Prime Business Solutions | Accountant

Prime Business Solutions

Phone: +61 412 488 211

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24.01.2022 Temporary changes to the Fair Work Act have come into effect to support the implementation and operation of the JobKeeper wage subsidy scheme in Australian work...places. In certain circumstances, the changes allow eligible employers to give directions to temporarily: stand down an employee (including by reducing their hours or days) change an employee’s usual duties change an employee’s location of work. The changes also allow eligible employers and employees to agree to change days and times of work and take annual leave. Any directions or agreements can’t reduce minimum pay rates or other monetary entitlements under the Fair Work Act (like penalty rates, overtime or allowances) and other employment terms and conditions not related to the direction or agreement (like sick and carer’s leave) continue to apply. You can read more about the changes here: https://coronavirus.fairwork.gov.au//jobkeeper-changes-to-

12.01.2022 Myth: I’ll only be able to use ATO services like the Business Portal or Online services for agents on my phone. Fact: You can continue using our services on th...e device and browser you currently use. In fact, your options will be expanding as you’ll now be able to use browsers that weren’t compatible with AUSkey You’ll only need to use your smart device for the first step, when you click ‘Log in with myGovID’ on your computer. Once you’ve entered the authentication code into your smart device, you’re good to go! Find out more about myGovID at ato.gov.au/mygovid

11.01.2022 One of our options to get small business clients set up for remote/cloud accounting is to set them up on QuickBooks online. We have found this an affordable and easy to use option for small businesses. Depending on your business requirements, our general workflow is: 1. Upload documents into Hubdoc... 2. Process transactions in QuickBooks Online 3. Prepare and lodge the BAS We may suggest alternative options, depending on your complexity. We work with eCommerce stores (ie Shopify stores) inc. drop shippers, trades, a range of professions, clients within the health industry (ie Optometry) and more.

11.01.2022 #JobKeeper Notice: If you are an eligible business applying for JobKeeper on Monday we recommend that you make sure you know your MyGovID username and password BEFORE Monday - it may make the application process that bit easier and quicker for you. You may apply yourself, or your Tax Practitioner will be able to apply for you.

09.01.2022 For those businesses affected by COVID-19 with a downturn in business of 30% or more, register for updates from the ATO at www.ato.gov.au/Job-keeper-payment/

07.01.2022 RECENT ANNOUNCEMENT FROM THE ATO: "For the first two fortnights (30 March 12 April, 13 April 26 April), we will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by 8 May 2020." https://www.ato.gov.au/general/JobKeeper-Payment/

06.01.2022 Did you start a new business in February this year? You may be able to use an alternative turnover test to work out if you’re eligible to enrol for the JobKeeper payment. For more information, visit https://www.ato.gov.au//In-de/Applying-the-turnover-test/

06.01.2022 #JobKeeper #BASAgent We get quite a few questions from those businesses who have had more than 30% loss in April, but expect to pick up again by June. Here are the details direct from the ATO: *Question:* My business suffered a steep decline in turnover in March, but I’ve changed to a new business model and I may build the business up again soon. Does this mean I lose JobKeeper?... *Answer:* No. You only need to satisfy the decline in turnover test once to be entitled to JobKeeper. For example, satisfying it for March 2020 (compared in March 2019) is sufficient, even if your business recovers to previous levels after this. There are ongoing reporting obligations for current and projected GST turnover, but even where these show a recovery of turnover they don’t affect eligibility. www.ato.gov.au/jobkeeper

04.01.2022 For those Australian small businesses wanting to set their bookkeeping up remotely, we recommend QuickBooks and Hubdoc, although every business requires different functionality it may be best to contact us to determine your requirements as MYOB, Xero, with ReceiptBank may be better suited for your business in certain situations.

01.01.2022 If your business is eligible for the Cash Flow Boost and you have not yet received an expected refund, check that your financial institution details are up to date in the ATO portal