South Melbourne Accounting in South Melbourne, Victoria | Business service

South Melbourne Accounting

Locality: South Melbourne, Victoria

Phone: +61 3 9682 6360

Address: 55 NAPIER STREET 3205 South Melbourne, VIC, Australia

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

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• Business service
• Tax preparation service
• Accountant

23.01.2022 A reminder about December 2015 BAS

23.01.2022 Has anyone been able to create a Centrelink Account on line without having a CRN Number as yet ?

22.01.2022 If you are a Victorian Business and required to close your business during the Corona Virus, you may be eligible for a Grant from the Victorian Government : https://www.business.vic.gov.au//gra/business-support-fund#

18.01.2022 Job Seeker v Job Keeper You can only fall into either one - you can not claim both. If you have already lodged for Job Seekers and you think you will paid under Job Keeper - it is recommended that YOU DO NOT withdraw your application. Job Seekers Allowance :... This is for employees that have lost their jobs completely and your employer will not be keeping you on under the Job Keepers Payment. You need to apply via Centrelink through your MyGov Account . If in any doubt, please apply, as it is back dated from your application date. The worst case you will be denied - Centrelink are understanding if you are not eligible. A step by step guide to register for Job Seekers : https://www.abc.net.au//coronavirus-how-to-apply-/12083948 Job Keepers Payment : This is where your Employer will apply on your behalf through the ATO and they will notify you if they elect to put you on this payment arrangement. You will be paid $1500 per fortnight minimum, even if your fortnightly wage is less than this. If your fortnightly wage is more than this, the employer will continue to pay the same amount. Super will be paid on the full amount if you are paid more than $1500, if you are paid less than $1500, super is paid on your regular pay but the top up to $1500 is not subject to Super. This payment will come from your Employer and not Centrelink. The ATO will pay the Employer and the Employer must pay the Employee the full $1500 (less tax). Sole traders will be eligible for the JobKeeper payments if their business has a turnover of less than $1 billion and their turnover is expected to be reduced by more than 30% as a result of COVID-19, compared to a comparable period a year ago, of at least a month For more information please refer to : https://www.smartcompany.com.au//jobkeeper-wage-subsidy-s/ ALL EMPLOYERS NEED TO REGISTER WITH THE ATO https://www.ato.gov.au/general/gen/JobKeeper-payment/ If you are employed under your own business, please register on the above link (Please do not assume I will do this for you) FURTHER INFORMATION : Below is a further link that may answer further questions you may have :https://www.abc.net.au//coronavirus-jobkeeper-pay/12105290

14.01.2022 An update on the Job Keepers Allowance - 9th April https://img07.en25.com//%7B545596b7-661b-4ef9-95b6-211772a

12.01.2022 Centrelink lines are currently long as you have to ID yourself. Rumour is if you wait until April 1st you maybe able to do this all online. If anyone has an update on this please let us know.... Faster claim process Accelerated claim process: To ensure timely access to payments, new applicants are encouraged to claim through on-line and mobile channels. If applicants do not have internet access, they can claim over the phone. From April 2020, Services Australia will allow new applicants to call to verify their identity to reduce the need to visit a Services Australia office. To claim online, people who do not already deal with Services Australia will need to set up their myGov account, call to verify their identity, and get a link to their Centrelink online account

10.01.2022 Boosting cash flow for employers As announced on 22 March, the government is providing up to $100,000 to eligible small and medium sized businesses and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. These payments will help business and not-for-profit cash flow so they can keep operating, pay their bills and retain staff. Small and medium sized business entities with aggregated annual turnover under $50 million and that employ wor...kers are eligible. Not-for-profit entities (NFPs), including charities, with aggregated annual turnover under $50 million and that employ workers will now also be eligible. This will support employment activities at a time where NFPs are facing increasing demand for services. Under the enhanced scheme, employers will receive a payment equal to 100% of their salary and wages withheld (up from 50%), with a: minimum payment of $10,000 maximum payment of $50,000.

10.01.2022 If you have a business bank account incurring monthly fees - approach your bank to have them waived for the next 12 months. (Source - a client currently banking with ANZ).

10.01.2022 Casuals and sole traders If you've found yourself affected by the economic downturn, you'll be able to access a "coronavirus supplement" of $550 a fortnight for the next six months. That's on top of other benefits so if you're already receiving payments through Jobseeker (formerly known as Newstart), you can claim both.... Sole traders and casual workers who are currently making less than $1,075 a fortnight will be eligible to receive the full supplement. In practice, that means if you're a single parent (receiving a maximum fortnightly payment of $612 through Jobseeker), for example, and you meet the criteria, you'll take home about $1,162 a fortnight. "This means anyone eligible for the maximum Jobseeker payment will now receive more than $1,100 a fortnight, effectively doubling the Jobseeker allowance," Treasurer Josh Frydenberg said. Sole traders or casual workers who have had their income or hours reduced by 20 per cent or more as a result of coronavirus will also be able to access to up to $10,000 of their superannuation tax-free.

09.01.2022 If you are currently on the PAYG Instalment (different to PAYG Withholding for Employees) System, the ATO will allow you to vary your March Instalment to $0 and have the September and December PAYG instalments reversed/refunded. This will help business cash flows and an option to be considered.

05.01.2022 Working from home during the Corona Virus The ATO have bought in a "Short Cut" method from the 1st March for people that are required to work from home. In simple terms it includes everything eg Electricity, Gas, Internet, Mobile Phone, Laptops, Printers, Stationery etc Under this method you can not depreciate your Laptop etc All you need to do is log your hours from when you started working from home (eg anytime from the 1st March onwards) and you will be able to claim 80 ...cents per hour no matter how many people are living in the house. The other method is the old method - where you can claim 52 cents per hours to cover Electricity and Gas and a work related proportion for Laptop, Stationery, Mobile Phone and Internet. For a more detailed report with examples, please refer to the ATO Link : https://www.ato.gov.au//Me/New-working-from-home-shortcut/

01.01.2022 With people now having no income and applying for Job Seeker payments, this will force many people to use credit cards to pay for food and bills etc - will the banks be reducing interest rates on their credit cards ? If you have a credit card and unable to make payments, ring your bank to see if they can offer assistance. If you have a home loan and pay the annual $395 package fee and it is due to be paid, ring your bank and discuss if it could be waived for this year. ... You can delay you loan repayments for 6 months - but keep in mind that are still paying interest on the balance. By posting your experience will help others.