Victorian Payroll Tax update

The State Revenue Office (SRO) in Victoria have been a great support for businesses during the Coronavirus pandemic with a large number of incentives to assist businesses during a tough time. Employers with annual Victorian wages up to $3m have their 2019-2020 payroll tax waived JobKeeper payments are exempt from payroll tax calculations New Jobs Tax Credit encouraging rehiring and new jobs Deferring 2020-2021 payroll tax liabilities until 2022 financial year Threshold changes as of 1st July 2021 All of these combined allow businesses to have more flexibility in budgeting for their future expenses and investments. During a time when Read more

It’s just around the corner…

Every single person and business in the world has their own story to tell of 2020 – it has certainly been one to remember. Many businesses have not weathered the storm, while others thrived with opportunities that had not presented themselves before. Online businesses have grown and this aspect of business has allowed many to jump onboard and make the most of the strange and challenging times. Whatever your experience with 2020, it is almost over and as many businesses look forward to a more prosperous 2021 we can take some time over the holiday period to stop, relax and Read more

Are We There Yet??

Being in Victoria has no doubt been a pretty hard road over the last few months. Lockdown has affected everyone differently. Some businesses and families have cruised through, enjoying their extra time together being confined to one house – others have found it really difficult.There is no doubt that running a business during lockdown, being a teacher during remote learning and juggling the usual stresses of life has been a challenge for everyone. There has been frustration at our leadership, there has been anger at the lack of assistance for some businesses and there has been businesses that have simply Read more

More JobKeeper changes!

This is a strange world at the moment and no sooner have we got our heads around something that it all changes. The perfect example of this currently is JobKeeper. We’ve had Jobkeeper 1.0, JobKeeper 2.0 is planned for October and JobKeeper 3.0 is planned for January. So what are we referring to the recent changes in JobKeeper 1.0? We’ve decided to go with JobKeeper 1.1 to cover the summary of changes below. Eligible Employees for JobKeeper 1.0 had to have been employed as of the 1st March 2020 as Part or Full timers OR had been regular and systematic Read more

JobKeeper 2.0

Considering the urgency of assisting struggling businesses and employees, JobKeeper was released quite quickly and with hindsight, could have been better implemented. With Victoria still in the midst of a pandemic explosion, JobKeeper needed to be extended, revamped or just continued as businesses struggle on. With this in mind, JobKeeper 2.0 has been announced and is due to take over the current JobKeeper on the 28th September. See below for some quick facts that may assist you with determining what help you may receive come September. As always, feel free to contact us if you have any questions so that Read more

Bite-size update

With so much going on in the business world at the moment, it’s important to try to step back and summarise information so you do not become overwhelmed.  Here’s some bite-size information about JobKeeper and the Cashflow Boost. JOBKEEPER You must pay $1500 per eligible registered employee per fortnight. The ATO fortnights are based on PAYMENT dates of payroll and nothing to do with your pay cycle. Please check the ATO calendar in regards to their payment fortnights. Remember that the $1500 is before tax, therefore you must withhold the appropriate PAYG on the payroll. For the business, the JobKeeper Read more

The hidden impact of Covid-19

It is very accurate to summarise 2020 so far as a failure. This is a fact.Businesses have closed due to no fault of their own and some are wondering if they will even be able to open again. Current statistics state that almost one million Australians have lost their jobs since mid-March when Covid-19 restrictions were put in place. There are people who have had to wait 5 weeks to receive JobSeeker after losing their job. How are these people able to buy food? Pay their rent? The Government have tried hard to accommodate everyone and generally, they have done Read more

Let’s do this right..

The Australian Government is trying to help businesses and the jobless in this crazy and unpredictable time – really they are. But have you found as a business OR individual that it’s just way too confusing? As a Bookkeeper and BAS Agent, Calculated Accounts need to keep up to date with all these changes and packages so that we can get our clients the best possible outcome considering this unprecedented climate. This means that the businesses will be no worse off than they would be IF this Covid-19 situation did not arise. In saying this, our whole industry should not Read more

Updated.. Government Stimulus Package

Scott Morrison is trying to get ahead of the problem. The next wave of stimulus packages is assisting businesses to keep their staff employed. This $66 billion package will certainly help businesses that have been hit hard and will continue to be hit hard during the Covid-19 pandemic. The government is planning to keep updating these packages over the next 6 months to combat unforeseen issues as they arise. The main factors in this second announcement are *;– Increasing the PAYG credits (to eligible businesses and Not-For-Profits) from the original 50% to 100%. The criteria remains that businesses must have Read more

Government Stimulus Package

With the government in panic-mode about the possibility of slipping into a recession, they have announced a $17.6 billion stimulus package for Australia *. This includes a once-off payment to people on welfare and also a business tax relief package. With $11 billion expected to be paid out before July the Government have faced the fact that they will not deliver it’s expected surplus. In a nutshell;– businesses will receive a minimum of $2,000 and a maximum of $25,000.– to be eligible they must employ staff and have a annual turnover of less than $50 million (based on last year)– Read more