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25.01.2022 Since its inception, the ATO has received more than 3000 anonymous tip-offs regarding businesses that were unfairly taking advantage of the JobKeeper payment. Regardless of how clear cut your figures may have been, we would advise having an audit ready file on hand in case the ATO does come knocking. The file should go over all the steps you took in assessing a 30% drop in turnover, mark off each decision you made and why you made it with reference to the eligibility crite...ria. #ato #jobkeeper #jobkeeperpayment #bookkeeping #accounting #yourfinanceteam

25.01.2022 Interesting article after the ATO decided not to extend an alternative test to pre-revenue startups... #startup #startupcommunity #startupgrowth #jobkeeper #ato #stimulus #stimuluspackage #bookkeeping #accounting #yourfinanceteam

24.01.2022 The key thing that potentially will push prices down is if people are forced to sell their properties, Wiltshire said. If we have people losing JobKeeper or the higher JobSeeker payment and then to need to start repaying their mortgage again, then thats a really big hit to them, the economy and that will likely see a big rise in forced sales. However, he remains of the opinion that such a situation is unlikely, saying the federal government would be crazy to remove the ec...onomic safety net in its entirety. Nor is it in the interest of the banks to foreclose." #economy #jobkeeper #recession #realestate #yourfinanceteam

24.01.2022 The question we all want an answer to...what about my velocity points??!! #collapse #virginaustralia #velocitypoints #velocityrewards #businesstravel

22.01.2022 There are many retailers under significant pressure, and the likelihood of them going into administration increases significantly after September. Were heading into the most crucial period of the year over the fourth quarter many retailers make most of their annual profit in those three months between September and December. #retail #rentrelief #financialcliff #bookkeeping #accounting #yourfinanceteam

20.01.2022 Dont forget to declare... #jobkeeper #ato #stimuluspackage

19.01.2022 Potentially a very smart move by Xero. This will open a whole new line of credit for cash strapped SMEs that should integrate seamlessly through their platform. #debtorfinance #xero #SMEs #yourfinanceteam #bookkeeping #accounting

18.01.2022 "The think tank has urged the Morrison government not to lay waste to the wage subsidy program in September when its six-month mandate ends. Extend JobKeeper for 3 months for businesses still in strife, end it early for those no longer in need, pay in advance and include temporary migrants, short-term casuals, and Unis. #jobkeeper #government #yourfinanceteam

18.01.2022 "Rather than being the last great reform, there is no evidence the GST has produced any of the benefits claimed for it at the time by the Howard government and its media cheerleaders." #gst #petercostello #ato #reform #lastgreatreform #neoliberal

18.01.2022 Very worrying times for the US oil industry. "Too much oil and nowhere to put it." An interesting time indeed for all the conspiracy theorists out there! #oilprices #oilindustry #reserves #oilpricewar #oilproduction #oilmarket #oilprice

17.01.2022 It will be interesting to see how many businesses follow suit off the back of our recent experiences... #workfromhome #productivity #prosandcons #learnandgrow #bookkeeping #accounting #yourfinanceteam

17.01.2022 The tax office has so much information on what people are doing these days that it can immediately see whether someones hours has dropped by 20% or not, or if they say theyve been made redundant by their employer but are still on the payroll. #super #withdrawl #ato

17.01.2022 "The federal government will fund a further phase of income support beyond September, as Victoria continues to grapple with a spike in coronavirus infections thats forced the state to bring back its stage three lockdown measures. In the Prime Ministers most decisive comments yet about the future of the $70 billion JobKeeper program after its official expiry date on September 27, Scott Morrison said during a press conference on Wednesday that additional fiscal support woul...d be announced. Where there is the need, there will continue to be the support, Morrison said." #furthersupport #jobkeeper #september #cliffedge #yourfinanceteam

17.01.2022 We need to support our local restaurants, but if you are ordering in dont use Uber Eats or Deliveroo. The big players are capitalising on the recent upsurge of home delivery and have offered no reduction in their fees to support an industry that has been crippled by the current crisis. Great to see local outfit Bopple supporting hospitality;... Weve waived our subscription fees for 1-3 months to try to help as many businesses as possible. #fooddelivery #fooddeliveryapp #boycottubereats #ubereats #deliveroo #crisis #coronavirus #covid19

17.01.2022 SMEs can now have their rent waived or deferred as a further part of the relief package. For full details copy and paste the link below. https://www.pm.gov.au//national-cabinet-mandatory-code-ofc... As always give us a call if you have any questions. #accounting #bookkeeping #brisbane #surryhills #finance #outsourcedfinancefunction #tinka #tinkaonsight #orange #orangeaesthetic #bookkeeper #advisory #cfo #financialcontroller #yourfinanceteam #rentrelief #sme #scomo #scotty #pandemic #COVID

16.01.2022 "The ATO has announced that those found to have accessed super on false pretences could have the amount added to their taxable income. For most workers, means the ATO could claw back more than $3,000 from a $10,000 withdrawal." Those who have tried to dupe the ATO more seriously could face more than $12,000 per offence, with the taxman particularly interested in those who used the super scheme in a sly attempt to minimise their tax burden." #ato #earlysuperpayout #accounting #bookkeeping #yourfinanceteam

16.01.2022 A small business grant was launched yesterday in Queensland to support businesses subject to closure or highly impacted by the coronavirus shutdown restrictions. The available grant amount is up to a maximum of $10,000 per eligible small or micro business. Further details below, feel free to share...... #smallbusiness #smallbusinessowner #grant #covid-19 #community #bookkeeping #accounting #yourfinanceteam

15.01.2022 If your business is still waiting to receive the JobKeeper payment, heres why... #jobkeeper #ato #wheresmymoney #stimuluspackage #bookkeeping #accounting #yourfinanceteam

13.01.2022 Up to $10k grant available to Sydney based SMBs designed to help cover expenses related to changing their operating model due to COVID-19. . This could help so many small businesses across a range of industries, i.e. hospitality, that have been forced to innovate and adapt due to the lockdown regulations. . Applications close 5 pm on Monday 27th April, please help spread the word, folks.... . https://www.cityofsydney.nsw.gov.au//business-grants/small . #sydney #grants #smallbussiness #smebusiness #grantfunding #community #coronavirus #change #outreach #communityaction #crisis #communityfirst See more

12.01.2022 Empathy in leadership is one of the most important factors influencing workplaces today. Jacinta showing us all how it should be done. #leadership #leadingthroughcrisis #leadingbyexample #welldone #coronavirus #covid19 #covid19response

12.01.2022 Good article on how changes to the way reporting GST turnover for Jobkeeper2.0 will affect potential applicants. #jobkeeper2.0 #cashaccounting #changes #stimulus #bookkeeping #accounting #yourfinanceteam

10.01.2022 "The JobKeeper wage subsidy will be extended until March 28, 2021, at a lower rate. The JobKeeper test for the 30 per cent turnover reduction will apply across the past two quarters and into the next quarter for continuing eligibility. The payment will be reduced to $1,200 per fortnight - and $750 for those working less than 20 hours a week"... #jobkeeper #jobkeeper2.0 #bookkeeping #accounting #yourfinanceteam

08.01.2022 Last night the ATO defined the JobKeeper payment eligibility test: . To work out your fall in turnover, you can compare either: . GST turnover for March 2020 with GST turnover for March 2019... . Projected GST turnover for April 2020 with GST turnover for April 2019 . Projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019 . If you work out that you qualify for the JobKeeper payments for the first fortnight because your turnover has declined by the relevant amount, you remain eligible and do not need to keep testing turnover in following months. However, you will have ongoing monthly reporting requirements. . #bookkeeping #accounting #jobkeeper #stimulus #stimuluspackage2020 See more

07.01.2022 Great article from SmartCompany on the alternative eligibility tests for the JobKeeper payment #jobkeeper #alternativeeligibilitytest #stimulus #stimuluspackage #covid-19

07.01.2022 Interesting article... #economy #jobkeeper #stimulus #recession #bookkeeping #accounting #yourfinanceteam #tinkaonsight

07.01.2022 The ATO released the details of the Alternative Decline in Turnover Test rules for the JobKeeper payment yesterday. . These tests apply to businesses that are not eligible for the payment according to the original criteria. . This could be for several reasons e.g. high growth businesses, newly formed entity with less than 12 months trading etc.... . Link to the ATO page with details of circumstances where an alternative test applies is below. There is a link from this page to the actual legislation. . If you have any questions, please contact us. . #jobkeeper #ato #bookkeeping #accounting #eligible #stimuluspackage #stimulus #stimuluspackage2020 See more

06.01.2022 "The funds will either heavily discount or make free training courses in sectors identified as necessary for the future economy. Its understood the federal, state governments and National Skills Commission will determine exactly to which TAFE and private sector courses those subsidies will apply together."

06.01.2022 A helpful article on Jobkeeper 2.0 from the guys over at Xero... #jobkeeper2 #payroll #xero #bookkeeping #accounting #yourfinaceteam

05.01.2022 Unemployment is expected to double from 5.1% to 10% by June, but it could have been as much as 17% without the JobKeeper package... #jobkeeper #stimulus #stimuluspackage #bookkeeping #accounting #smebusiness

05.01.2022 "Hundreds of thousands of Australians may have accessed their super despite being ineligible, and would hardly have figured in the governments calculations. Some have defended themselves doing so by enacting the very phrase by which the Treasurer used to describe the scheme: Its the peoples money." #superannuation #superfunds #earlyaccess #bookkeeping #accounting #yourfinanceteam

03.01.2022 The beginning of the end for print media? #newscorp #newspapers #redundant

03.01.2022 The recently announced JobKeeper payment is undoubtedly the biggest lifeline available to help SMEs survive the coming 6 months. We have compiled a summary which you can view below. The bill has not yet passed in parliament and information regarding eligibility is changing all the time. If you have any questions, please get in touch.... To register your interest (as a business) with the ATO in claiming https://www.ato.gov.au/general/gen/JobKeeper-payment/ Latest official Government source information for employers and employees https://treasury.gov.au/coronavirus/jobkeeper

02.01.2022 Earlier this week, Goldman Sachs upgraded its forecasts for Afterpay following last weeks trading update to capture stronger consumer growth, frequency of use and operating leverage. Dont we all wish we got in on March 23rd?! #afterpay #successstory #killingit #yourfinanceteam

02.01.2022 As I think we all know, the JobKeeper payment sailed through parliament yesterday. Now wed like to see what the application process looks like so we can start the ball rolling for our clients! An ABC news article we just read indicates that the Government want us to start paying employees now: "The Government is urging all businesses whove signed up for the JobKeeper Payment to pay their staff the $1,500 a fortnight now and claim the money back from the Australian Tax Offic...e in May. But if your employer isnt in a financial position to do that at the moment you might have to wait until the beginning of May when the payments start flowing to businesses." How many of us are in a position to start paying staff straight away? Who feels confident enough to put their money on the line when there is still an element of uncertainty regarding eligibility? Frankly, wed like to see more details on how we are supposed to claim this back from the ATO come May. At this point, we dont foresee finding out anymore until after the long weekend. Very disappointing, but lets hope we are proved wrong! https://www.abc.net.au//jobkeeper-bill-passed-que/12132940 #accounting #bookkeeping #brisbane #surryhills #finance #outsourcedfinancefunction #tinka #tinkaonsight #orange #orangeaesthetic #bookkeeper #advisory #cfo #financialcontroller #jobkeeper #scomo #scotty #pandemic #covid #stimulus

01.01.2022 Extension of payment deadline for the JobKeeper scheme... "For the first two fortnights (30 March 12 April, 13 April 26 April), we 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 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights." #yourfinanceteam #bookkeeping #accounting #jobkeeper #stimulus #stimuluspackage