Vizion Accounting Pty Limited in Erina, New South Wales, Australia | Business service

Vizion Accounting Pty Limited

Locality: Erina, New South Wales, Australia

Phone: 43670698

Address: Unit 17B, Karalta Plaza, 8 Karalta Lane 2250 Erina, NSW, Australia

Website: http://vizionaccounting.com.au

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25.01.2022 Government confirms JobKeeper 2.0 turnover tweak Treasurer Josh Frydenberg has announced that eligibility for JobKeeper 2.0 will now be based on single quarters, in light of the stage 4 restrictions facing Melbourne. The eligibility changes, which will apply nationwide from 28 September, will now require businesses to show the requisite actual decline in turnover for the September quarter alone, rather than for both the June and September quarters as previously announced.... Likewise, from 4 January 2021, businesses will only need to demonstrate a decline in turnover for the December 2020 quarter, rather than each of the June, September and December quarters. There will also be a change for the start date for employees, with those hired as of 1 July to be eligible for JobKeeper 2.0 from 3 August. The drop from the current rate of $1,500 per fortnight to two tiers of payments of $1,200 for full-time workers, and $750 for those working less than 20 hours per week, will proceed as announced. The changes, announced by Mr Frydenberg today, will cost an additional $15 billion, bringing the total cost of the JobKeeper program to $101 billion. There will be no changes to the original and ongoing JobKeeper program which runs to 27 September, with Mr Frydenberg expecting an additional 530,000 Victorians to receive the wage subsidy as a result of the current six-week stage 4 restrictions. The Morrison government is pulling out all stops, doing whatever we can to support Australians through this crisis to maintain that formal connection between employers and employees to help businesses and workers get to the other side, Mr Frydenberg said. The changes come as the professional accounting bodies were preparing to call on the Treasury to provide flexibility on the JobKeeper 2.0 turnover requirement, noting that businesses that improved in the June quarter, but subsequently deteriorated in the September quarter, would be unable to access the subsidy. Some entities may have started their recovery in June and if you had to satisfy two quarters mutually exclusive to each other rather than cumulative, a lot of entities would have missed out purely because of the secondary lockdowns, and that doesn’t fit with the policy intent, said Tony Greco, general manager of technical policy at the Institute of Public Accountants. JobKeeper rules have to remain flexible and deal with these types of events, and to satisfy two quarters would not achieve that outcome, so we’re very pleased that they have acknowledged that is not appropriate under the current circumstances, particularly for Victoria. The Treasury’s fact sheet has now been updated to reflect the change.

25.01.2022 Reminder for Employers SG Amnesty Ends Soon National Tax & Accountants’ Association Ltd: September 2020... Reminder for Employers SG Amnesty Ends SoonTime is running out for employers to take up the Government’s superannuation guarantee (‘SG’) amnesty, which expires at 11:59pm on 7 September 2020.The amnesty allows eligible employers to disclose and pay SG charge (‘SGC’) amounts owing from 1 July 1992 to 31 March 2018, without incurring penalties (up to 200% of the SGC) or administration fees ($20 per employee, per quarter) that would otherwise apply.SGC payments made during the amnesty period (i.e., 24 May 2018 to 7 September 2020) are tax deductible.To participate in the amnesty, applications must be received by the ATO by 11:59pm on 7 September.Even if employers are unable to pay the amount owing, the ATO has advised it will work with employers to establish a payment plan tailored to their circumstances.Employers with unpaid SGC amounts that do not come forward during the amnesty period risk significant penalties applying (including a minimum of 100% of the unpaid SGC) if later discovered by the ATO. Importantly, frequent reporting by super funds and employers has increased the ATO’s ability to identify employers with underpaid SG amounts.For more details, refer to the ATO document, SG amnesty ends 7 September 2020

21.01.2022 ATO extends deadline for future JobKeeper enrolments The ATO has now extended the deadline to enrol and identify eligible employees for JobKeeper payments to the end of each month being claimed. An update to the ATO’s JobKeeper key dates has revealed that employers who are enrolling for JobKeeper payments for the first time after May can now enrol their business and identify their eligible employees and business participant by the end of the month they are claiming for. As an... example, businesses who are enrolling for JobKeeper for the first time in June will now be able to complete Step 1 and 2 by the end of June, instead of the first JobKeeper fortnight that they were claiming for. Employers, however, will still need to pay their employees the stipulated $1,500 for each fortnight being claimed. Institute of Certified Bookkeepers executive chair Matthew Addison said the update was a logical extension. The ATO has announced the commissioner’s discretion to provide red tape relief and logical administration to employers who enrol in JobKeeper in the future months, Mr Addison said. The employer now has until the end of the month to enrol with the ATO into JobKeeper. This is a change from enrolling within the relevant JobKeeper fortnight. The monthly business declaration Step 3 will need to be completed within 14 days of the end of the previous month to receive reimbursements for the JobKeeper payments made in that previous month. For example, the business monthly declaration for reimbursement of JobKeeper payments for the month of May will now need to be completed by 14 June. There are nine JobKeeper fortnights left until the end of the program, with the current fortnight ending on Sunday, 7 June. View the ATO’s JobKeeper key dates here. Jotham Lian - Tax&Compliance Accountants daily - 03 June 2020

21.01.2022 HomeBuilder Australians looking to build or renovate in the second half of the year will be able to get $25,000 from the federal government as part of a scheme aiming to keep the construction industry moving. The $688 million HomeBuilder package is available to owner-occupiers who sign a contract to start building or substantially renovating their property after June 4. Speaking about the announcement this morning, Prime Minister Scott Morrison said the grants would "keep tha...t dream alive" for Australians wanting to build or renovate their own home. "Twenty-five thousand dollars to support those Australians whose dream it was to build their home or to do that big renovation," Mr Morrison said. "A dream that they thought might have been crushed by the coronavirus. We are here to tell them we are going to keep that dream alive for them and the dreams alive of the jobs and the builders and apprentices and tradies, all of those who depend on this critical industry across the country." The grants are open to people earning less than $125,000 a year, or $200,000 per couple, and for new homes valued up to $750,000 including land, or renovations worth between $150,000 and $750,000 that will result in the property being worth under $1.5 million. The money can't be used on investment properties or to build things outside the house like swimming pools, tennis courts, outdoor spas and saunas, sheds or garages. The government anticipates the package will support 140,000 direct construction jobs and a million workers in the wider residential building sector, including architects, material supplies and manufacturers, and engineers. "It will make a big difference on the residential building industry, one of the most important industries we have got in our country. "Rebuilding communities, rebuilding our economy." The Prime Minister said the scheme was one a major step in getting the economy moving now that Australia was in recession for the first time in nearly 30 years. "When we look around the world and we see what's happening, and Australia is certainly not immune from the difficult challenges that are being faced, but here in Australia we are doing better than many and better than most," Mr Morrison said. "It's going to be a hard road back." The will be made available through state governments. The sector has been warning it faced massive job losses once projects already under way tailed off, with people expected to cancel or delay new home builds amid the economic downturn. See more

20.01.2022 Hi Everyone! We have reached the end of the 2020 Financial Year! Please feel free to contact our office on 02 4367 0698 to discuss/organise a time to get started on your 2020 Income Tax Return... Alternatively you can email the relevant information to [email protected] or post to PO Box 6385 Kincumber NSW 2251 Should you require either the small business totals sheet or the annual individual checklist please contact our office. Please note that we are still providing the audit shield service to our clients. We have been advised by Audit Shield that this insurance covers audits on JobKeeper by the Australian Taxation Office. Please feel free to contact our office should you like to find out more information. Please do not hesitate to contact our office should you have any questions or concerns.

19.01.2022 Small businesses that are temporarily closed due to COVID-19 may be eligible for a full electricity and gas rebate under a financial support package organized by Energy Networks Australia. Relief will apply to all small businesses who: 1. Are ‘mothballing’ over the period 01 April 30 June 2020 due to COVID-19 ... 2. Consume less than 40MWh or 400GJ per annum (based on your 2019 consumption) and use less than 25% of historical average consumption for the period This will apply for customer network charges from 1 April to 30 June 2020 Networks will begin providing the rebate by the end of September 2020 for eligible businesses. Call Energy Australia on 1800 709 985 to talk through your business options and see whether you are eligible for assistance. Other customer relief: 1. Not disconnecting electricity for any residential or small business customers who may be in financial stress (without their agreement) before 31 July 2020 and potentially beyond 2. No disconnection and/or reconnection fees for small businesses that have temporarily ceased operation during the period of disconnection, small business will not have to pay for supply charges https://www.energyaustralia.com.au//energyaustralia-covid- https://www.service.nsw.gov.au//grants-loans-and-financial

15.01.2022 What is JobMaker? JobMaker is not another Government hand out like JobSeeker or JobKeeper, JobMaker is part of the Coalition’s economic plan designed to get Australia’s economy out of intensive care, and create the jobs that were lost due to the coronavirus pandemic Changing Australia’s skills and training system will be a JobMaker priority for national recovery, as we look to create jobs in a labour market undergoing major change, the Prime Minister said.... Why has the Government introduced JobMaker? - Government debt rising above 30 per cent of GDP (Gross Domestic Product - Unemployment at 10 per cent - Global trade expected to fall by up to one third and global foreign direct investment by up to 40 per cent. The JobMaker plan includes: - International trade agreements and support for exporters. - Caring for country at heart of environmental management. - A high-skilled workforce capable of delivering a stable and innovative finance sector, advanced manufacturing, world-class mining and agriculture, as well as scientific, medical and space research and technology development. - An opportunity for those who have a go, to get a go, including access to essential services. - Doing what makes the boat go faster, supporting small, medium and large businesses through skills, affordable and reliable energy, research, access to finance, more efficient taxes, less regulation and workplace relations reform. - The federal government will work with the states and territories to overhaul a clunky and unresponsive skills and training system. - Pilot schemes will allow industry sectors to shape the system to their specific needs. - The reforms will simplify the thousands of qualifications and units of competency on offer, as well as the way they are funded. - National Skills Commission will provide detailed labor market analysis, including an annual report setting out Australia’s skill needs, replacing the existing lists for apprenticeships and skilled migration. - The current $1.5 billion agreement with the states and territories will be changed, with performance measures and greater national consistency (modelled on the hospitals deal which locks in efficient pricing and activity-based funding).

13.01.2022 Small and Medium Enterprise Loan Guarantee (SME) Scheme The Australian Government will guarantee 50% of the of the value of eligible business loans to small and medium businesses (including sole traders) impacted by COVID-19. Businesses with a turnover of up to $50 million will be eligible to receive these loans. ... Under the scheme, the Australian Government will provide a guarantee of 50% (50% security) to Small and Medium Enterprise lenders for new unsecured loans to be used for working capital. This should enhance these lenders’ willingness and ability to provide credit, which will result in these businesses being able to access additional funding to help support them during the upcoming months. The Maximum loan value is $250,000.00. The loans will be up to three years, with an initial repayment-free period of 6 months. SME Scheme loans will be in the form of unsecured finance, meaning that the borrowers will not have to provide an asset as security for the loan. These loans are available via participating lenders until September 2020. https://www.service.nsw.gov.au//grants-loans-and-financial

12.01.2022 Australian Prime Minister Scott Morrison has offered a guarantee that the JobKeeper payment will not be scrapped before September but he is not ruling out slashing the $1500 wage subsidy for casuals who previously earned less. The six months provision of JobKeeper has been set out in legislation and people can count on that. Asked again if he could guarantee the wage subsidy will remain in place in September, the Prime Minister replied, Yes.... A Treasury review is examining changes to the amount paid to some casuals following confirmation that Australian teenagers are securing the flat-rate $1500 payment regardless of whether they previously earned substantially less. Asked whether JobKeeper will be reduced for those earning more than they previously earned as casuals, the Prime Minister declined to rule it out on Friday. 05/06/20 Teenagers are the only workers in the country to secure a pay-rise during the coronavirus pandemic and the flat-rate $1500 JobKeeper allowance is widely believed to be the main factor. The Morrison Government is also examining whether companies that have bounced back should still be eligible for the cash for the entire duration of the program.

07.01.2022 Tax Office quizzed on cash-flow boost backlog The ATO has denied any systemic issues around the processing of the cash-flow boost measure, noting that it only continues to interrogate claims in a very small number of cases. It is now understood that a recalibration of the ATO’s dataset over the past weekend should ensure the cash-flow boost payments are processed more smoothly, after a number of practitioners reported repeated instances of entities not receiving the credits...Continue reading

05.01.2022 JobKeeper and JobSeeker extended for months but rates cut and eligibility tightened The JobKeeper and JobSeeker coronavirus supplements were due to end in September. Payments will be cut but unemployed Australians and workers on the Federal Government's coronavirus wage subsidy program will continue to receive support beyond the planned JobSeeker and JobKeeper end date.... The JobKeeper wage subsidy will continue until March next year, but payments will fall from $1,500 to $1,200 a fortnight after September. People working fewer than 20 hours a week will receive $750. The payments will fall to $1,000 a fortnight and $650 for people working fewer than 20 hours for the first three months of 2021. The JobSeeker coronavirus supplement will continue for another three months but fall from $550 to $250 a fortnight, meaning people on the program will receive $800 a fortnight after September. More to come.

04.01.2022 JobKeeper has been extended until the 28th of March, 2021. JobKeeper Extension 1 1. Businesses will need to calculate a 30% decline in turnover test this is calculated in the September 2020 BAS Figures.... 2. This is due on the 14th October, 2020. 3. More decline in income tests are available should you not meet this test. Please contact us to discuss if applicable. 4. Fortnightly payments will be reduced to $1,200.00 from the 28th September 2020. 5. Employees and business participants must work 20 hours or more weekly (on average) in the relevant payment period. (Calculated Monthly) 6. For employees and business participants that do not work 20 hours weekly, the payment reduces to $750.00 fortnightly. 7. Eligible businesses will not need to re-test their 30% decline in turnover again until the 4th of January, 2021. 8. Businesses will need to report their monthly GST turnover (income) and hours worked (under/over 20 hours) each month to the Australian Taxation Office to receive JobKeeper. JobKeeper Extension 2 9. Businesses will need to calculate a 30% decline in turnover test. This is calculated in the December 2020 BAS Figures 10. This is due on the 14th February, 2021. 11. Fortnightly payments will be reduced to $1,000.00 from the 4th January 2021 for eligible participants. 12. Employees and business participants must work 20 hours or more weekly (on average) in the relevant payment period to receive the full $1,000 per fortnight payment 13. For employees and business participants that do not work 20 hours weekly, the payment reduces to $650.00 fortnightly. 14. Eligible businesses will not need to re-test their 30% decline in turnover again until the 4th of January, 2021. 15. Businesses will need to report their monthly GST turnover (income) and hours (under/over 20 hours) each month to the Australian Taxation Office to receive JobKeeper. 16. JobKeeper is due to cease on the 28th of March, 2021. Eligible employees must: 1. Have been a full time, part time, fixed-term or a long-term employee from the 1st July, 2020 2. Be aged 18 years or older at 1 July 2020 You can receive this if you are 16 or 17 years old and you are an independent or not undertaking full time study) 3. An Australian resident 4. Did not receive government parental leave, dad and partner pay or workers compensation payments due to incapacity for work If you have any questions please don't hesitate to contact our office

01.01.2022 JobKeeper 2.0 payments, eligibility revealed JobKeeper payments will drop to between $750 and $1,200 per fortnight beyond September, with eligibility tightened, the government has revealed. Business Jotham Lian 21 July 2020... 1 minute read Prime Minister Scott Morrison and Treasurer Josh Frydenberg have announced that the current $1,500 per fortnight JobKeeper payment will be reduced to $1,200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week. From 4 January, the rate will again fall to $1,000 per fortnight, and $650 for people working less than 20 hours a week. The program will run to 28 March 2021, at a further cost of $16 billion, taking the entire JobKeeper program to $86 billion. The announcement comes after Treasury released a snapshot of its JobKeeper review findings earlier, revealing that up to one in four of the 3.5 million workers currently covered under the program were earning $550 more than they would ordinarily. New eligibility tests Treasury had also argued for a fresh eligibility test for businesses looking to remain on JobKeeper beyond September. Businesses will still be required to demonstrate the required reduction in turnover- 30 per cent for businesses with turnovers of $1 billion or less, 50 per cent for those with turnover of more than $1 billion, and 15 per cent for ACNC-registered charities. However, the government will now require businesses to demonstrate that they have suffered an ongoing significant decline in turnover using actual GST turnover, rather than projected GST turnover. From 28 September, businesses will be required to show an actual decline in turnover for the June and September quarters to qualify for JobKeeper 2.0. From 4 January 2021, businesses will need to reassess their turnover to demonstrate that they have met the decline in turnover test for each of the June, September and December 2020 quarters. Employers will need to demonstrate that they've met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeeper payment in the December quarter, said Mr Frydenberg. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. While there are currently 3.5 million workers covered under JobKeeper, Treasury expects the new eligibility rules to see the figure fall to just 1.4 million workers for the December 2020 quarter, before dropping to 1 million workers in the March 2021 quarter. More to come.