Townsville Accounting

Job Keeper Applications Now Open

Thu, 23 Apr 2020 04:33:00 GMT

The Australian Taxation Office (ATO) has officially opened Job Keeper applications from 20 April 2020 through the tax agent and business portals.

Employers can either log into their ATO business portal or engage us to complete the application process for them. PLEASE NOTE that it is not compulsory for all eligible businesses to apply for Job Keeper.

The obvious prerequisite for applying for Job Keeper is that the business is eligible to receive this payment. To satisfy the fall in turnover test, the business has to pass either the basic test or the alternative test. Generally businesses will use the basic test as follows:

The business only needs to satisfy the fall in turnover test once. Ongoing monthly turnover reporting is still required to give an indication of how your business if progressing under the Job Keeper Payment scheme.

Applications will remain open until the end of May, but any business that has already started to pay their eligible employees the $1,500 (before tax) per fortnight should apply before the end of April to receive their payment in May.

All eligible employees need to be notified that the employer is applying for Job Keeper before the employer enrols. This can be done by providing the “ Employee Nomination Notice ” released by the ATO, to all eligible employees. The completed form must be returned to the employer by 30 April 2020.

Businesses using STP reporting can nominate their eligible employees for Job Keeper through their payroll software or via their business portal. MYOB, Xero and Quickbooks have all confirmed their payroll software has Job Keeper functionality.

Each month participating businesses must reconfirm their eligible employees and notify the ATO of any change in employment circumstances, as well as provide information of current and projected GST turnover.

As each business must be assessed separately for both eligibility for the scheme and employee eligibility, which is also dependant on the business structure and employment circumstances, we are offering our services under a separate engagement for all COVID-19 related matters.

Please email all request for assistance regarding Job Keeper to: admin@townsvilleaccounting.com.au . We will then forward you the required documentation to proceed.

WORKING FROM HOME BETWEEN 1 MARCH & JUNE 2020

Wed, 08 Apr 2020 04:17:00 GMT

Many people are now working from home due to COVID-19. If this is you – make sure to keep a log of your “home office hours”, in your diary for 2020 tax time!

There are three ways that you can calculate your additional running expenses during this period:

i) claim 80 cents/hr for all additional running expenses
ii) claim 52 cents/hr for electricity, cleaning, stationery, decline value on assets; or
iii) claim actual work related of all running expenses.

Coronavirus Guide For Business Owners

Mon, 16 Mar 2020 10:41:00 GMT

Here is an extract from Employsure in regards to employers obligations. If you require further clarity, please contact Employsure on 1300 651 415 or visit employsure.com.au.

Townsville Accounting has chosen to share this information due to amount of employer inquiries we have received in regards to their obligations during this time.

What are my obligations if an employee must self-quarantine?

If you have an employee who meets the high risk criteria the employee will most likely have to self-quarantine. If an employee is unable to attend work as a result, the employee can be asked to use their sick leave or, if possible, work from home.

If an employee runs out of their paid leave entitlements, employers do not have an obligation to continue paying the employee –but, of course, may choose to do so if they wish.

Make sure to check the applicable Modern Award, Enterprise Bargaining Agreement or contract of the employee to see if you have any further obligations (such as, additional leave or ability to agree to leave in advance).

It is recommended that employers utilize their right to request a medical clearance from a health professional before the employee returns to work to both ascertain that an employee is free of the virus, and that they are safe to return.

In the unfortunate case that an employee is infected by the coronavirus, it is recommended for employers to follow normal sick leave and long-term illness policies and procedures.

Audit Insurance

Tue, 10 Mar 2020 08:16:00 GMT

Did you know that Townsville Accounting has partnered with our professional body to offer Audit Insurance to all our clients? This insurance is to protect yourself financially against the fees incurred during an audit. If you have business insurance – now would be a great idea to review your policy to ensure that you are covered in an audit event. Audits can be a drawn out process that could cost you a lot of money (if not insured).

If you would like a free audit insurance quote, please contact our office via email on: admin@townsvilleaccounting.com.au so that we can provide you with a written quotation.

Yours & Our Obligations To The ATO

Mon, 02 Mar 2020 01:35:00 GMT

I recently found the attached article from the Tax Practitioners Board in regards to obligations that both our clients and ourselves must adhere too.

To assist our clients in providing their records required to lodge their GST, PAYG and Tax Obligations – we offer the use of an APP called RECEIPT BANK.

Not sure how the RECEIPT BANK App can help you? Feel free to contact Sarah for a FREE demo on 07 47284133.

The feedback from our current users has been nothing short of wonderful! Not only does it save time on filing, it has also turned many of our clients into amazing record keepers! Keep up the great work!!!

Attention Directors!

Mon, 24 Feb 2020 01:01:00 GMT

As the director of a business it is extremely important to understand your obligations. About April 2020 (awaiting royal assent), the ATO will be able to issue a Directors Penalty Notice for:

i) Unpaid super;

ii) PAYG Withholding Amounts; and

iii) GST Obligations

This means as the director of a business that you can be held personally liable for any of the above obligations if unpaid. Therefore it is now more critical than ever to be on top of your cash flow and ATO Obligations.

Since the introduction of Single Touch Payroll (STP), the ATO can easily monitor any late PAYG and Super payments; in additional to late Business Activity Statements (BAS’s).

Townsville Accounting assists all their SME’s clients in ensuring that they are compliant. If you need assistance with compliance matters, contact our office today for an appointment.

Townsville Accounting Team

Thu, 25 Jan 2018 06:26:00 GMT

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