Federal Government Jobkeeper Payment

By |2020-04-20T11:48:36+10:00March 30th, 2020|Accounting, Hospitality, Small Business, Tax|

On the 30th March, the Federal government announced it's biggest economic response to the coronavirus to date.  The JobKeeper payment is intended to provide funds to employers to retain staff during the downturn. Eligibility This payment of $1,500 per fortnight pre-tax is intended to begin in the first week of May, and that first payment [...]

Victorian State Government Stimulus Package

By |2020-03-30T20:23:34+11:00March 23rd, 2020|Accounting, Hospitality, Small Business, Tax|

On Saturday the 21st March, the Victorian State Government announced a range of measures to assist businesses affected by the covid-19 crisis.  The measures include: Refund of all payroll tax paid by employers from July 2019 to date.  This affects employers who have annual payroll (wages, super, eligible contractors etc) of more than $650,000 to [...]

The Federal Stimulus Package: What You Need to Know

By |2020-03-30T20:23:56+11:00March 13th, 2020|Accounting, Hospitality, Small Business, Tax|

The Government has announced a $17.6 billion stimulus package (and an additional $31.9m billion announced 22nd  to support the economy through the impact of the coronavirus.  But how does it affect you, if at all?  Here's the short of it: Cashflow boost Available for employers with aggregated turnover of $50m (note: we aren't sure how [...]

The Age Old Question – Employee or Contractor?

By |2020-02-27T12:16:19+11:00February 27th, 2020|Accounting, Hospitality, Small Business, Tax|

It’s an area that can be easy pickings for the regulatory bodies sometimes, so making sure you understand the difference in your business is crucial. The penalties for getting it wrong are plentiful, including: Penalties for failure to withhold PAYG Witholding Superannuation guarantee charge and penalties Fair Work infringement notices Payroll tax and WorkCover So, [...]

Claiming Work-Related Expenses

By |2019-10-17T10:27:12+11:00September 17th, 2019|Accounting, Hospitality, Small Business, Tax|

The ATO have introduced a new schedule for personal income tax returns for the 2019 income year.  This new schedule is in response to the ATO’s view that many taxpayers are overstating their allowable deductions and that the cost to Treasury is measured in billions of dollars.  The new schedule requires details on an item [...]

Low Income Tax Offset (LITO) And Low and Middle Income Tax Offset (LMITO)

By |2019-10-17T10:14:58+11:00September 5th, 2019|Accounting, Hospitality, Small Business, Tax|

From the financial year 2019 through to 2022, there are two tax offsets with similar sounding names that taxpayers may be able to qualify for at the same time. These offsets are non-refundable, which means they reduce your tax liability but any unused portion will not be refunded. These offsets are calculated automatically when you [...]

Single Touch Payroll – What Start Date Applies To Your Business?

By |2019-08-29T12:48:37+10:00August 29th, 2019|Accounting, Hospitality, Small Business, Tax|

Unless a deferral was in place, the requirement for employers with 20 or more employees to report through Single Touch Payroll (STP) began on the 1st July 2018.  STP will apply to all employers, with a gradual start date depending on which category an employer falls under: Employers with 5–19 employees (small employers) These employers [...]