SDP Accountants in Shepparton, Victoria | Accountant

SDP Accountants

Locality: Shepparton, Victoria

Phone: +61 1300 436 829

Address: Cnr of Corio and Ashenden St 3630 Shepparton, VIC, Australia

Website: http://www.sdptax.com

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25.01.2022 Superannuation Payments Reminder 2020/2021 For employers - Due dates for the current financial year Super is a compulsory employer contribution to eligible employees calculated from the day they start work. Currently, you are required to pay a minimum of 9.5% of your employees’ ordinary time earnings into super. You must make the payments at least four times a year, by the quarterly due dates as follows:... Quarterly payment due dates for super payments Quarter 1 Period 1 Jul to 30 Sep Payment due date: 28 Oct 2020 Quarter 2 Period 1 Oct to 31 Dec - Payment due date: 28 Jan 2021 Quarter 3 Period 1 Jan to 31 Mar Payment due date: 28 April 2021 Quarter 4 Period 1 Apr to 30 Jun Payment due date: 28 July 2021 Please be aware of the following: Allow for processing time. You should pay at least one week before the due date, ideally 15 days after the end of a Quarter. Put this reoccurring task into your calendar so you won’t forget. There have been cases where employers receive warning from the ATO for being just 2 days late. If you don't pay on time, you are liable for the Superannuation Guarantee Charge (SGC), even if you make the payment later. This means lodging tedious forms to ATO, which will include: Super shortfall amounts that are calculated on the full salary and wage amount which includes overtime, allowances, etc. Interest charge for the late period (currently 10%) Administration fee of $20 per employee, per quarter Furthermore, the ATO has the ability to disallow late payments and impose further penalties, which would result in paying your employees superannuation twice for the same quarter. Most importantly, late super payments are non-tax deductible! For more information about the super guarantee charge (SGC): https://www.ato.gov.au///the-super-guarantee-charge-(sgc)/ #Superannuation #Superkeydates #sdptax

21.01.2022 JobKeeper 2.0 summary infographic

19.01.2022 JobKeeper Extension 1 Commences 28 Sep 2020 This is a friendly reminder to all those on JobKeeper. As the original JobKeeper comes to an end at the end of this week, we welcome JobKeeper Extension 1 on the 28 September, the first of two separate extension periods. This extension period will run from 28 September 2020 to 3 January 2021.... Payment Rates As mentioned in our previous communications, the rates of payment will change. Current fortnightly payments are $1,500 (before tax), but JobKeeper Extension 1 rates will depend on the number of hours an eligible employee works or business participant actively engages in the business. Tier 1 rate of $1,200 per fortnight (before tax) - Eligible Employees: Worked a minimum of 80 hours in the four weeks of pay periods before either 1 Mar 2020 or 1 July 2020. - Eligible Business Participants: Actively engaged in the business for a minimum of 80 hours in February 2020 and provide a declaration to that effect. Tier 2 rate of $750 per fortnight (before tax) - This rate applies to any other eligible employees and eligible business participants. To read more about eligibility and what to do next, click here: https://sdptax.com/jobkeeper-extension-1-commences-soon/ #JobKeeperExtension1 #JobKeeper #COVID19help

19.01.2022 Jobkeeper New Eligibility Do you have: - any new employees that started between 1 March 2020 and 1 July 2020; OR - any regular casual employees reaching 12 months up to 1 July 2020? ... For Jobkeeper, the new 1 July 2020 eligibility test is set to capture a number of new employees, including those hired after 1 March 2020, and those who previously did not meet the definition of a long-term casual employee by 1 March 2020 but have since become long-term casual employees by 1 July. It also covers employees who did not qualify on 1 March due to their age or visa status but have since become 16 to 18 years of age and meet the independence criteria and study or have obtained the necessary visa. The ATO will provide employers until 31 August 2020 to meet the wage condition for all new eligible employees under the 1 July eligibility test. Employee nomination notices will need to be provided to new eligible employees. So if you have such new eligible employees, it is very important that you don’t miss paying them the required amounts for JobKeeper fortnights commencing from 3 August, prior to 31 August. Latest infographic summarising the key elements of Jobkeeper moving forward: https://sdptax.com//uplo/2020/08/20200807_JobKeeper2-0.pdf Please contact us if your employee circumstances have changed since 1 March 2020 and you require assistance. #JobKeeperEligibility #JobKeeperUpdate

14.01.2022 Meeting your health and safety obligations during COVID-19 As an employer, you have legal obligations to take care of the health and safety of your staff, clients and any visitors to your workplace, and it is ever so imperative during this health pandemic. Safe Work Australia has specific industry guidelines to address this, stating that you must eliminate the risk of exposure to COVID-19 if reasonably practicable. If you are not able to eliminate the risk of exposure to COVI...D-19, you must minimise that risk, as far as is reasonably practicable. This may include requiring workers to practice physical distancing (at least 1.5m apart) or cleaning the workplace regularly and thoroughly. You also must ensure that you do not put the health and safety of others, such as your clients, at risk of contracting COVID-19. Measures you may need to take could include meeting clients virtually and working remotely. Your staff also have a legal obligation to take reasonable care of themselves and not do anything that would affect the health and safety of others at work, for example coming to work when unwell. They must also follow any reasonable health and safety instructions you provide as their employer. Rules and enforcement of Work Health and Saftety (WHS) Laws are governed by your state so please check with your relevant state regulator to ensure you understand and comply with your obligations. #safeworkaustralia #covid19worksafety More info: https://sdptax.com/meeting-your-health-and-safety-obligati/

13.01.2022 Victoria’s Business Support Package Initiatives to help businesses and workers get through the coronavirus pandemic includes: - Business Support Fund Expansion - Regional Tourism Accommodation Support Program... - CBD Business Support Fund - Night-time economy support program #businesssupport #supportpackage To find out more about these programs, click here: https://sdptax.com/victoria-business-support-package/

13.01.2022 Federal Budget 2020-21 Summary On 6 October the Treasurer delivered the Federal Budget, which will see big government spending on infrastructure, job creation, asset write-offs and personal tax cuts in the coming year as part of Australia’s economic recovery plan from the unprecedented impacts of COVID-19. SUMMARY... A record $213.7 Billion deficit and net debt predicted to peak at $966 Billion (44% GDP) by June 2024. Unemployment is expected to peak at 8% in December 2020, keeping the Government focused on creating jobs. It expects unemployment to fall to 6.5% by June 2022. However, there is no indication of how the Government plans to fund this expenditure and ultimately repair the Budget. That will happen when unemployment falls below 6%. To continue the 5-minutes read on Australia’s Economic Recovery Plan, click here: https://sdptax.com/federal-budget-2020-21-summary/ #FederalBudget2021 #EconomicRecoveryPlan #CovidRecovery #EconomicStimulus #JobsForAustralians #TaxCuts.

11.01.2022 WorkCover Key Dates Reminder For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent. One primary determinant of your WorkCover premium is the size of your business. WorkSafe measures this using your rateable remuneration (e.g. gross wages, salaries and other benefits provided to your workers) and uses this amount to calculate your insurance premium.... Certified Remuneration Due Dates: 23 October 2020 if your 2018/2019 rateable remuneration was more than $200,000 26 March 2021 if your 2018/2019 rateable remuneration was under $200,000 If you don't provide your certified remuneration by the due date that applies to you, WorkSafe will estimate your remuneration as 20% more than it was the previous year. Please contact us if you require any assistance. For more information about remuneration inclusions and exclusions: https://www.worksafe.vic.gov.au/remuneration-inclusions-and For more key dates from WorkSafe: https://www.worksafe.vic.gov.au/industry-rates-and-key-dates #WorkCover #WorkSafe #WorkCoverDueDates

10.01.2022 Vic’s Sole Trader Support Fund Are you a non-employing Sole Trader who usually operate from a commercial premises or location? If you are, there’s good news ahead. This $100 million support fund aims to help sole traders who are impacted by the COVID restrictions with a $3000 grant that can be used towards their overhead costs.... Eligibility Your business must be operating in an eligible sector. See the full list of eligible sectors here. Operate a business within Victoria Be a sole trader with no employees* *You are not registered with WorkSafe Victoria for WorkCover Insurance and do not employ anyone other than yourself or employ someone on a casual basis and pay less than $7,500 in annual salary. Operate from a commercial premises or location (and not a residential premises) for at least six months as a: o Tenant, or o Licensee, or o Owner/occupier of a fixed commercial premises, or o Operator of a registered ‘mobile food premises’ (e.g. a food van) with a permit or commercial agreement to operate at specific location(s) Be a participant in the Commonwealth Government’s JobKeeper Payment scheme Be registered for Goods and Services Tax (GST) Hold an Australian Business Number (ABN). Businesses that are not eligible Businesses who have received a grant under the Business Support Fund, Business Support Fund-Expansion, third round of the Business Support Fund or Licensed Hospitality Venue Fund programs Businesses that are trusts, companies or partnerships Non-employing sole traders who do not operate from a commercial premises or location Non-employing sole traders in metropolitan Melbourne who are able to open with a COVIDSafe Plan in the First Step in the ‘How we work in metropolitan Melbourne’ roadmap Non-employing sole traders in metropolitan Melbourne operating in sectors for whom restrictions are easing in the Second Step in the ‘How we work in metropolitan Melbourne’ roadmap Non-employing sole traders in regional Victoria who are able to reopen with a COVIDSafe Plan in the Second Step in the ‘How we work in regional Victoria’ roadmap. For more information or to start your application, click here: https://www.business.vic.gov.au///sole-trader-support-fund Please contact us if you require assistance with this. #soletraderfund #covidsupport #soletradersupport #govtgrant

10.01.2022 JobKeeper now extended beyond September 2020 The Jobkeeper Payment is currently due to end on the 27 September 2020, but the Government has issued a media release extending payments for eligible employers until 28 March 2021. Further guidance will be issued in terms of eligibility. Below are some key points: New Rates from 28 September 2020 to 28 March 2021:... Period 28 Sep 2020 to 3 Jan 2021:- Full rate per fortnight = $1,200 Less than 20hrs worked per fortnight rate = $750 Period 4 Jan 2021 to 28 Mar 2021:- Full rate per fortnight = $1,000 Less than 20hrs worked per fortnight rate = $650 To remain eligible to receive JobKeeper Payments, from 28 September 2020, businesses will be required to provide their actual June and September quarter turnovers to demonstrate that they have suffered an ongoing significant decline in turnover. Organisations will need to demonstrate that they have experienced the relevant decline in turnover in both of those quarters to be eligible for the JobKeeper Payment in the December quarter. To receive the March 2021 JobKeeper Payment, organisations will need to demonstrate that they have met the relevant decline in actual turnover in each of the previous three quarters ending on 31 December 2020. If organisations do not meet the turnover test in the extension period this does not affect their eligibility prior to 28 September 2020. #JobKeeper #JobKeeperExtension https://sdptax.com/jobkeeper-now-extended-beyond-september/

08.01.2022 R&D Tax Incentives Program Important notes for those who have or are applying for the R&D Tax Offset claim OVERVIEW... Be aware that AusIndustry and ATO are increasingly conducting reviews of the R&D offset claims. Ensure that you have claimed the right expenses. Ensure that you have kept proper records to meet the record-keeping requirements. AUSINDUSTRY AND ATO AUDITS The R&D incentives program has strict application requirements and is closely monitored and audited by AusIndustry and ATO. Back in 2016, Airtasker was among one of the highest-profile companies to be asked to pay back large sums of money following an ATO audit into the use of R&D incentives. According to its CEO, Tim Fun, when both AusIndustry and ATO randomly reviewed Airtasker, although ATO agreed to their governance processes, AusIndustry instigated a further formal Request for Information (RFI) process. Two years later, Airtasker was required to repay to the ATO 100% of the R&D incentives that were provided over a number of years of participation in the program. To ensure that R&D claims are validly made, the ATO often undertakes targeted audits and reviews of R&D claims (both pre and post their issue). This includes ensuring taxpayers are able to substantiate how the expenditure they have claimed was incurred on R&D activities. CLAIM THE RIGHT EXPENSES As the R&D Tax Incentive is a self-assessment program, you need to ensure your application for registration and your claim are correct. You must provide accurate information to the Department of Industry, Science, Energy and Resources (the department) and to the Australian Tax Office (ATO). The ATO may also check if the R&D costs you claim are eligible. RECORD-KEEPING REQUIREMENTS You are responsible to keep records that show your activities meet the eligibility criteria as defined by the law. A key requirement is that companies keep adequate records at the time you carry out your R&D activities (known as contemporaneous records) to demonstrate to both AusIndustry and the ATO that the requirements are met. Records must generally be kept for a minimum of five years and a failure to do so may mean that R&D Offsets must be repaid, and penalties may be imposed in certain circumstances. You may make further notes to support your original records at the later date, but documents created after activities are carried out are generally inadequate on their own. Please contact us if you require any assistance with this program. ----- View references here: https://sdptax.com/rd-tax-incentives-program/ #RnDincentives #RnD #researchanddevelopment #sdptax

06.01.2022 Business Support Fund Expansion Program Upgraded Following the commencement of COVID-19 Stage 4 restrictions earlier this month, on the 3rd August, the State Government announced an update to the Business Support Fund (BSF) Expansion program, as many businesses will have to operate in a limited capacity or can no longer operate. This updated program will see the $5,000 grant bump up to $10,000 for eligible businesses in metro Melbourne and Mitchell Shire and $5,000 for eligib...le businesses in regional Victoria. What if you have already received or applied for the BSF Expansion grant? Businesses which have already received a BSF Expansion grant, or have applied for one, will not need to re-apply. Successful applicants will automatically receive this additional allocation. #BusinessSupportFundExpansion2 #GrantUpdate #COVID19Support Read more about eligibility and get more information here: https://sdptax.com/business-support-fund-expansion-program/

05.01.2022 Round 3 of Business Support Fund Grants Opens Today! On Sunday 13 September, Victoria’s Premiere, Daniel Andrews announced additional business support with over $1.1 billion in cash grants for small and medium-sized businesses that are most affected by coronavirus restrictions including $822 million as part of the third round of the Business Support Fund. In this third round of business support fund, eligible businesses will receive:... $10,000 if its annual payroll is less than $650,000 $15,000 if its annual payroll is between $650,000 and $3 m $20,000 if its payroll is between $3 m and $10 m. To be eligible, applicants must: operate a business located within Victoria; and participate in the Commonwealth Government’s JobKeeper Payment scheme; and employ people and be registered with WorkSafe; and have had an annual payroll of less than $10 m in 2019-20; and be registered for Goods and Services Tax (GST); and hold an Australian Business Number (ABN); and be registered with the responsible federal or state regulator. Note: A full list of the eligibility criteria for a grant will be published when applications open. Applications open today (Friday 18 September 2020). To apply, click here: https://www.business.vic.gov.au//b/business-support-fund-3 #businesssupportfund #vicgovgrants #covidgrant

05.01.2022 Two new Government Grants now open 1. Outdoor Eating and Entertainment Package Business Grants This $58 million program aims to support eligible businesses adapt to outdoor dining and entertainment with $5,000 grants that can be used to pay for practical things like umbrellas, outdoor furniture, screens and other equipment. This will help licensed and unlicensed hospitality businesses, including restaurants, cafes, pubs/taverns, bars, clubs and takeaway food venues to move th...eir indoor dining and café experiences outdoors. Recipients can also use grants for training, marketing and other costs of adapting new, expanded or enhanced outdoor dining. For more information and to apply, click here: https://www.business.vic.gov.au//outdoor-eating-and-entert 2. Licensed Hospitality Venue Fund This $251 million program aims to help eligible licensed bars, restaurants, pubs, clubs, hotels, cafes and reception centres get through the COVID-19 pandemic and prepare for COVID Normal business with $30,000 grants. This grant is by invitation only, and eligible businesses will receive this invitation to apply from Business Victoria at the email address linked to their Liquor Portal account. For more information about this program, click here: https://www.business.vic.gov.au//licensed-hospitality-venu Please contact us if you require assistance with these grant applications. #GovtGrant #OutdoorEatingGrant #HospitalityFund #CovidSupport

03.01.2022 Since COVID-19 began, it can be unanimously agreed that the way we work has been impacted one way or another. Working from home, receiving JobSeeker payments or implementing social-distancing and health measures at work are the few results of this pandemic, and it’s no surprise that this also affects how we lodge our tax. Amidst this challenging year, the good news is that you may be able to get more money back during tax time. - I’ve invested in home office furniture. Can I ...claim these expenses? - What about my energy bill that has gone through the roof? Is this deductible? - My work hours have been reduced. How does this affect my tax? - To keep myself safe at work, I’ve had to open my wallet. What can I claim? #taxreturn2020 #covid19taxtime Get answers to these questions here: https://sdptax.com/how-to-get-a-bigger-tax-return-in-2020/