Zetta Partners in Westmead, New South Wales | Financial consultant

Zetta Partners

Locality: Westmead, New South Wales

Phone: +61 497 009 800

Address: 91A Bridge Rd 2145 Westmead, NSW, Australia

Website: http://www.zettapartners.com.au

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• Tax preparation service
• Financial service
• Business consultant
• Financial consultant

09.01.2022 Hope you have appropriate advice on ways to legally maximise your benefit out of Stimulus Package Following the passage of the Coronavirus Economic Response Package Omnibus Bill 2020, the profession has been put on alert in engaging in schemes to help their clients access the cash-flow boost measure. The cash-flow boost payment provides for tax-free payments between $20,000 and $100,000 to businesses based on the amount of their PAYG withholding, excluding in essence those w...Continue reading

08.01.2022 The Coronavirus Economic Response Package Omnibus Bill 2020 has now been introduced into Parliament and covers the government’s initial $17.6 billion economic stimulus package and its latest $66.1 billion support package. The bill has now been passed by both houses after it sped through the parliamentary process with bipartisan support, and is currently awaiting royal assent. The Australian people can be reassured that tonight, their parliament reached across the political d...ivide and passed the most significant set of measures since wartime, said Treasurer Josh Frydenberg. The bill details various measures, including the beefed-up instant asset write-off, accelerating depreciation deductions, the tax-free cash payments to small and medium businesses, and access to the early release of superannuation. There are going to be a lot of phone calls being made particularly about this cash-flow boost. Accountants and bookkeepers will be under enormous pressure to get their clients’ BAS ready and lodged so the cash flows to eligible businesses from 28 April. However, Mr Croker also warned that accountants should tread carefully in helping their clients access the support measures, noting that the government would come down hard on those who were rorting the system. False or misleading statements made in haste now could come back to bite down the track. Fines and even imprisonment could apply in addition to having to repay the money, Mr Croker said. To guard against ‘pop-up’ employer schemes designed to rort the incentive, the second-round statement makes clear that the cash boost will only be available to ‘active’ eligible employers established prior to 12 March 2020, the date of the first COVID-19 stimulus announcement. Credit: Accountants Daily

08.01.2022 Victorian Government has announced tax measures to support businesses through Victoria’s State of Emergency https://www.sro.vic.gov.au/coronavirus

06.01.2022 Regulations confirm no SG obligation on JobKeeper payments where work is not performed The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the wage condition for getting the JobKeeper payment are prescribed by the Regulations as excluded salary or wages.... The effect is that these amounts are excluded from the calculations of an employer’s superannuation guarantee shortfall and the minimum compulsory superannuation contribution an employer is required to make in respect of an employee to avoid a superannuation guarantee charge liability. Likewise, the Regulations recognise that an employer is only entitled to a JobKeeper payment for its employees if the business has suffered a substantial decline in turnover. In these circumstances, it is appropriate to require employers to only make minimum superannuation contributions in respect of amounts that are required to be paid to an employee for the performance of work. Employers would not be required to make contributions in relation to additional amounts paid to satisfy the wage condition (for example, the amount by which $1,500 exceeds an employee’s normal pay). If you are concerned about the calculation of compulsory superannuation for any employees supported by JobKeeper, please contact our office.

02.01.2022 Boosting cash flow for employers: Small and medium-sized businesses and not-for-profit entities, with an aggregated annual turnover of less than $50 million (usually based on their prior year’s turnover) that employ people, may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations, in the following two stages: (a) Stage 1 paymentCommencing from the lodgment of activity statements f...rom 28 April 2020,eligible employers that withhold PAYG tax on their employees’ salary and wages will receive a tax-free payment equal to 100% of the amount withheld, up to a maximum of $50,000. Eligible employers that pay salary and wages will receive a minimum (tax-free) payment of $10,000, even if they are not required to withhold PAYG tax. The tax-free payment will broadly be calculated and paid by the ATO as an automatic credit to an employer, upon the lodgment of activity statements from 28 April 2020, with any resulting refund being paid to the employer.This means that: quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020and June 2020; and monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgments. However, the payment for the March 2020 activity statement will be calculated as being three times the actual amount withheld. Note that, the minimum payment of $10,000 will be applied to an entity’s first activity statement lodgment (whether for the month of March or the March quarter) from 28 April 2020. (b) Stage 2 paymentFor employers that continue to be active, an additional (tax-free) payment will be available in respect of the June to October 2020 period, basically as follows: Quarterly lodgerswill be eligible to receive the additional payment for the quarters ending June 2020 and September 2020, with each payment beingequal to 50% of their total initial (or Stage 1) payment(up to a maximum of $50,000). Monthly lodgers will be eligible to receive the additional payment for the June 2020, July 2020, August 2020 and September 2020 activity statement lodgements, with each additional payment being equal to a quarter of their total initial (or Stage 1) payment (up to a maximum of $50,000). The ATO will automatically calculate and pay the additional (tax-free) payment as a credit to an employer upon the lodgment of their activity statements from July 2020, with any resulting refund being paid to the employer. #zettapartners #stimuluspackage #M0497009800