Ready1 Group in Melbourne, Victoria, Australia | Accountant

Ready1 Group

Locality: Melbourne, Victoria, Australia

Phone: +61 3 9998 2048

Address: 1/378 High Street 3072 Melbourne, VIC, Australia

Website: http://www.ready1.com.au

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• Financial service
• Business consultant

23.01.2022 JobKeeper Update: the legislation was passed last night and while we still have more questions than answers (the ATO & Treasury will release more information at some point), we thought we would update you on what we do know; As usual our live link is being updated with the detail as it come to hand. - You automatically qualify for the JobKeeper Scheme if your turnover declines by more than 30% relative to a comparable period in the prior year. ... - The Turnover Test Period is either for a calendar month ending after March or for either the June or September quarters. The comparison period is the same period in the prior year. - You have till the 24/04/20 to apply to receive the subsidy from the 30/03. If you do not qualify now but qualify at a later point in time, you can opt in then on a fortnightly basis (up until the 28/09/20). - There will be alternative tests available for a class of entities where there is no appropriate comparison period (detail on this yet to be released). - If you are a business owner that draws dividends/drawings as essentially a wage, you will be able to nominate one business participant to receive the JobKeeper payment. https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit

21.01.2022 If you are a Victorian business that have been subject to closure or are highly impacted by Victoria’s shutdown restrictions announced to-date, you may be eligible for a $10k grant. The simplest examples that come to mind are gyms/cafes/pubs/real estate agents the have been directed to shut or significantly reduce their business. See the following link to the business support fund, applications close in 64 days! ... https://www.business.vic.gov.au//gr/business-support-fund Link also available via our live stimulus document here; https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit

19.01.2022 Today the Vic Government have opened up the $10k one-off grants to even more Victorian run businesses! Previously you could only get the grant if your business was forced to shut from a government directive (think cafes/gyms/musicians etc) In stage two, (irrespective of your industry) your business is eligible if you;... - employ people - turnover more than $75k - have payroll of < $650k - held an ABN @ 16/3/20 - are Victorian! - are eligible for the JobKeeper payment Program closes in 18 days..link below #smallbusiness #stimuluspackage https://www.business.vic.gov.au//gra/business-support-fund

19.01.2022 Are you a Victorian business affected by lockdown and receiving or applying to receive JobKeeper? A reminder that the Vic government has made available one-off grants of $10k to eligible businesses under the Business Support Fund Expansion program. To be eligible you must;... - be employing - have Vic wages of less than $3m - be in receipt of JobKeeper - be registered for WorkCover - have an ABN and be registered for GST as @ 30/06/20 If you had already applied to receive the original $5k grant from this program, there is nothing more for you to do..the Vic government will automatically credit you another $5k #smallbusines #stimuluspackage https://www.business.vic.gov.au//bus/business-support-fund

17.01.2022 Positive JobKeeper Payment Eligibility update! The treasury fact sheet has now added in businesses whose turnover from a year earlier was not representative of their usual of average turnover. It also makes mention of newly established business. In these cases, the Tax Commissioner will have discretion to consider additional information that the business can provide to establish they have been affected by the impacts of the Coronavirus (still need to demonstrate a drop in tu...rnover of 30% for business under the $1b threshold). There will also be some tolerance where employers, in good faith, estimate a greater than 30% fall in turnover but actually experience a slightly smaller fall. Basically the ATO will take each case on it's merits..we are increasingly hopeful the following types of examples would qualify; - a retail business that had one shop front 12 months ago but now has two..therefore turnover may be the same but actual sales for each store would be significantly down. - a manufacturing business where their cost of goods have doubled and they have passed on those costs to their customers, thus maintaining a level of turnover comparative to last year but actual orders placed with them have diminished. #smallbusiness #jobkeeper #stimulus #ato

14.01.2022 In response to a significant portion of Victoria going into stage 4 lockdown yesterday, the eligibility requirements for JobKeeper 2.0 have been eased. To qualify for the JobKeeper extension into the December quarter, your turnover for the Sep-20 quarter needs to have declined by 30% or more relative to a comparable period (generally the corresponding Sep-19 quarter). The pay rates will also scale down and be split between a full rate of $1,200 & Reduced Rate of $750.... In a welcome change, there will also be a change for the start date for employees, with those hired as of 1 July to be eligible for JobKeeper from 3 August. Don't forget if you are not in the JobKeeper scheme currently but you are anticipating a drop in turnover for August (easy if you have been shut down!) you can still enter into the JobKeeper 1.0 scheme. As previously we have continued to update our live document that summarises & track the measures as they come to hand including the JobKeeper 2.0 extension to the March quarter, link below. #smallbusines #jobkeeper #stimulus https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit

13.01.2022 Important change for those of you who are already in or looking to enter the JobKeeper 1.0 scheme (ATO released guidance late on Friday the 14th). As apart of JobKeeper 2.0, the eligibility date changed for employees from the 1/3/20 to the 1/7/20. This applies for JK 1.0 also! Basically if you are in the scheme currently and have employed in between the 1/3 and the 30/06 on a permanent part/full time basis, you can qualify those employees for JobKeeper 1.0 from the 3/8 (being... JobKeeper fortnight '10'). If you have casual employees that just missed out previously, the extra few months may see them qualify also. To ensure those employees are eligible to enter the scheme; - Get your newly eligible employees to complete an employee nomination notice. - Make sure you meet the wage condition for each new employee for the month, the minimum wage amount to be paid before tax for August is $4,500 (there are 3 JobKeeper fortnights in August). - For those newly eligible employees, make sure they are tagged in your payroll software as entering the scheme in Fortnight 10. #smallbusines #stimuluspackage #jobkeeper https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit

12.01.2022 In case you haven't heard, today is the last day to top your employees up to the minimum $3k gross payment for April & remain eligible for JobKeeper from the start of April! If you have already paid your employees $3k or more for April there is nothing more for you to do..you can still enrol in the program up until the end of May & qualify for April. #JobKeeper #Smallbusiness #stimuluspackage

11.01.2022 Sadly Metropolitan Melbourne enters into another lockdown or 6 weeks from midnight tonight. The Victorian Government has flagged it will release further assistance measures in the coming weeks, we will look to keep you updated as they come to hand. Currently, you can register your interest for a $5k grant where you are a business that is operating in a postcode affected by the stage 3 restrictions.... You can apply even if you have already received the $10k grant previously. There is still requirements to be an employing business and to be participating in the JobKeeper scheme. #smallbusiness #COVID19 #stimulus https://www.business.vic.gov.au//local-lockdowns-business-

10.01.2022 The Australian Banking Association is reporting that if you defer your mortgage because of the pandemic, your credit rating won't suffer (will also apply to credit cards). They have also noted if you are a business that is required to fund the JobKeeper payments up front & get reimbursed by the government in a months time, you may be able to seek credit from your bank until the scheme starts issuing payments. Should be a prime candidate for the unsecured loans that are 50% b...acked by the government in any event. #smallbusiness #stimuluspackage

10.01.2022 And there we have it, the fabled third stimulus package has landed. As previously noted, we have created live documents where we are tracking the various announcements as they come to hand. The Stimulus Summary for Business can be found here; https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit... The Stimulus Summary for Individuals can be found here; https://docs.google.com//1ViqjOS1scFnvX-Lr-yE4y5o1H9/edit The two main takeaways from today were as follows; - Eligible Employers will receive a flat payment of $1,500 per fortnight per employee for a 6 month period where they have experienced a 30% drop in turnover, relative to a comparable period last year (of at least a month); - Partner income thresholds lift to $80k. This means that you may be entitled to all or part of the Jobseeker payment even where your spouse is earning up to $80k (increased from the previous threshold of $48k). #smallbusiness #Covid19 #stimulus

09.01.2022 Scam season is in full swing! We have been made aware of emails doing the rounds that look very similar to ATO/Centrelink emails, requesting your personal details. As always, never click any links if you are unsure about an email. Generally you will be able to identify the email as a fake by the way it is worded or the email address.... If you are still unsure, make a phone call to the sender to confirm it's legitimacy. #ScamAlert #ATO

09.01.2022 If you are an employee with multiple employers that qualify for the JobKeeper scheme, choose wisely..if the employment relationship ends you will not be able to nominate the other employer! Means you may become entitled to JobSeeker instead, not ideal.. #JobKeeper #Stimuluspackage #smallbusiness

09.01.2022 Free Daycare for all! From Sunday night if you have children/child in childcare, the government will pay your childcare costs. This will not be means tested and to qualify, you must have been enrolled in childcare as at the 1/3.

08.01.2022 JobKeeper enrolment opened today (this is different to the 'register your interest' you might have completed earlier this month). Businesses have until the 30th of April to enrol and pay your employees to claim the JobKeeper payments for the month of April. If you are not applying through a registered tax or BAS agent, you will need to sign up for the ATO Business Portal and have your myGovID app linked to your ABN to be able to gain access.... #JobKeeper #stimuluspackage2020 #smallbusiness

08.01.2022 We are finally seeing some information flowing through from the ATO on the operation of the JobKeeper scheme. This is significant as we are relying on the ATO for the detail behind the scheme. Link below. https://www.ato.gov.au/General/JobKeeper-Payment/... #jobkeeper #stimuluspackage

06.01.2022 JobKeeper Payment: Currently we are expecting to see the draft legislation in the next couple of days with Parliament sitting on Wednesday to push it through. The business.gov.au website makes the following comments in relation to sole traders without employees; The intent of the JobKeeper Payment is to enable any eligible self-employed person get a wage subsidy regardless of what business structure they use, where:... - the partners in a partnership only receive a share of profits one partner can be nominated to receive it - directors of a company only receive dividends one director can be nominated to receive it - beneficiaries of a trust only receive distributions one individual beneficiary can be nominated to receive it Obviously this is great news for sole traders without employees, but still provides no guidance for businesses with employees where director/s are working but remunerated through dividends/trust distributions. It also fails to take into account businesses without employees but with multiple directors/partners etc. Once the legislation lands we will know more..the accounting industry as a whole is pushing hard so no one affected by the pandemic falls through the gaps. Stay tuned.

04.01.2022 For those of you that are currently in the JobKeeper scheme for August, remember this is a '3 JobKeeper fortnight' month. This means your employees will need to be paid a minimum of $4,500 for the month (being $1,500 x 3). This should not be be too much of an issue if you are paying weekly/fortnightly..however those paying monthly will need to meet this payment condition in order to then be reimbursed by the ATO.... #jobkeeper #smallbusines #stimuluspackage

04.01.2022 EDITED - JobKeeper Enrolment Extension: The ATO has announced you have until 31 May to enrol for JobKeeper to claim for April & May. Further to this, the ATO have also extended the time in which you can pay the minimum April payments ($3k) to your eligible employees to Friday 8 May.... #JobKeeper #Smallbusiness

03.01.2022 If you are a business that hasn't entered into the JobKeeper scheme, but had a drop in turnover for June or are expecting a drop in July..there is still time to qualify and get paid under the scheme. Currently the scheme is scheduled to run through to the end of September, you can opt in at any time up to then.. and once you are in, you are in for the remainder of the scheme no matter what. With another shutdown for Metro Melbourne coming into play from midnight tonight, busi...nesses that have not previously qualified may find that they are eligible in the coming weeks. As in the past, we will look to update our live document with any further stimulus measures as they are announced. #smallbusiness #COVID19 #stimulus https://docs.google.com//1pLYsu2dHHv0EwTjEsQ_L5hzyzT/edit

01.01.2022 Business owner JobKeeper update: if you are a business that qualifies for the scheme, you can nominate one Business Participant as follows; - One Partner in a Partnership - An adult beneficiary of a Trust - A shareholder or director of a Company... Unlike the payments you receive for your employees, there is no requirement to pass the amount on to the business owner through payroll..essentially just becomes income to the structure you operate in. #smallbusiness #jobkeeper #stimuluspackage

01.01.2022 NSW has followed in VIC's footsteps with $10k grants for small businesses highly impacted by COVID-19 movement restrictions. It will be available to companies that have fewer than 20 staff, revenue of more than $75k and less than $900k in wage costs. The grants can be used for unavoidable costs such as utilities, overheads, legal and financial advice. NSW will set aside $750m for the program.... #nswgovernment #stimuluspackage