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25.01.2022 Taxopia has moved to 1 Ricketts Road, Mount Waverley, VIC 3149. #movedoffice #affordabletaxsolutions #taxopia
24.01.2022 JobKeeper employee nomination & key dates Attention all employers who plan or anticipate they will claim the Job Keeper Payments. Please provide the attached nomination form to all employees for them to complete as soon as possible.... We suggest making it clear to your employees that this does not guarantee your business will be eligible for JobKeeper payments; rather, completing the form will help in claiming should your business be eligible. Key dates: - The online formal registration portal is expected to open on 20 April 2020. - Registrations must be made directly or via us by the 30 April 2020. - Your business GST income for the month of April must be reported by the 7 of May 2020. Click here to download the Employee Nomination Form: https://www.ato.gov.au//d1aab7f2-fbe8-44b8-9ec1-4885ded108
23.01.2022 This is why we refuse to outsource at Taxopia. http://www.theage.com.au//your-mobile-phone-records-and-ho
22.01.2022 VIC Grant now opened to more businesses! We are anticipating there will be a lot of interest in this, so act now! The Business Support Fund was established to support small businesses in the hardest-hit sectors from the impacts of COVID-19, so a list of categories was set to target these sectors. However, the Victorian Government has recently announced that the criteria will be expanded to include businesses with a wages bill less than the payroll tax threshold of $650,000 th...at are participating in the Commonwealth Governments JobKeeper program, regardless of the sector they operate in. The original eligibility requirements still apply where applicable and eligibility for the fund will not be expanded to include sole traders, who are covered by JobKeeper. Businesses who applied for Business Support Fund payments but were initially not eligible based on their sector classification will be contacted by the Department of Jobs, Precincts and Regions and do not have to submit a new application. Businesses that have not previously applied for a grant due to their sector classification are encouraged to make an application for a grant when applications for the expanded group open in coming days. Applications for the current program can be made via the Business Victoria website. Application for the expanded program will open in the coming days. Applications will close on Monday, 1 June 2020. #VicBusinessSupportFund #VicGrant Visit here for more info: https://taxopia.com.au/vic-grant-now-opened-to-more-busine/
22.01.2022 HomeBuilder Grant - now extended till end March 2021 On 29 November 2020, the Federal Government announced an extension to the HomeBuilder program to now end on 31 March 2021, but at a lower rate. The program, which provided eligible new home or renovation builds with a $25,000 grant was due to expire at the end of December 2020. From the new year till the end of March, the Grant will still be available for contracts signed between this period, but at a lower rate of $15,000.... Another critical update to the program is that applicants will be given more time to commence construction and price caps in NSW and VIC will be increased from $750,000 to $950,000 and $850,000, respectively. As of 20 November, the Government received an impressive total of 23,877 applications for this HomeBuilder program and this extension will help to keep the momentum up for the building industry to support Australia’s economic recovery. Read the summary of changes here: https://taxopia.com.au/homebuilder-grant-extension/ #HomeBuilderGrant #GovtGrants #Taxopia
22.01.2022 VICs Local Lockdowns Business Support Program Businesses operating within a postcode affected by the return to Stage 3 restrictions may be eligible for a one-off, $5,000 grant through the Local Lockdowns Business Support Program. -----... 7th July 4pm: Hold the Press! The Victorian Premier Daniel Andrews has just confirmed a six-week lockdown for metropolitan Melbourne. We will keep you updated with new developments in this program. ------- Businesses affected by stage 3 restrictions can still receive this $5,000 grant even if they have already received a $10,000 Business Support Fund grant or payroll tax refund or waiver. #locallockdowns #businesssupportprogram Click here for more info: https://taxopia.com.au/vics-local-lockdowns-business-suppo/
20.01.2022 Instant asset write-off extension now 31 Dec 2020 As a measure to encourage business investment, the government recently announced it would extend the $150,000 instant asset write-off until 31 December 2020. However, this proposal is still subject to parliamentary process before it takes legislative effect. The extension, which is projected to cost government revenue of $300 million over the forward estimates period, will see around 3.5 million businesses benefiting from it. ...In a media statement on the 9th June, the Treasurer, Hon Josh Frydenberg stated, The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each costs less than $150,000. The extension will also give businesses additional time to acquire and install assets, as they will now have until the end of the year. Assets can be new or second hand and could include for example a truck for a delivery business or a tractor for a farming business. #InstantAssetWriteOff #ATOExtension Follow the link below for more information: https://taxopia.com.au/instant-asset-write-off-expansion/
20.01.2022 JobKeeper and Xero Payroll: How they'll make it simpler for you Due to the COVID-19 pandemic, legislation was passed by the Australian Government on 8 April 2020 for the JobKeeper Payment. With this, it's been reported around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer. With the passing of this legislation, revealed are mandatory reporting obligations placed onto the employer as frequent as every fortnight. This includes ...reporting to the ATO additional information on the employees and also the turnover of the employer. Xero has acted swiftly to enhance their payroll system to make processing JobKeeper payments simpler and let you focus on your business. #JobKeeperPayroll Click on the link below to read more:
19.01.2022 12 Months Free Xero Software & Free Bookkeeping. Hurry offer ends soon! First in first served. Conditions Apply. Call 1300 829 674 or [email protected] http://www.taxopia.com.au/free-xero-software/
19.01.2022 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. ----- View references here: https://taxopia.com.au/rd-tax-incentives-program/ #RnDincentives #RnD #researchanddevelopment #Taxopia
18.01.2022 JobKeeper Enrolment Extension Great News! The Commissioner has extended the time to enrol for the initial JobKeeper periods from 30th April 2020 until 31st May 2020. Under this extension, if you enrol by the 31st May, you can still claim for the fortnights in April, and May provided they meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.... For the first two fortnights (30th March 12th April, 13th April 26th April), the Australian Taxation Office (ATO) will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by you by 8th May. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. #JobKeeperExtension To find out how to setup JobKeeper Payments in Xero or MYOB, click here: https://taxopia.com.au/jobkeeper-enrolment-extension/
17.01.2022 #Taxopia #merrychristmas2020
16.01.2022 Thinking about starting a small business. Checkout the ATO information page which contains some great material outlining your various compliance obligations for tax. https://www.ato.gov.au/Business/Starting-your-own-business/
15.01.2022 Lookout tradies. The ATO has you in their sights! Don't use a dodgy accountant because you will regret it at audit time.. http://www.theage.com.au//next-stop-on-the-atos-cash-econo
15.01.2022 Revive & Thrive with COSBOAs $10K Small Business Relief Fund Applications to apply open on Monday 25th May! If your business operates through a company with between 2 and 50 employees, read on.... The Council of Small Business Organisations Australia (COSBOA) is offering grants of $10,000 (including GST) to sixty-seven (67) Australian small businesses adversely affected by COVID-19. As cashflow is an issue for many smaller businesses, this grant is to help assist businesses on the pathway to recovery after the temporary closures and restrictions resulting from this global pandemic. COSBOAs grant is aimed at supporting initiatives by small businesses as they adapt and innovate to emerge from this challenging period in a strong position. Such initiatives could include: re-purposing or re-modelling workspace, redesigning your business processes, new approaches to marketing, creating a new or upgraded digital presence, acquiring new software or equipment for a specialised service, or anything else that is aimed at securing or growing the business into the future. To apply, you must develop a business proposal, which can be functional or innovative. The proposal must specify what you want to do with the money. COSBOAs assessment will be based on your proposal and expected outcome. #COSBOAGrant #10KGrant Click below to read the eligibility criteria and for more information: https://taxopia.com.au/revive-thrive-with-cosboa-10k-small/
14.01.2022 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://taxopia.com.au/jobkeeper-extension-1-commences-soon/ #JobKeeperExtension1 #JobKeeper #COVID19help
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://taxopia.com.au/meeting-your-health-and-safety-obli/
14.01.2022 VIC’s State Budget 2020/21 Victoria's budget to repair and recover from the COVID-19 pandemic With the recent release of Victoria’s 2020/21 budget, it is clear that its priority is to repair, and recover from the damages of the COVID pandemic and make Victoria stronger by putting its people first. With the immense borrowing and spending the government has in place, most will benefit in the immediate future with the big losers being future taxpayers, electric car owners, and u...nsafe drivers. Budget Highlights for Businesses: Net debt will reach $86.7 billion this year and grow to $154.8 billion by 2023-24. Job Seekers $250 million will be spent on subsidising the wages of up to 10,000 new workers. $150 million of that will go towards employing women specifically, with a third of women placements to go towards women over the age of 45. Business Support Fund $2.6 billion in grants have supported businesses in the hardest-hit sectors during the pandemic. Sole Trader Support Fund $100 million to help sole traders in affected sectors. Taxes & Fees Relief Over $1.8 billion in relief from taxes and fees, including a full refund and waiver of 2019-20 payroll tax for small and medium businesses, providing cashback in their bank accounts when they needed it most. This includes exempting businesses in Victoria participating in the JobKeeper program from payroll tax and WorkCover premiums on additional wages paid to staff who were stood down or earnt less than the JobKeeper payment. Freezing and Waiving Taxes and Charges 2020 and 2021 liquor licence fees have been waived, while the 2020-21 Fire Services Property Levy was frozen at the 2019-20 revenue target. Increases to the landfill levy have also been deferred. Payroll tax credits $836 million in New jobs tax credits over the next two years for small and medium businesses who re-hire staff, restore hours and create new jobs. Increasing payroll tax thresholds The threshold for paying payroll tax on an annual basis will increase from $40,000 to $100,000, reducing administration costs and providing $309 million of cash flow support to 7,000 businesses. Solar energy for businesses Small businesses will now also be eligible for Solar Homes, with up to 15,000 rebates available to help reduce energy costs. Carbon Farming $92 million over the life of the program for carbon farming on private and public land by incentivising the restoration of native vegetation and carbon plantings. This will also deliver jobs and improve productivity for farmers. --------- Source: https://www.budget.vic.gov.au/support-victorian-businesses #VicStateBudget2020 #VicStateBudget #Taxopia
13.01.2022 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 #Taxopia
13.01.2022 JobKeeper Payment latest details Due to the COVID-19 pandemic, legislation was passed by the Australian Government on 8 April 2020 for the $130 billion JobKeeper Payment scheme. With this, it's been reported around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer. Employers will need to pay eligible employees a minimum of $1,500 (before tax) per fortnight to claim the JobKeeper payment. This will be paid to the employer in arr...ears each month by the Australian Tax Office (ATO). The first payments to eligible employers will commence in the first week of May 2020. JobKeeper payments can be made for the period beginning 30 March 2020. #JobKeeperPayment Click below to read more.
13.01.2022 Victorias 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://taxopia.com.au/victoria-business-support-package/ See more
13.01.2022 JobKeeper 2.0 summary infographic
13.01.2022 Our 2016 Taxopia tax planning results are in. $7155 saved per client!
13.01.2022 https://www.premier.vic.gov.au/supporting-victorian-busines
12.01.2022 Up to $25,000 grants for small business turning over less than $50m https://apple.news/AATj8pohwSomx1W0eIfQoGQ
11.01.2022 At its emergency meeting today the Reserve Bank (RBA) announced a cash rate cut of 0.25%, bringing the cash rate to 0.25% the lowest in Australian history! Australia has entered unchartered economic territory and uncertainty associated with the COVID-19 outbreak. The RBA made the decision to decrease the cash rate to help mitigate the economic impact of the pandemic.
11.01.2022 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://taxopia.com.au/jobkeeper-now-extended-beyond-septe/
09.01.2022 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
09.01.2022 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 dont 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://taxopia.com.au///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
09.01.2022 $10,860 penalty gone! Another recent big win for a client in ATO fine reductions. Taxopia are experts in ATO penalty reduction and prevention. Contact us today and get your business taxes under control!
09.01.2022 HomeBuilder Grant On the 4th June, the federal government announced the new $688 million HomeBuilder program that will offer eligible Australians $25,000 grants to build a new home or start a major renovation. This announcement comes in the wake of new figures that revealed the country dipping into recession for the first time in three decades. This program is aimed to boost the economy and act as a lifeline to the home construction industry. #homebuilder #governmentgrants... For more info about eligibility, process and timing, follow this link: https://taxopia.com.au/homebuilder-grant/
08.01.2022 Claiming deductions for working at home due to COVID-19 As the COVID-19 pandemic hit the world stage and changed the way we live and work, many Australians have been and are still working from home. The Government is aware that employees are faced with increased expenses when working from home. In response, the Australian Taxation Office (ATO) has detailed new guidance on what expenses can be claimed. As we see restrictions soon lifting, we remind our clients of the record-ke...eping requirements while the details are fresh on hand. ATOs Shortcut Method (only available 1 March to 30 June 2020 unless otherwise advised) Introduced is a temporary short cut method that will help simplify working out the appropriate tax deduction. With this method, you can claim eighty cents ($0.80) for every hour you work from home due to COVID-19. The hourly rate covers all additional running expenses, namely: electricity (lighting, cooling/heating and electronic items used for work, for example a computer) and gas (heating) expenses the decline in value and repair of capital items such as home office furniture and furnishings cleaning expenses phone expenses including the decline in value of a phone handset internet expenses computer consumables stationery, and the decline in value of a computer, laptop or similar device. If you decide to use this method to claim a deduction, you cannot claim a further deduction for any of the expenses listed above. To substantiate this claim, you will be required to record the hours you have worked from home. This could be in the form of timesheets, rosters, a diary or similar document that sets out the hours worked. If you use the shortcut method to claim a deduction and you lodge your 201920 tax return through myGov or a tax agent, you must include the note COVID-hourly rate in your tax return. Other Methods Other traditional methods that can also be used to calculate home office expenses include: the Fixed-rate method ($0.52 per hour) and the Actual cost method. You must meet the record-keeping requirements and working criteria to use each method. For further reading, go to: https://www.ato.gov.au//suppo/employees-working-from-home/
08.01.2022 , National Cabinet Mandatory Code of Conduct Under the Code of Conduct, landlords will be required to reduce rent proportionate to the trading reduction in the tenants business caused by the coronavirus pandemic through a combination of waivers of rent and deferrals of rents.... Landlords must offer waivers of rent no less than 50 per cent, while the balance must be in the form of a rental deferral. The payment of the rental deferrals must be amortised over the balance of the lease term and for a period of no less than 24 months. The code will cover commercial tenancies, including retail, office and industrial, and will be eligible for SME tenants with an annual turnover of up to $50 million. These SME tenants must also qualify for the governments JobKeeper program. The code will come into effect in all states and territories from 3 April and will run for the period the JobKeeper program remains operational. Mr Morrison said the arrangements would be overseen through a binding mediation process run by the states and territories. The point here is simple: its the same request we made of landlords and tenants about 10 days or so ago when I stood up on this issue, and that is that they sit down and they work it out, Mr Morrison said. Landlords must not terminate the lease or draw on a tenants security. Likewise, tenants must honour the lease. What this does is it preserves the lease, it preserves the relationship, it keeps the tenant in their property and it keeps a tenant on the lease, which is also good for the landlord, and it preserves the lease that is in place that underpins the value of those assets. This is seen as a proactive, a constructive and co-operative mechanism for landlords and tenants to see this through together. Link to the National Cabinet Mandatory Code of Conduct document: https://www.pm.gov.au//national-cabinet-mandatory-code-ofc
06.01.2022 These are indeed unprecedented times with a health crisis which has significantly impacted our economy and way of life. As you know the information, announcements and all sort of stimulus packages etc are being released fast the amount of information to process and understand is as unprecedented as the COVID-19 crisis itself.... The cost of the packages is massive, the need is great, the legislative drafting task is complex, the timeframe for rollout is short, and there will no doubt be challenges in implementation. The following are some key tips & facts: 1. Do not rush There is no need to rush lodging the March 2020 BAS. The ATO has made it clear that the PAYG Cash Boost will not be processed until the earliest of 28th of April 2020. Now it is more important than ever to get this right. If you have always done your own BAS but are not sure what you should be doing given the circumstances, talk to us first. 2. JobKeeper - You may have received a lot of enquiries from your employees already. Press releases and fact sheets have been made public, and there are a lot of discussions and debates amongst the accounting community about certain aspects to be eligible for the payment. In reality, there will not be full clarity until the legislation and regulations have been drafted, followed by the ATO Commissioners view on how he will apply his discretion under this law. If your employees are asking you, reply that you are working through the eligibility requirements with your accountant and as soon as the regulations and legislation are clear, they will be the first to know. 3. Cash Flow If you have not already, start talking to your bank, mortgage broker or us if you need assistance with loan or ATO deferral of payments etc. On Loans, if you are thinking of applying for finance or refinancing to re-price to lower repayments and rates be prepared with up to date financials and tax returns. The best prepared will get the best service. The funders are dealing with a lot of applicants, and they will more likely attend to the best-prepared applicants first. 4. Tax Planning To be read in conjunction with point 1 tax planning this year will be crucial to ensure you receive all the available benefits. When you are ready, please be in contact. 5. Payroll Tax Work out with your state revenue office how you apply for any payroll tax relief. Each state is different in Victoria, for example, you just need to apply for the refund on the SRO site and make sure you have updated bank details recorded. For any questions you may have about accounting, tax or business matters, please feel free to contact us. We are experiencing a large number of enquiries, but have all our team on board to support you through this period. Stay safe, keep well. . #covid19financialhelp #covid19keytipsandfacts
06.01.2022 The Victorian Government has announced $500 million to establish a Business Support Fund to support small to medium businesses most impacted by the COVID-19 outbreak. Register your interest to receive more details of the program via the link below.
06.01.2022 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 its 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. - Ive 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, Ive had to open my wallet. What can I claim? #taxreturn2020 #covid19taxtime Get answers to these questions here: https://taxopia.com.au/how-to-get-a-bigger-tax-return-in-2/
04.01.2022 Try our Taxopia Halloween Brainteaser! What is the answer?
02.01.2022 Small Business Digital Adaptation Program The Victorian government has recently launched the new $1,200 rebate grant to help SMEs go digital. The program will allow eligible businesses to register to trial selected practical digital tools and products to support their trading model and performance. These tools can include point-of-sale payment, website, e-commerce, finance, and other digital business management tools. Once businesses have purchased a product, they can apply f...or a rebate of $1,200 to access the product for 12 months. The program also offers free digital adaptation training and workshops to help registered businesses adopt and implement online tools in their business. Applications are now open, and spaces for the Small Business Digital Adaptation Program are limited so register now via the link below. Please read the information about the program guidelines and frequently asked questions (FAQs) before you register: https://www.business.vic.gov.au//Small-Business-Digital-Ad Apply Here: https://www.business.vic.gov.au//Small-Business-Digital-Ad #GovtGrants #DigitalAdaptationProgram
02.01.2022 Did your business, company or trust get a $900 ATO penalty for missing the 31 October 2016 lodgment due date? Act quickly before the ATO impose a $900 failure to lodge (FTL) late penalty. Check out our affordable reporting packages here http://www.taxopia.com.au/Cheap-Company-Tax-Returns/ If your tax return (or returns) are overdue then you may still be able to avoid a late lodgment fine by appointing a tax agent and getting things resolved BEFORE the ATO issue a penalty notice. Contact Taxopia today on 1300 829 674 or [email protected].
02.01.2022 SMALL BUSINESSES 12 Months Free Xero & Bookkeeping. First in first served http://www.taxopia.com.au/free-xero-and-bookkeeper-deal/
01.01.2022 Hurry Hurry Hurry! 31 October is looming fast and for those of you with a late company tax return or trust tax return time is running out. Don't incur the $900 ATO late lodgment fine. Contact Taxopia today for affordable business tax solutions on 1300 829 674 or [email protected]
01.01.2022 Round 3 of Business Support Fund Grants Opens Today! On Sunday 13 September, Victorias Premier, 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 Governments 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
01.01.2022 TRADIES ARE YOU SICK OF PAYING LARGE TAX BILLS AND HIGH ACCOUNTING FEES EACH YEAR? Taxopia are experts in optimising tax outcomes for Australian tradies. Super affordable rates. Contact us today. 1300 829 674 or [email protected] http://www.taxopia.com.au/Tradies-Tax-Experts/
01.01.2022 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://taxopia.com.au/business-support-fund-expansion-pro/
