Sullivan Rees CPA Accountants & Business Advisors in Gold Coast, Queensland | Financial service

Sullivan Rees CPA Accountants & Business Advisors

Locality: Gold Coast, Queensland

Address: 11 McLean St 4225 Gold Coast, QLD, Australia

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• Tax preparation service
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• Business consultant

25.01.2022 There are still many issues with registering for jobkeeper for example Trusts wanting to nominate the eligible beneficiary can not register unless they have also have at least one employee. The ATO said some people had been entering that they had an employee to be able to register.....PLEASE DO NOT DO THIS yes you won't get any money based on answering it like this because you have to report again on the 4th of May actual wages....but it will cause more issues ...then. The ...ATO are working on fixes. This issue was being worked on overnight. Another issue was that you were supposed to be allowed to chose the downturn for the whole projected June quarter. Some businesses with flow through work will not have the required drop in revenue in either March or April. When completing the registration for an individual we noted the missing June quarter option and rang through to the ATO after a long wait when we got through to the ATO with the ATO officer referring back to "specialists" they agreed there should have been a June 1/4 downturn period to choose. There own examples even showed as such. Their advice was to choice the month of April and gave me a reference number for the call to do this. I am not so trusting and I will wait until the June quarter shows up as I am thinking that the ATO or the government may be reneging on this June quarter option or it won't be available until after the quarter is finished. This process has logic to it.....why should you get a subsidy if your income for either March or April when you income for those 2 months hasn't fallen yet. I have businesses that for whatever reason had slow March or April's last year and thus they don't qualify for the required reduction in March or April....but their income finilasing work in April has now has dropped significantly for the tail end of April. If these employers were to top up wages for the month of April on the expectation they would be getting the subsidy this would be a disaster when they were ultimately found not to be entitled. So please wait for these fixes....if there is no fix it could be because the overseerers of Jobkeeper have a different interpretation of the rules than you. You have until the end of the month to register and the end of the month to top up wages to the $1500 a fortnight minimum required to make employees eligible for the subsidy. PLEASE NOTE if you only pay $1300 for an eligible employee for a fortnight you will not get just the $1300 back you will get nothing.

25.01.2022 For those after a bit of light reading for the weekend here is a link to Jobkeeper Rules an Explanatory Memorandum... https://www.legislation.gov.au/Deta/F2020L00419/Explanatory Statement/Text?utm_source=exacttarget&utm_medium=email&utm_term=All Subscribers&utm_content=https://www.legislation.gov.au//Text&utm_campaign=CPA+Tax+

25.01.2022 Their is now some information from the ATO as to whether you can use the cash method or only the accrual method (cash being based on when you received the income - accrual being based on when you billed it) IT APPEARS THAT IF YOU WERE CALCULATING YOUR BAS ON A CASH BASIS YOU HAVE AN OPTION TO CALCULATE TURNOVER ALSO ON A CASH BASIS Applying the turnover test Basic test This test is satisfied where your projected GST turnover for the turnover test period falls short of your ...Continue reading

25.01.2022 DONT FORGET SGC SUPER PAYMENTS FOR THE MARCH QUARTER ARE STILL DUE TO BE PAID BY TODAY....other extension announcements will be posted up today...DONT FORGET SGC SUPER PAYMENTS FOR THE MARCH QUARTER ARE STILL DUE TO BE PAID BY TODAY....other extension announcements will be posted up today...

23.01.2022 The ATO have just now updated the #JobKeeper site with an Employer/Employee nomination form plus specific details we have been waiting for. Let the fun begin!!! [https://www.ato.gov.au/General/JobKeeper-Payment/Employers/](https://www.ato.gov.au/General/JobKeeper-Payment/Employers/)

22.01.2022 REGISTERING FOR THE JOBKEEPER PAYMENTS (note the Cash Boost for Employers will be done automatically when you lodge your BAS for March and June) You can’t register as an employer until the 20th of April 2020 Businesses can do it on the business portal or Sullivan Rees can do it for you as tax agents via the tax agent portal (we will charge a discounted fee for this, which we will determine once we have seen the registration process). People that are registering now are onl...Continue reading

22.01.2022 https://quickbooks.intuit.com//how-to-send-and-m/01/547529

21.01.2022 STOP THE PRESS NSW Government announces a $10,000 grant for the worse Covid 19 affected industries. Please see the attached link....but note one of the eligibility criteria is based on a massive 75% drop off in income to a competitive two week period in the previous year. So this would almost mean the business had either had to close or be almost not trading at all. https://www.service.nsw.gov.au//grants-loans-and-financial

19.01.2022 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 workplaces. 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-

19.01.2022 Finally some more details on the Job Keeper payments for the self employed. Look at the frequently asked questions some of examples given are great. https://www.ato.gov.au//J/Sole-traders-and-other-entities/

18.01.2022 Just a reminder to everyone, registering for Job Keeper was only a a step in getting the Job Keeper subsidy paid you also have to provide a monthly declaration to the ATO after the end of each month for the entire duration of Job Keeper. You need to provide in this declaration the Actual income for the month just ended, the Projected(Estimate) of the income for the month just started and the details of the number of eligible employees for each Job Keeper fortnight for the m...onth just ended. For those businesses with eligible employees Single Touch Payroll (STP) will help populate the number of employees for each fortnight but it WILL NOT do the monthly declaration for you. The declaration still needs to done. The declaration can be done yourself via the ATO business portal or Sullivan Rees can do it for you if you complete our Declaration form (see link below). Please do not confuse this with the Job Keeper registration form you may have recently completed for us (to register you for Job Keeper). If you are unsure simply complete our Declaration Form via the link below .....( we can't do the declaration twice) and we will lodge on your behalf. https://docs.google.com//1JJQOPIIvR0J8h_A_3MgNqkCc7d/edit

18.01.2022 STOP THE PRESS Extension of time to enrol for the JobKeeper scheme Please note the Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.... If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. https://www.ato.gov.au/General/JobKeeper-Payment/

16.01.2022 The Queensland Govt have just announced round 2 of their $10,000 Covid 19 adaption grants are to open on 1st July 2020. We recommend getting your application ready NOW and lodging as early as possible on 1st July 2020. Note the first round was literally only open for a couple of days before it was exhausted, knowing this, many people will lodge early this time. So sit up late on the 30th and lodge very early on the 1st of July. The Queensland system is very different to the... NSW system (which required a 75% drop in income over a 2 week period compared to the previous similar period in 2019. The NSW system is still open and a further grant of $3,000 is soon to be announced) in that the Queensland system only required a 30% reduction in one month...it also requires a turnover of greater than $75,000. Please note you will need to include quotes for the expenses you would be seeking the Grant to cover. If you were to say be looking at rebuilding or updating your website or creating a social media profile such providers could be inundated and not be able to instantly provide you with such quotes. Sullivan Rees can also provide you with quotes for providing advice and support that may qualify. The details that need to be provided can be somewhat covered in an "accountants letter" from us, if you need such a letter please ask for it now and not on the 30th of June as expect to also be inundated with such requests on that date. https://www.business.qld.gov.au//advice-su/grants/adaption

16.01.2022 Here is a great link showing that you are required to work out your reduction in turnover on an accrual basis but if you lodged your BAS on a cash basis you also have an option to use the cash basis to determine drop in income https://community.ato.gov.au//Job-Keeper-Paymen/td-p/41999

16.01.2022 https://digit.business//how-to-calculate-jobkeeper-alterna

16.01.2022 For those using QuickBooks Online this is a great article https://quickbooks.intuit.com//set-up-and-manage/01/538522

15.01.2022 It's now time to do the monthly declaration with the ATO where you have to tell them your income for the month of May(just ended) and give them your estimate for you expected income in June. Also you would need to tell them the number of employees you had each fortnight or whether you or an Eligible Business Participant was active in the business for both fortnights in that month....ie if you took a full time job you would no longer be eligible as a sole trader or a EBP from ...that time on. Note if you have already experienced and reported an earlier period as your down turn you are in for the duration of Job Keeper. The ATO however still require this information before they will pay Job Keeper for the month of May. Again we have created a form to collect this data. Note we have also sent out an email with the same link. https://forms.gle/PbkWwm6BwowwL2jk6

15.01.2022 THE ATO have announced an extension to register a business (and still be entitled to the Job Keeper subsidy for eligible employees for April wages) until the 31st of May. They have also announced an extension of the time to make top up payments for the month of April until the 8th of May. Our advice is to still try and register by today and make top up payments by today to ensure the timely payments to your account by the 2nd week of May. Deferred registration and deferred top up payments could delay the subsidy not being received until June.

13.01.2022 https://digit.business/how-to-calculate-jobkeeper-alternati

11.01.2022 https://www.accountantsdaily.com.au//14276-ato-withdraws-c It looks like the cash boost will not be applied against your older ATO debt ...and the remaining of when you lodged will be not relevant..

11.01.2022 This more one for the bookkeepers but here is a question that does not appear to have an answer we could rely upon ....yet. For calculating the downturn is it on cash or an actual basis? See the discussion thread below snippets from Xero user Facebook page. Q Can anyone please advise with regard to the jobkeeper payment: is the gst turnover for income, based on cash if they lodge bas on cash basis and accrual if they lodge bas on accrual basis? Thanks A1... The technical answer is that it is definitely based on when you make the supply, not when you get paid. Full stop. End of story. Unless...they change the rules or the ATO decide to be nice and let you break the rules. A2 yes this is my understanding also but would love to see this in black and white A3 Ive just been saying its all on Accrual. Lets look at both just to see and have ALL records and notes ready for when we have to apply so its all ready A4 There is a 3rd scenario as well besides cash or accrual which is work performed (eg WIP). This is also being looked at because cash or accrual have the potential to be manipulated. Professional bodies waiting on clarification on this. A5 As i understand it, presently it just states GST Turnover. Which means the term as defined in the gst legislation, which does not give you a choice or cash or accrual. It’s just GST turnover... ie it is on accrual basis regardless of whether you report on a cash or accrual basis. Therefore I would if there were 2 different results for eligibility based on the 30% reduction in income if you were using cash opposed accrual ...i would be careful about expecting the subsidy until the answer to this question has been clarified.

11.01.2022 JOBKEEPER DECLARATIONS Enrolled in JobKeeper? You must ‘declare’ before payments can flow MAY 4, 2020 JobKeeeper The first round of payments under the Morrison government’s $130 billion JobKeeker scheme is set to start flowing this week, a little over a month after the program was first announced....Continue reading

11.01.2022 We've just published a new article on Xero Central that walks thorough how to handle different JobKeeper scenarios in Xero Payroll (with worked examples). Big thanks to Mel Arrold and our Content team for turning this around so quick https://central.xero.com//Calculate-JobKeeper-payments-for

11.01.2022 The dust has settled,the bugs in the ATO registration fixed, the rules somewhat clearer, we have a few registrations behind us. We now have a form to capture the relevant details for anyone that would like us to register for Job Keeper on their behalf, we are offering this as service to our existing clients for no seperate charge. We are slowly emailing it to clients so as not be be rushed with registrations but if you would like to jump into the queue here is the link to the... form we would like you to complete This is a Sullivan Rees Form that we are using to collect the information which will allow us to submit the Job Keeper registration on behalf of the business. It is not registering your business we with the information on the form manually lodge the form on your behalf. You will, if you fill the form correctly, receive a confirmation email after submitting it. It will confirm the information you have provided . Thanks Sullivan Rees The form will open when you click on the following link https://forms.gle/ZGwhxHB5LVHRjQdXA

10.01.2022 A customised reduction in turnover report from QBO Product Update As you may be aware, for businesses to be eligible for JobKeeper payments they must demonstrate a 30% reduction in GST turnover. Our team rallied and have now launched a Customised Profit and Loss Statement which shows net revenue change. To access this you will need to login to QBOA and go into client account first, then click on the below link or copy/paste in the address bar of the browser. ... https://intuit.me/3bgZpDB Note: Do not bookmark the URL after you click on the link, as the URL gets customized for the company which you are logged into. For Essentials and Plus only, once loaded in the client account, you can save customisation so that you can access it on the Reports page. We are working on adding an access point for Simple Start as well. For now, please copy/paste the link below.

10.01.2022 https://www.smartcompany.com.au/coronavi/jobkeeper-ato-gst/

08.01.2022 You only have today and tomorrow left to pay Top Up Payments for Job Keeper payments for the month of APRIL. To be eligible for the the Job Keeper for any of your employees ALL of your eligible employees need to have paid a minimum of $1500 gross for each of the 2 Job Keeper fortnight periods in April ...the ATO extension to make the top up payments ends Friday the 8TH MAY 2020. If the minimum payments are not made for any eligible employee NO SUBSIDY AT ALL WILL BE PAID FOR ANY EMPLOYEE

07.01.2022 https://www.canberratimes.com.au//young-students-can-keep/

05.01.2022 Just a reminder to all QLD businesses eligible for jobkeeper with more than one employee (who is not an owner) and less than 20 ......the Covid 19 Adapation Grant for up to $10,000 opens tomorrow. If you need an accountants letter of support contact us immediately as this grant will run out very very quickly

05.01.2022 Another one for the bookkeepers FEED from Xero Users Forum QUESTION Apologies if this has already been discussed.... A sole trader qualifies for Job Keeper in April or May - the rules state that with regard to the decline in turnover test 'once an entity satisfies this test it does not need to retest its turnover in later months'. Therefore it would be that once they qualify they (say for one month only) they then get paid JK for the remaining months (up to six), even though after the first month or two , they may have significant income in the last four months but are still also getting paid Job Keeper. Is this people's understanding? A1 Yep! Strange but true. A2 Yes I got confirmation about this from ATO today . A3 Yes, once you're in, you're in. Still have to report income monthly, but only so that the government can "assess the economic impact of the coronavirus" (and flag potential audits )

05.01.2022 Borrowed from Xero User Group -Milestones for claiming JobKeeper

04.01.2022 https://www.charteredaccountantsanz.com//covid19-sharing-k

03.01.2022 Casuals and what can be expected off them to get Job Keeper....a great article from the ABC https://www.abc.net.au//coronavirus-can-employers/12215232

03.01.2022 https://m.facebook.com/story.php

03.01.2022 Here is a common question being asked in bookkeeping forums ...I will post the best answers given below Question regarding ATOJobKeeper fortnights commencing 30th March 2020. Many of my clients pay wages on a weekly basis and the week commenced after the 30th of March 2020. Do we need to adjust our payruns to fall in line with the ATO schedule and run fortnightly wages? This will obviously have an affect on employees who have personal direct debit expense commitments etc. Ans...wers A1 I think this was answered on another thread. This have been answered, NO, if you think about it, you'll have two weekly payruns between 30/3-12/4, so those two will be added together to make a fortnight. It's just critical that those two pays add up to $1,500 for eligible employees. A2 Between 30/3/2020 and 27/9/2020 there are 13 fortnights or 26 weeks, so no one should miss out unless they start playing around with pay periods. The one this that isn't clear it whether it is based on paydate, which could be an issue if a payrun is done late due to a public holiday. I guess we wait for that one. A3 You process the payruns, and get reimbursed a month later. No need to change. A4 It’s based on payment date because that is what is lodged through STP so the reimbursement happens for employees nominated and actually paid the full $1,500/fortnight after 30 March. Top up might be required in the second weekly pay.......This is a interesting strategy if the first pay has already been done and it wasn't the for the full $750...a top up can be made A5 I would like some more info too, client already paid employees for first week, how does she do the payroll run for the 2nd week wages and top opp Jobkeeper and she wants to continue paying her employees weekly?? A6 The ATO have said that a top up in the second week or even by the end of the month is fine provided the correct amount has been paid for the month. I am sceptical that those payrun descriptions and lines actually matter because it’s only the year to date figures that are reported in STP anyway. A7 Emma Deans I’m suspecting you’re right and everyone is over complicating it. It’s just wages paid and reported, we get a subsidy in our income and that’s that. Don’t understand what the big drama is lol

02.01.2022 Happy Easter everybody. Just reading the Fair Work website which says: When an employee is on a JobKeeper enabling stand down direction (either partially or for all of their usual hours of work), their employer needs to pay them either the JobKeeper payment or their usual pay for any hours that they do work (whichever payment is higher). The employee's hourly base pay rate cannot be reduced. Employees continue to accrue leave and their service continues for the purposes of redundancy and pay in lieu of notice. Employees still accrue leave when on full or part stand down.

01.01.2022 Still very formal working from home at Sullivan Rees