JobKeeper 2.0 Summary

The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules…

What accounting method do I use to report my GST?

From the ‘Small Business Newsroom”… If you have an aggregated turnover of less than $10 million, or use cash accounting for income tax, you can use one of two methods for accounting your GST. 1. Cash accounting GST is reported on the activity statement for the period in which you either: receive payment for your…

Investment diversification requirements for SMSF strategies

Extracted from article in the ATO Newsroom 20 Aug 2019 At the end of August 2019 the ATO will send letters to approximately 17,700 self-managed super fund (SMSF) trustees and their auditors where the ATO believe the SMSF investment strategies may not meet the diversification requirements under regulation 4.09 of the Superannuation Industry (Supervision) Act…

Are you compliant with new STP legislation?

Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO. STP is an Australian Government initiative to streamline business reporting obligations, and ensure employers are reporting and paying their employees’ super entitlements.  If you do not have STP set up in your accounting…

Single Touch Payroll

Single Touch Payroll (STP) is a reporting change for employers, by the ATO. It starts from 1 July 2018 for employers with 20 or more employees.  Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019, but employers can opt in (register thru Xero/MYOB) before this date once fully implemented. You will report payments such as salaries…