Pamela Reid Bookkeeping & Business Management in Williamstown, Victoria, Australia | Accountant

Pamela Reid Bookkeeping & Business Management

Locality: Williamstown, Victoria, Australia

Phone: +61 409 020 988

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• Business service
• Accountant

25.01.2022 Phew! That was a marathon month of BAS returns. Last one lodged at 9:45pm tonight. Helping businesses obtain their cashflow boost and jobkeeper payments has been a lot of extra work but feels good to be able to help the economy to stay afloat in a small way and help families in a BIG way. Next task TPAR due in three days and then confirm turnover. #neverendingdeadlines

23.01.2022 Some further clarification has been made to the timing of the Cash Flow Boost and also the JobKeeper test. The timing of BAS lodgement will no longer affect the way in which the boost is credited to your BAS. It will only be credited toward the current BAS debt and not previous debts. The JobKeeper income test now includes some alternative calculations for seven different circumstances. https://www.ato.gov.au//In-de/Applying-the-turnover-test/

22.01.2022 Small and family-run businesses are the backbone of local economies they’re often where young Australians get their first job and they support local sports and charitable groups. Support your local small and family-run businesses when you #golocalfirst.

22.01.2022 I joined the panel of experts today to discuss the Jobkeeper extension. James O’Halloran, the Deputy Commissioner of Taxation outlined the new rules for the extension which are similar to the original rules, except for the following: Decline in turnover needs to be measured from actual turnover of the September and December quarter rather than being based on projected turnover. The fortnightly amounts payable will continue to be paid in arrears and will be reduced and sp...lit into two tiers from the 28th September onwards. Employers will need to inform their staff this week of the tier that they will be paid on. The ATO won’t tolerate fraud and have conducted 75000 reviews and are happy with the compliance rate. The ATO believe that 30% of employers intend to continue on the Jobkeeper system and there will be a number of businesses that will enter the system after the September quarter reveals that their turnover has decreased, in particular those affected by the Victorian stage 4 restrictions. Further information on eligibility will be published during the week. Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman gave some insight into issues that small businesses are currently facing. Commercial tenancy is one of the biggest issues, many businesses will not be able to afford to pay their suspended rent but will also be unable to pay the huge cost of terminating the lease, whether it be on place of business or business equipment. This is of most concern in Victoria. Most small businesses understand that turnover and profitability will not return to pre-Covid times for possibly several years to come and they need to make hard decisions now that loans and rent payments will come due by 1st January 2021. Kate is calling for the government supported bank loans to be more accessible to small businesses and to be less onerous with the serviceability requirements, she has even suggested a repayment scheme similar to HECS where the business must reach a certain level of income before loan repayments need to be made. A call for a simpler award system for small business with less red tape and less confusing hourly rates and award types, to make it easier for small business to employ staff and pay them correctly. More government tenders need to be made available to small business and FBT should be stopped until the economy has recovered. If businesses can pay for staff to go to restaurants and the gym without incurring an FBT debt, it will stimulate the economy and make life easier for employers. 42% of businesses surveyed believe the Jobkeeper and cashflow boost payments program have been effective in keeping business confidence during the Pandemic. See more

19.01.2022 Pleased to receive this invitation.

16.01.2022 https://www.mybusiness.com.au//7407-come-up-with-a-new-pla

15.01.2022 A really handy infographic to explain the two versions of Jobkeeper. Thanks to the Tax Institute

14.01.2022 I joined the panel of experts today to discuss the Jobkeeper extension. James O’Halloran, the Deputy Commissioner of Taxation outlined the new rules for the extension which are similar to the original rules, except for the following: Decline in turnover needs to be measured from actual turnover of the September and December quarter rather than being based on projected turnover. The fortnightly amounts payable will continue to be paid in arrears and will be reduced and sp...lit into two tiers from the 28th September onwards. Employers will need to inform their staff this week of the tier that they will be paid on. The ATO won’t tolerate fraud and have conducted 75000 reviews and are happy with the compliance rate. The ATO believe that 30% of employers intend to continue on the Jobkeeper system and there will be a number of businesses that will enter the system after the September quarter reveals that their turnover has decreased, in particular those affected by the Victorian stage 4 restrictions. Further information on eligibility will be published during the week. Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman gave some insight into issues that small businesses are currently facing. Commercial tenancy is one of the biggest issues, many businesses will not be able to afford to pay their suspended rent but will also be unable to pay the huge cost of terminating the lease, whether it be on place of business or business equipment. This is of most concern in Victoria. Most small businesses understand that turnover and profitability will not return to pre-Covid times for possibly several years to come and they need to make hard decisions now that loans and rent payments will come due by 1st January 2021. Kate is calling for the government supported bank loans to be more accessible to small businesses and to be less onerous with the serviceability requirements, she has even suggested a repayment scheme similar to HECS where the business must reach a certain level of income before loan repayments need to be made. A call for a simpler award system for small business with less red tape and less confusing hourly rates and award types, to make it easier for small business to employ staff and pay them correctly. More government tenders need to be made available to small business and FBT should be stopped until the economy has recovered. If businesses can pay for staff to go to restaurants and the gym without incurring an FBT debt, it will stimulate the economy and make life easier for employers. 42% of businesses surveyed believe the Jobkeeper and cashflow boost payments program have been effective in keeping business confidence during the Pandemic. See more

13.01.2022 7:15am Budget breakfast with Institute of Public Accountants #jobs #taxcuts #smallbusiness #hardworkpaysoffs

08.01.2022 Small and family-run businesses are the backbone of local economies they’re often where young Australians get their first job and they support local sports and charitable groups. Support your local small and family-run businesses when you #golocalfirst.

06.01.2022 TPB extends scope of BAS agents The Tax Practitioners Board has announced it has registered a legislative instrument on the Federal Register of Legislation, that extends the services and advice BAS agents can legally provide on the Australian government’s COVID-19 stimulus package. BAS agents can now legally support Australian businesses by advising about their entitlements under the new JobKeeper payment and cash flow support for business initiatives, the TPB announced on Thursday.

06.01.2022 https://www.youtube.com/watch Thank you Xero and ICB. A great start to my day!

05.01.2022 New Permitted Workers Permits will be required after the 13th of September. (except for childcare workers) Let me know if you need assistance with these. I would also advise businesses to review their COVIDsafe plans to ensure they comply with the government's directives. There are heavy fines of up to $99132 for incorrectly issued worker permits

04.01.2022 One of most difficult EOFY to live through. Here's hoping the only way is up from here.

02.01.2022 Online professional development session today. BAS & GST refresher #basagentlife #loveaccounting #historyoftaxation