Pratt Partners in Sydney, Australia | Accountant

Pratt Partners

Locality: Sydney, Australia

Phone: +61 2 8224 8000

Address: Level 21 / 68 Pitt Street 2000 Sydney, NSW, Australia

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

Likes: 396

Add/Update information

Reviews

Tags

• Business service
• Accountant
• Business consultant

25.01.2022 SHORTCUT METHOD | The Australian Taxation Office (ATO) has extended the temporary working from home shortcut method into the new financial year until 30 September 2020. This method allows taxpayers to claim 80 cents per hour for working from home expenses. . Originally meant to run from 1 March 2020 to 30 June 2020, the ATO has noted that it will continue to take into account the ongoing COVID-19 situation and is open to further extensions if work patterns haven't returned to normal by 30 September 2020. . Taxpayers will still be able to choose the most appropriate calculation method for their circumstances (fixed rate method, actual cost method or shortcut method).

23.01.2022 COVID RECOVERY | There is one simple lead generation system that EVERY single business should be using and MANY are not even though it’s absolutely FREE. 9 steps to a client referral system that gets the leads flowing.. For any small or medium business, leads should be consistently sought and converted. ...Continue reading

23.01.2022 JobKeeper 2.0 | Changes - The Treasurer has announced the turnover reduction test will change from that previously announced in July. . The change will now require businesses to show the requisite actual decline in turnover for the September quarter alone, rather than for both the June and September quarters as previously announced. . This change has been made, to reflect that some businesses may have experienced improvement in conditions, before again being impacted as a res...ult of tighter lockdown restrictions. . Watch This Space - as it is expected that the JobKeeper 2.0 program may continue to evolve further before it commences. See more

21.01.2022 Business Support Fund | The Victorian Government announced on 3 August a revision to the business support fund in response of further lockdown restrictions in Melbourne. - The Victorian Government had previously announced a $5,000 grant was available to eligible businesses located in Metropolitan Melbourne and Mitchell Shire as a result of Stage 3 lockdown. - To support businesses impacted by Stage 4 restrictions in Melbourne, grants will be made available to eligible busines...ses under the Business Support Fund Expansion program: - $10,000 for employing businesses in metropolitan Melbourne and Mitchell Shire in recognition of spending longer under restrictions. - $5,000 for employing businesses in regional local government areas (except Mitchell Shire). - Eligible criteria: - operate a business located within Victoria; participate in the JobKeeper scheme; be registered with WorkSafe on 30 June 2020; have annual payroll of less than $3M in 2020; be registered for GST as at 30 June 2020; hold an ABN at 30 June 2020; be registered with the Federal or State regulator. - Applications for the program will be extended until 14 September 2020.

18.01.2022 EARLY ACCESS | 4 in 10 Aussies wanting early access to super are ineligible. This comes at a time the Govt announces a 3-month extension to the COVID-19 early access to super until to 31 December 2020. - Eligible Aus and NZ citizens and permanent residents: - able to access $10K super before 1-Jul-2020. ... access a further $10K from 1-Jul-2020. - Eligibility: - To apply you must satisfy any one of the following: - you are unemployed; or you are eligible to receive a job seeker payment; or you were made redundant; or your working hours reduced by 20% or more; or if a sole trader your business was suspended or there was a reduction in your turnover of 20%. - If you are eligible for early release, you can apply directly through myGov website. - You should carefully consider the implications of accessing super early before applying. - - - #PrattPartners #NewNormal #COVID19 - https://treasury.gov.au//Fact_sheet-Early_Access_to_Super.

16.01.2022 TPAR | Is your business offering new or expanded services in response to COVID-19 challenges? You may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year if you pay contractors to provide any of the following (even if it's only part of the services you provide): . Building and construction services Cleaning services Courier, delivery or road freight services... Information technology services Security, surveillance or investigation services . Take for example a restaurant that has delivered meals to their customers during the COVID-19 restrictions and charged a delivery fee: . If they engage contractors to deliver on their behalf, they may need to lodge a TPAR. If they use their own employees to make the deliveries, they do not need to report payments to employees on a TPAR. . Click below for more information on TPAR requirements. . https://www.ato.gov.au//R/Taxable-payments-annual-report/

16.01.2022 SUPER AMNESTY | Employers are reminded that applications for the super guarantee (SG) amnesty close on Monday, 7 September 2020. . Amnesty - allows employers to disclose and pay previously unpaid super guarantee charge (SGC) owed to employees, from 1 July 1992 to 31 March 2018. . without incurring the administration component.... without incurring 200% penalty of unpaid super. claim a tax deduction on payments before 7-Sep. . If your circumstances change as a result of COVID-19 after applying for amnesty, the ATO will work with you to establish a payment plan. . https://www.ato.gov.au//Super-for-employers/Superannuati/ See more

11.01.2022 Reminder | Monthly declarations need to be completed by 14 Sep - to receive payments. - Monthly declaration reconfirms eligible employees, along with turnover for month and projected month. - We recap the changes for the month of August:... - August has 3x JobKeeper fortnights. Ensure sufficient wages paid $4,500 per emp... Now available for those 18 after 1 March 2020. Available for those commenced after 1-July-19. Available for casual commenced after 1-July-19. . . . . https://www.ato.gov.au///Enrol-for-the-JobKeeper-payment/ See more

04.01.2022 Cash Rate | RBA has held cash rate at 0.25% .- Unemployment rate has reached 7.5%, - -... - https://www.rba.gov.au/media-releases/2020/mr-20-20.html See more

02.01.2022 CHECKLIST | With JobKeeper payments set to end in less than 60 days, businesses need to begin planning for the future. . As other government support measures end similar times, businesses will need to rely on themselves to stay afloat. By overlooking the importance of forward planning, business owners risk being unprepared for what the future may hold. . Here is a checklist that businesses can use to forward plan:... . Cash flow - What is your current cash flow like and how is it predicted to be after the stimulus packages end? Consider getting a cash flow forecast to have some insight into what is coming cash flow wise. . Staff - Have your staffing needs changed? The changed environment may mean you need more or less staff, or perhaps new or repeat training of current staff is required. . Revenue streams - Will your current revenue streams recover or have new streams and opportunities become available? . Tax obligations - Are funds available when tax is due? . Deferred liabilities - If you have deferred liabilities such as your mortgage or rent repayments, will you be able to meet these once payments are reinstated? . Superannuation guarantee - Is there enough money available to meet the next superannuation payment? . Personal guarantees - Are any personal assets at risk such as personal savings, residential properties or a car? . How are you feeling? This is another often overlooked consideration. COVID-19 is an unprecedented global pandemic which has changed the lives of many, individuals and businesses alike. Does your current business structure or perhaps even business itself feel like you have lost your passion? . How can we help? We can help you put together a post-pandemic plan. Our industry experts in business advisory can help you prepare and understand the ever-changing landscape. Please do not hesitate to get in touch with us via your Pratt Partners representative, (02) 8224-8000 or [email protected] if you need any assistance.

01.01.2022 STP REMINDER | Employers with 19 or fewer employees are reminded, . The deadline for making a finalisation declaration through your Single Touch Payroll (STP) solution is Friday 31 July 2020. The finalisation due date for closely held payees is 30 September 2020.... . If your STP data is already correct and ready to go, you can finalise ahead of the deadline. This will enable your employees to lodge their tax returns. . https://www.ato.gov.au//End-of-year-finalisation-through/ See more