouchers, prepaid Visa cards, cryptocurrency or direct credit to a personal bank account. And it would never ask for a fee to be paid to release a tax refund. Australians that experience a scam incident are encouraged to notify the ATO on its dedicated telephone number on 1800 008 540.

06.01.2022 Second stimulus package in relation to small businesses explained The second stimulus package will now build on the initial tax-free cash payments to small and medium businesses, rising to up to $100,000, with a minimum payment of $20,000, up from the previously announced $25,000 and $2,000 limits. The measure, which will be available to entities with aggregated annual turnover under $50 million that employ workers, has also now been extended to not-for-profits and charities.... The enhanced scheme will be delivered in two phases: Firstly, with employers set to receive a first payment equal to 100 per cent of their salary and wages withheld, up to a maximum of $50,000, when businesses lodge their activity statements for the 28 April and 28 July quarterly due dates. Eligible businesses that pay salary and wages will receive a minimum payment of $10,000, even if they are not required to withhold tax. Secondly, an additional payment equal to the first payment will be made after businesses lodge their BAS by the 28 July and 28 October quarterly due dates. For example, a business that receives $50,000 for the period up to June will subsequently receive another $50,000 for the period up to September upon lodgement of their BAS. Monthly BAS lodgers will receive the first payment for the March 2020, April 2020, May 2020 and June 2020 lodgements, with a 300 per cent calculation in the March activity statement to provide the same treatment as quarterly lodgers. The second payment for monthly BAS lodgers will be released once they lodge their June 2020, July 2020, August 2020 and September 2020 lodgements. Now to summarise The payment will be delivered by the ATO as an automatic credit in the activity statement system from 28 April 2020 upon employers lodging eligible upcoming activity statements. Eligible employers that withhold tax to the ATO on their employees salary and wages will receive a payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50,000. Eligible employers that pay salary and wages will receive a minimum payment of $10,000, even if they are not required to withhold tax. The payments will only be available to active eligible employers established prior to 12 March 2020. However, charities which are registered with the Australian Charities and Not-for-profits Commission will be eligible regardless of when they were registered, subject to meeting other eligibility requirements. This recognises that new charities may be established in response to the Coronavirus pandemic. if you need any further details please do not hesitate to contact our office. www.nsassociates.com.au

06.01.2022 Sole trader support by Government in this crisis The government will establish a new $550 fortnightly coronavirus supplement payment. Permanent employees who are stood down or lose their employment, sole traders, the self-employed, casual workers and contract workers will be able to access the new coronavirus supplement under expanded access to the JobSeeker Payment, formerly known as Newstart.... The supplement will also be paid to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. The payments, set to commence from 27 April. www.nsassociates.com.au

05.01.2022 Dear Clients, Firstly I would like to wish you luck and best of health in this turbulent time brought to us because of the Pandemic caused by Corona Virus. Coming weeks and months will bring us challenges that most of us will not have experienced in our life time and will demand un-precedented measures to keep our small businesses operating. We have had many clients come to us over the last few days in relation to our new business stimulus package announced by the government... in relation to Corona Virus. I will share the details of the stimulus package in the upcoming posts shortly to help you understand so that you can take the benefit from this. The package includes both cash and tax incentive measures. www.nsassociates.com.au 03 98639865

04.01.2022 AVOID SCAMS AND IDENTITY THEFTS Scammers will use every opportunity to target you when times are tough and youre vulnerable, such as in the current COVID-19 environment. They can impersonate the ATO and contact businesses to try and collect false tax debts or entice people to click on links to access non-existent tax refunds.... Avoiding scams and identity theft isn't easy. Protect your business, financial and personal information by taking precautions and being aware of what you share: Secure your business premises and ensure no one has access to your mail or other information. Secure your systems by using strong and secure passwords, ensuring your devices have the latest security updates, using a spam filter on your email accounts and securing your wireless network. Ensure you perform background checks on new employees and restrict their access to systems. Be able to track the actions of employees who deal with sensitive and personal information. Protect your myGovID by using the security features in your device such as fingerprint, face or password. Monitor your accounts for unusual activity or transactions. Dont download programs or open attachments youre unsure of. If your business information has been compromised or stolen, or youre unsure about a phone call, text message or email youve received, contact us. www.nsassociates.com.au

04.01.2022 Early access to superannuation Information correct as on 25 March 2020 Individuals affected by the coronavirus can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020....Continue reading

03.01.2022 Single Touch Payroll end-of-year reporting changes Single Touch Payroll (STP) changes how you report your employees' end-of-year information to your employees and to ATO. What you need to know... If you're reporting through STP you no longer need to: provide payment summaries to your employees for amounts reported and finalised through STP - employees will get an 'income statement' in myGov instead. lodge a payment summary annual report to the ATO for amounts reported through STP, as long as you complete the finalisation declaration by the due date. You have until 31 July to finalise your employees' STP information by making a finalisation declaration through your STP-enabled solution. What to tell your employees They will have an income statement in their ATO online services account (through myGov) for the amounts you have reported through STP. If they use a registered agent to lodge their income tax return, their agent will be able to access their STP information. When their income statement is tax ready they'll get a notification in their myGov Inbox - they should wait for this to occur before they lodge their tax return. if you have any further queries please feel free to contact our office. NS & Associates Pty Ltd Suite 1230-1232 1 Queens Road MELBOURNE VIC 3004 POINT COOK OFFICE (only by appointments) www.nsassociates.com.au

03.01.2022 Payments to Pensioners and welfare receipients. The Australian government announced its $17.6 billion coronavirus stimulus package on Thursday, which includes $750 cash payments for around 6.5 million Australians. Those Australians will receive the payment automatically from 31 March, with the majority to receive the boost by 17 April. Its estimated to cost around $4.76 billion. The majority of the tax-exempt payments will be targeted at Australians receiving the pension, ...with 2.4 million pensioners set to benefit. Are you eligible for the $750 coronavirus benefit? Youll receive the payment if you receive one of these welfare payments: Age Pension Disability Support Pension Carer Payment Carer Allowance Parenting Payment Wife Pension Widow B Pension ABSTUDY (Living Allowance) Austudy Bereavement Allowance Newstart Allowance Youth Allowance Partner Allowance Sickness Allowance Special Benefit Widow Allowance Farm Household Allowance Family Tax Benefit A Family Tax Benefit B Double Orphan Pension. And if you use one of these concession cards, youre also eligible: Pensioner Concession Card Commonwealth Seniors Health Card Veteran Gold Card. On top of that, if you are receiving any of these Department of Veterans Affairs payments, youll also receive the $750: Veteran Service Pension Veteran Income Support Supplement Veteran Compensation payments, including lump sum payments War Widow(er) Pension. Will you get more money if I receive more than one of these benefits? Unfortunately, even if you claim more than one benefit you will only be eligible for one of these payments. If you need any further information please do not hesitate to contact our office. www.nsassociates.com.au