April 30, 2020 In the context of the Covid-19 outbreak, the duty to remove or minimise health and safety risks in your business has become harder. When lockdown measures ease, businesses will need to have a plan on how they will manage risks and protect workers and customers before they start operations. Many businesses are still unable to […]
April 30, 2020 Use RAM to manage your business authorisations in one place myGovID Anyone who accesses ATO online services on behalf of a business or entity will need their own myGovID. Your myGovID is unique to you and cannot be shared. As it’s your personal identity, you should set it up using a personal email address and […]
April 16, 2020 The JobKeeper payment is for businesses and not-for-profits that are significantly impacted by the Coronavirus pandemic, and the measures in place to restrict it. The government package will give eligible employees $1,500 per fortnight for a 26-week period, running from 30 March to 27 September. The treasurer has now released rules governing the scheme. We […]
April 16, 2020 As part of the government’s economic response to the Coronavirus, the Coronavirus SME Guarantee Scheme provides support for small businesses to access credit. The $40 billion scheme is backed by the government, who cover 50% of the risk, with the remaining 50% covered by the lender for new unsecured loans to be used for working […]
April 14, 2020 PAYG instalments are payments made towards an expected future income tax bill on a quarterly basis. Once the tax return has been completed for a year, the tax liability is calculated and any instalments paid during that year are credited towards the tax bill. The business then either receives a refund or pays the balance […]
April 8, 2020 Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do […]
April 8, 2020 Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement and payment. Here’s what you need to review: Have you allocated all payroll related bank transactions to the correct accounts? Have you checked for errors such as duplicate pay runs? Have you checked that all payroll categories used this quarter have had super correctly applied […]
April 7, 2020 The Treasury has released a Frequently Asked Questions fact sheet on the proposed JobKeeper payments. The document responds to a number of questions raised by employers, including: Eligibility of businesses and entity types Determining eligible employees Further details regarding the wage payment and reimbursement process Definition of turnover, including details for new start ups and businesses with […]
April 1, 2020 Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive. Make sure you have a clear picture of your payroll, and any other […]
April 1, 2020 The Fair Work Commission (FWC) late last year has varied a number of modern awards that include annualised salary provisions. The decision has also introduced the provision for annualised salaries into some other awards for the first time. Whilst the actual specifics of the annualised salary provisions vary per award, there are some significant changes […]