Category: COVID-19

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Brisbane Looking at Easter Lockdown Extension

While the decision on the lockdown extension will not be made until Wednesday night, the spread of the UK variant of the coronavirus has increased the possibility of an extended shutdown in Greater Brisbane over the Easter weekend.

State border closures and disruptions to flights could continue with fears Brisbane’s lockdown could spread to the Gold Coast, a popular holiday destination around this time. This comes after eight new local cases of COVID-19 were reported on Tuesday and two on Wednesday.

Over 500,000 Australians Vaccinated Against COVID-19

More than 507,000 vaccines have been administered at the close of business last Friday as part of the Phase 1 rollout.

The roll out for the next week and further expansion is now well underway. The first of the 50 million Australian-made CSL doses of the AstraZeneca COVID-19 vaccine have already been distributed and will now be distributed on an ongoing basis.

Australian Government Extends Energy Bill Support to June

The Federal Government and the Australian Energy Regulator (AER) have extended the COVID-19 energy support measures for consumers and small businesses until the end of June.

This means energy suppliers must work out and rearrange payment plans with customers who are experiencing financial hardship. This may include payment plans that mean no payments will be required for some period of time.

Energy companies will also not be allowed to cut the power to customers for unpaid bills as long as the customer is working with the supplier to find a suitable payment solution.

Australian Government Disaster Recovery Payment Available After NSW Floods

People adversely affected by the floods in New South Wales can claim a lump sum payment of $1,000 per adult and $400 for each child younger than 16 through the Australian Government Disaster Recovery Payment.

The complete list of local government areas that can claim this financial support until 20 September 2021 can be found here. You can read more about how to claim it here.

If you lost income as a direct result of the floods, you can also take advantage of the Disaster Recovery Allowance.

Stimulus Package for Tourism Industry: Cheap Flights, Loans and Financial Aid

The Australian government unveiled a $1.2 billion tourism support package to help boost local travel, while international borders remain closed.

Airline ticket subsidies for travellers, cheap loans to small tour companies and financial aid for the country’s two largest airlines are designed to keep this critical sector afloat until our international borders reopen.

Wage Subsidy Scheme for Apprentices to Be Expanded

The government will spend $1.2 billion to expand its wage subsidy scheme for apprentices, as JobKeeper is set to end this month.

Under the apprentice scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. It will run until September 2022. Ask us if you have any questions.

Claiming the JobMaker Hiring Credit

The JobMaker Hiring Credit is available for eligible employers who create new positions for eligible young people between 7 October 2020 and 6 October 2021.

To receive JobMaker Hiring Credit payments, you don’t need to satisfy a fall in turnover test. All you need to do is complete three steps:

• Register – via ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.
• Nominate your eligible additional employees – by running payroll events through your Single Touch Payroll (STP) enabled software by 27 April 2021.
• Claim payments – using ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.

You can register at any time until the scheme ends. Ask us if you have any questions.

Beware of Scammers Impersonating the ATO

The Australian Taxation Office (ATO) is warning about a new batch of scammers impersonating the ATO who are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

While the number of people falling victim to this scam is low, the large amounts being lost per person is alarming, according to Assistant Commissioner Trent Jakubowski.

So remember, the ATO does call taxpayers but will never:

• send unsolicited pre-recorded phone messages
• use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
• suspend your TFN
• request direct transfers of money to a personal bank account
• project their number onto your caller ID

If you receive a suspicious call, email, or SMS, report it to ato.gov.au/reportascam or call the ATO’s dedicated scam line 1800 008 540 to check if it was legitimate.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

21 April

• Lodge and pay quarter 3, 2020–21 PAYG instalment activity statement for head companies of consolidated groups.
• Lodge and pay March 2021 monthly business activity statement.

28 April

• Lodge and pay quarter 3, 2020–21 activity statement if electing to receive and lodge by paper and not an active STP reporter.
• Pay quarter 3, 2020–21 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
• Make super guarantee contributions for quarter 3, 2020–21 to the funds by this date.

30 April

• Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2020–21.
• Lodge lost members report for the period 1 July 2020 to 31 December 2020.

Contact us if you have any questions.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

4 Tips to Get Out of Debt

Getting out of debt can be difficult, but there are some strategies that can help you pay it down more easily:

• Pay more than the minimum payment required– Go through your finances and decide how much extra you can shell out to pay your debt. Paying more than the minimum amount will help you save on interest and pay it completely much faster.
• Use the debt snowball method– This approach involves paying the minimum amount on all your debts except for the smallest one, which you should pay as much as you can toward. Once you eliminate the smallest one quickly, you’ll move on to the second smallest debt while paying the minimum on the others.
• Debt refinancing– You’ll save in interest if you refinance your debt to a lower interest rate. Consider refinancing your mortgage, auto loan, or student loan.
• Commit windfalls to debt– For example, when you get a tax refund or a stimulus check, you can use the money to pay your debt or at least split it 50-50 between debt payment and having fun or saving in your bank account.

Do you want a more personalised debt paydown strategy? Get in touch with us today and let us help you enjoy a debt-free life.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Contact us

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Phase 1B of Vaccine Rollout Begins

Phase 1B of Australia’s COVID-19 vaccination rollout plan started this week to further cushion the health, social, and economic impacts of the pandemic.

Priority groups in Phase 1B include:

• elderly adults aged 80 years and over
• elderly adults aged 70 years and over
• health care workers not vaccinated in Phase 1A
• Aboriginal and Torres Strait Islander adults over 55
• adults with a specified medical condition
• adults with a severe disability who have a specified underlying medical condition
• critical and high risk workers including defence, police, fire, emergency services and meat processing.

Appointment availability will be increased as the number of clinics grow from 1,000 to over 4,000 in the next four weeks.

Business Events Australia Launches Free Marketing Toolkit

Business Events Australia has launched a marketing toolkit to help the Australian business events industry recover from the impact of COVID-19.

These free marketing assets include 30 and 60 second video vignettes, marketing collateral for the promotion of key business event destinations, fact sheets on funding programs, social media guide, and logos.

These broad range of assets can be used in event bids, pitch presentations, and across their social media and promotion channels.

$25,000 Grants for Cyclone-Impacted Primary Producers in North Queensland

Grants of up to $25,000 are now available to support the recovery of primary producers in North Queensland affected by the Tropical Cyclone Niran. This comes after primary producers in Cairns, Cassowary Coast, Hinchinbrook, Mareeba, and Tablelands reported between 20 to 100% crop loss and damage to plant machinery and equipment.

Total economic impact on primary producers is estimated at $146 million in the Cassowary Coast region alone. You can find out more about the assistance available to primary producers here.

Australian Government Disaster Recovery Payment Available After NSW Floods

People adversely affected by the floods in New South Wales can claim a lump sum payment of $1,000 per adult and $400 for each child younger than 16 through the Australian Government Disaster Recovery Payment.

The complete list of local government areas that can claim this financial support until 20 September 2021 can be found here. You can read more about how to claim it here.

If you lost income as a direct result of the floods, you can also take advantage of the Disaster Recovery Allowance.

Stimulus Package for Tourism Industry: Cheap Flights, Loans and Financial Aid

The Australian government unveiled a $1.2 billion tourism support package to help boost local travel, while international borders remain closed.

Airline ticket subsidies for travellers, cheap loans to small tour companies and financial aid for the country’s two largest airlines are designed to keep this critical sector afloat until our international borders reopen.

Wage Subsidy Scheme for Apprentices to Be Expanded

The government will spend $1.2 billion to expand its wage subsidy scheme for apprentices, as JobKeeper is set to end this month.

Under the apprentice scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. It will run until September 2022. Ask us if you have any questions.

Second Round of ‘Boosting Female Founders Initiative’

The federal government has launched a second round of funding for the Boosting Female Founders Initiative worth $11.6 million. This will support female entrepreneurs to build their businesses and create local jobs.

Through this government support, grants between $25,000 and $400,000 will be provided to Australian start-up businesses that are female-founded or majority owned and led by women.

Applications opened on 8 March 2021, International Women’s Day.

JobKeeper ends soon: what to do if you’re worried about your business

If your business is struggling with cashflow or other issues at the moment, it’s time to have a chat. It’s a good time to take stock and think about your business more broadly. It’s likely that any underlying issues have been compounded by the COVID-19 crisis, magnifying and accelerating the impact of these issues.

If you are worried about how your business will make ends meet without JobKeeper, you should speak with your advisor to find out your options. It’s crucial to be proactive and act early if you feel you will be in financial distress. Get in touch with us to find out how we can help you weather this storm. We’ll make sure you have a solid understanding of your business’ current financial position so you can make informed decisions.

The final JobKeeper payment will be processed in April 2021.

If you haven’t yet enrolled there’s still time. If you’re eligible you can enrol at any time until the end of March 2021.

If you already receive JobKeeper payments for your eligible employees, you don’t have to do anything when the program closes.

However, you will need to complete your final monthly business declaration for March by 14 April 2021.

If you still need assistance you may be eligible for the JobMaker Hiring Credit or other help, just ask us.

Claiming the JobMaker Hiring Credit

The JobMaker Hiring Credit is available for eligible employers who create new positions for eligible young people between 7 October 2020 and 6 October 2021.

To receive JobMaker Hiring Credit payments, you don’t need to satisfy a fall in turnover test. All you need to do is complete three steps:

• Register – via ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.
• Nominate your eligible additional employees – by running payroll events through your Single Touch Payroll (STP) enabled software by 27 April 2021.
• Claim payments – using ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.

You can register at any time until the scheme ends. Ask us if you have any questions.

Beware of Scammers Impersonating the ATO

The Australian Taxation Office (ATO) is warning about a new batch of scammers impersonating the ATO who are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

While the number of people falling victim to this scam is low, the large amounts being lost per person is alarming, according to Assistant Commissioner Trent Jakubowski.

So remember, the ATO does call taxpayers but will never:

• send unsolicited pre-recorded phone messages
• use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
• suspend your TFN
• request direct transfers of money to a personal bank account
• project their number onto your caller ID

If you receive a suspicious call, email, or SMS, report it to ato.gov.au/reportascam or call the ATO’s dedicated scam line 1800 008 540 to check if it was legitimate.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

31 March

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts. Payment is due as advised on their notice of assessment.

Contact us if you have any questions.

It’s time to review your fringe benefits

The fringe benefits tax (FBT) year ends on 31 March. That means it’s time to review the benefits you’ve provided to your employees for the last 12 months and work out which of those attract FBT.

Examples of fringe benefits include:

• private use of work cars
• entertainment (e.g. concert tickets)
• reimbursement of employees’ expenses (e.g. school fees)
• salary sacrifice arrangements.

Over the past year there have been many changes and restrictions due to COVID. To adapt, you may have provided your employees different benefits to those you usually provide, and these may be exempt from FBT.

Generally, you do not need to pay FBT for:

• items provided to employees to enable them to work from home (e.g. laptop or portable device)
• emergency accommodation, food and transport
• emergency health care.

You can find out more about when it is (and isn’t) a fringe benefit here and read about the FBT COVID changes here.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

Understanding Contribution Margin and Why You Need It

When you run a business, you obviously would like to know how profitable it is. You can check your profit margin to understand by how much your revenue exceeds costs.

However, if you’d like to dig deeper and learn how a certain product contributes to your profit, you have to look at the contribution margin.

When you create a product or deliver a service and deduct the variable cost of offering it, the leftover revenue becomes the contribution margin.

So simply put,

Contribution margin= revenue – variable costs

By knowing the contribution margins, you can decide whether to add or subtract a product line, how to price it, and how to structure sales commissions.

If a product’s contribution margin is negative, it means your company is losing money producing it. Your course of action could be to discontinue the product or increase its price. Meanwhile, if a product has a positive contribution margin, you would want to keep it.

However, the first step in calculating for the contribution margin is to use your income statement and identify all your fixed and variable costs. This is not as straightforward as it sounds because it’s not always clear which ones fall into each category.

So if you want to save time and ensure that you get the contribution margins right, get in touch with us so we can help you make informed business decisions.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Contact us

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Phase 1b Vaccination Roll Out to Commence on 22 March 2021

Phase 1b vaccinations will commence on 22 March 2021, and more than 1,000 general practices will join the COVID-19 vaccination program from next week to further strengthen the capacity and ensure an efficient distribution of vaccines across the country.

Phase 1B includes vulnerable groups, such as older people and people with certain underlying medical conditions. Those eligible for Phase 1B will be able to find a vaccination provider through the new national vaccination information and location service, at the Department of Health website.

You can also check which phase of the vaccine rollout you’re in through the Eligibility Checker.

Over $1.1 Billion to Extend Australia’s COVID-19 Health Response

The government will invest more than $1.1 billion to extend Australia’s national COVID-19 health response and suppression strategy until 31 December 2021.

This $1.1 billion is in addition to more than $22 billion spent in these areas, including over $6 billion to support the COVID-19 vaccine roll out. This investment will extend the focus on containing the virus through testing, tracing and border and travel measures, building and investing in the capacity of the health system, and collaborating with states and territories, the health sector and others.

More information on the specific measures that will be supported can be found here.

Stimulus Package for Tourism Industry: Cheap Flights, Loans and Financial Aid

The Australian government unveiled a $1.2 billion tourism support package to help boost local travel, while international borders remain closed.

Airline ticket subsidies for travellers, cheap loans to small tour companies and financial aid for the country’s two largest airlines are designed to keep this critical sector afloat until our international borders reopen.

Wage Subsidy Scheme for Apprentices to Be Expanded

The government will spend $1.2 billion to expand its wage subsidy scheme for apprentices, as JobKeeper is set to end this month.

Under the apprentice scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. It will run until September 2022. Ask us if you have any questions.

Second Round of ‘Boosting Female Founders Initiative’

The federal government has launched a second round of funding for the Boosting Female Founders Initiative worth $11.6 million. This will support female entrepreneurs to build their businesses and create local jobs.

Through this government support, grants between $25,000 and $400,000 will be provided to Australian start-up businesses that are female-founded or majority owned and led by women.

Applications opened on 8 March 2021, International Women’s Day.

JobKeeper ends soon: what to do if you’re worried about your business

If your business is struggling with cashflow or other issues at the moment, it’s time to have a chat. It’s a good time to take stock and think about your business more broadly. It’s likely that any underlying issues have been compounded by the COVID-19 crisis, magnifying and accelerating the impact of these issues.

If you are worried about how your business will make ends meet without JobKeeper, you should speak with your advisor to find out your options. It’s crucial to be proactive and act early if you feel you will be in financial distress. Get in touch with us to find out how we can help you weather this storm. We’ll make sure you have a solid understanding of your business’ current financial position so you can make informed decisions.

The final JobKeeper payment will be processed in April 2021.

If you haven’t yet enrolled there’s still time. If you’re eligible you can enrol at any time until the end of March 2021.

If you already receive JobKeeper payments for your eligible employees, you don’t have to do anything when the program closes.

However, you will need to complete your final monthly business declaration for March by 14 April 2021.

If you still need assistance you may be eligible for the JobMaker Hiring Credit or other help, just ask us.

Claiming the JobMaker Hiring Credit

The JobMaker Hiring Credit is available for eligible employers who create new positions for eligible young people between 7 October 2020 and 6 October 2021.

To receive JobMaker Hiring Credit payments, you don’t need to satisfy a fall in turnover test. All you need to do is complete three steps:

• Register – via ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.
• Nominate your eligible additional employees – by running payroll events through your Single Touch Payroll (STP) enabled software by 27 April 2021.
• Claim payments – using ATO online services, Online services for business or the Business portal, or through your registered tax or BAS agent.

You can register at any time until the scheme ends. Ask us if you have any questions.

Beware of Scammers Impersonating the ATO

The Australian Taxation Office (ATO) is warning about a new batch of scammers impersonating the ATO who are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

While the number of people falling victim to this scam is low, the large amounts being lost per person is alarming, according to Assistant Commissioner Trent Jakubowski.

So remember, the ATO does call taxpayers but will never:

• send unsolicited pre-recorded phone messages
• use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
• suspend your TFN
• request direct transfers of money to a personal bank account
• project their number onto your caller ID

If you receive a suspicious call, email, or SMS, report it to ato.gov.au/reportascam or call the ATO’s dedicated scam line 1800 008 540 to check if it was legitimate.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

21 March

• February monthly activity statements – final date for lodgment and payment.

31 March

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts. Payment is due as advised on their notice of assessment.

Contact us if you have any questions.

It’s time to review your fringe benefits

The fringe benefits tax (FBT) year ends on 31 March. That means it’s time to review the benefits you’ve provided to your employees for the last 12 months and work out which of those attract FBT.

Examples of fringe benefits include:

• private use of work cars
• entertainment (e.g. concert tickets)
• reimbursement of employees’ expenses (e.g. school fees)
• salary sacrifice arrangements.

Over the past year there have been many changes and restrictions due to COVID. To adapt, you may have provided your employees different benefits to those you usually provide, and these may be exempt from FBT.

Generally, you do not need to pay FBT for:

• items provided to employees to enable them to work from home (e.g. laptop or portable device)
• emergency accommodation, food and transport
• emergency health care.

You can find out more about when it is (and isn’t) a fringe benefit here and read about the FBT COVID changes here.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

6 Financial Documents Any Small Business Needs

Drawing up the right financial documents matters to your small business’ success more than you think they do. They can give you a clear view of your financial health and can help you make sound decisions.

Below are the six most useful financial documents that you can benefit from:

1. Income statement- This shows your revenue and expenses and indicates if your business is profitable.
2. Cash flow statement- This documents how cash is coming in and going out of your business. Most importantly, this shows which parts of your business are generating the most cash and which ones are spending the most cash. It can be really helpful when creating upcoming budgets.
3. Balance sheet- This shows if your assets balance with your liabilities. If you have more liabilities than assets, you’re losing money and must reevaluate.
4. Accounts receivable aging report- This is a list of overdue customer invoices. It covers how late the payment is and how to contact the client for collection.
5. Budget report- This compares the actual results of your business with a pre-established budget. It is used to determine how much funds each area of the business is given and how well they use the funds to achieve the goals of your business.
6. Business plan- This maps out where your business is, where you want it to go, and how you plan to get there.

If you need help generating or understanding these financial documents, simply get in touch with us. Our reliable team can explain these in language that’s easy-to-understand.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Contact us

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

COVID-19 Vaccination Drive On Track, Says PM

Prime Minister Scott Morrison said the vaccination drive against COVID-19 is on track to meet the target of having everyone inoculated by October, despite delays.

As of 7 March 2021, the total number of people who have been vaccinated stands at 86,369.

Business Confidence Hit Decade Highs

The National Australia Bank’s index of business confidence reached decade highs, as it rose by four points to +16 in February. This comes after sales, profits, and employment all picked up sharply– a positive sign that the country’s economy is recovering from last year’s recession caused by the pandemic.

Australian-Focused Online Marketplace Launched

‘Buy Aussie Now‘, an Australian-focused online marketplace was launched, featuring a ‘Tick of Approval’ to identify products that are Australian-made and owned.

The online store, which is the first of its kind in the country, features about 15,000 Aussie products across nine categories from 6,500 registered businesses.

Wage Subsidy Scheme for Apprentices to Be Expanded

The government will spend $1.2 billion to expand its wage subsidy scheme for apprentices, as JobKeeper is set to end this month.

Under the apprentice scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. It will run until September 2022. Ask us if you have any questions.

Second Round of ‘Boosting Female Founders Initiative’

The federal government has launched a second round of funding for the Boosting Female Founders Initiative worth $11.6 million. This will support female entrepreneurs to build their businesses and create local jobs.

Through this government support, grants between $25,000 and $400,000 will be provided to Australian start-up businesses that are female-founded or majority owned and led by women.

Applications have opened on 8 March 2021, the International Women’s Day.

JobKeeper ends soon: here’s what to do if you’re worried about your business

If your business is struggling with cashflow or other issues at the moment, it’s time to have a chat. It’s a good time to take stock and think about your business more broadly. It’s likely that any underlying issues have been compounded by the COVID-19 crisis, magnifying and accelerating the impact of these issues.

If you are worried about how your business will make ends meet without JobKeeper, you should speak with your advisor to find out your options. It’s crucial to be proactive and act early if you feel you will be in financial distress. Get in touch with us to find out how we can help you weather this storm. We’ll make sure you have a solid understanding of your business’ current financial position so you can make informed decisions.

JobSeeker Rate Increases by $50 a Fortnight

The JobSeeker rate will increase by $50 a fortnight from April 1 after the government scraps its coronavirus supplement.

Currently, those eligible with no children are paid $715.70 a fortnight– of this, $565.70 consists of the JobSeeker payment and $150 accounts for the coronavirus supplement.

When the coronavirus supplement ends on 31 March 2021, the new JobSeeker rate will be brought to $620.80 a fortnight, equating to $310.40 a week, or just over $44 a day.

$143 Million Cash Boost For Victorian Businesses

The Circuit Breaker Support Package worth a total of $143 million will be given to businesses in events, tourism, hospitality, and accommodation to help return revenue lost over the five-day lockdown.

The travel voucher scheme has also been expanded to offer 40,000 $200 vouchers for travel in greater Melbourne, along with an additional 10,000 for travel in regional Victoria.

Beware of Scammers Impersonating the ATO

The Australian Taxation Office (ATO) is warning about a new batch of scammers impersonating the ATO who are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

While the number of people falling victim to this scam is low, the large amounts being lost per person is alarming, according to Assistant Commissioner Trent Jakubowski.

So remember, the ATO does call taxpayers but will never:

• send unsolicited pre-recorded phone messages
• use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
• suspend your TFN
• request direct transfers of money to a personal bank account
• project their number onto your caller ID

If you receive a suspicious call, email, or SMS, report it to ato.gov.au/reportascam or call the ATO’s dedicated scam line 1800 008 540 to check if it was legitimate.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

21 March

• February monthly activity statements – final date for lodgment and payment.

31 March

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts. Payment is due as advised on their notice of assessment.

Contact us if you have any questions.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

Xero Launches Xero Verify

Xero has launched its own authentication app, Xero Verify, to give small businesses world-class data protection. The new app makes it easy for users to set up multi-factor authentication (MFA) on their Xero accounts.

It eliminates the need for codes and sends push notifications to your device for a fast and easy way to authenticate your login.

How it works

When you log in, Xero Verify will send a pop-up message to your phone. All you have to do is to open the notification and tap once to authenticate.

If you lose your device where the authenticator app is installed, you just need to turn off MFA, change your password, and then set up MFA on your new device.

How to Set Up MFA With Xero Verify

Follow these steps to set up MFA with Xero Verify on your device.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Contact us

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Government Committed to Vaccinating All Australians by October

Although the vaccinations are currently behind the target set for the end of February, Federal Health Minister Greg Hunt says the government stays committed to getting all Australians inoculated by the end of October.

The Australian Defence Force will also assist with the vaccine rollout. Military doctors and nurses will help administer the vaccine in aged care homes starting next week.

Second Phase of Public Information Campaign on COVID-19 Vaccination Has Launched

With the vaccination program underway, the next phase of the $31 million information campaign has launched.

The initial round of advertising campaign rolled out in January focused on informing the public regarding the Therapeutic Goods Administration’s world-leading independent approval process. Meanwhile, this second phase informs the community about Phase 1a of the vaccination program where high risk individuals were prioritised.

The campaign will run across multiple channels including television, radio, press, digital, social, mobile, search, as well as in medical and shopping centres.

Property Prices Rose at Fastest Pace in 17 Years

Australia’s property prices increased by 2.1% in February, marking the strongest national growth in 17 years according to CoreLogic. This comes after every market rebounds simultaneously amid the record-low interest rates and a ‘fear of missing out’.

JobKeeper ends soon: here’s what to do if you’re worried about your business

If your business is struggling with cashflow or other issues at the moment, it’s time to have a chat. It’s a good time to take stock and think about your business more broadly. It’s likely that any underlying issues have been compounded by the COVID-19 crisis, magnifying and accelerating the impact of these issues.

If you are worried about how your business will make ends meet without JobKeeper, you should speak with your advisor to find out your options. It’s crucial to be proactive and act early if you feel you will be in financial distress. Get in touch with us to find out how we can help you weather this storm. We’ll make sure you have a solid understanding of your business’ current financial position so you can make informed decisions.

JobSeeker Rate Increases by $50 a Fortnight

The JobSeeker rate will increase by $50 a fortnight from April 1 after the government scraps its coronavirus supplement.

Currently, those eligible with no children are paid $715.70 a fortnight– of this, $565.70 consists of the JobSeeker payment and $150 accounts for the coronavirus supplement.

When the coronavirus supplement ends on 31 March 2021, the new JobSeeker rate will be brought to $620.80 a fortnight, equating to $310.40 a week, or just over $44 a day.

$143 Million Cash Boost For Victorian Businesses

The Circuit Breaker Support Package worth a total of $143 million will be given to businesses in events, tourism, hospitality, and accommodation to help return revenue lost over the five-day lockdown.

The travel voucher scheme has also been expanded to offer 40,000 $200 vouchers for travel in greater Melbourne, along with an additional 10,000 for travel in regional Victoria.

Beware of Scammers Impersonating the ATO

The Australian Taxation Office (ATO) is warning about a new batch of scammers impersonating the ATO who are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

While the number of people falling victim to this scam is low, the large amounts being lost per person is alarming, according to Assistant Commissioner Trent Jakubowski.

So remember, the ATO does call taxpayers but will never:

• send unsolicited pre-recorded phone messages
• use aggressive or rude behaviour, or threaten you with immediate arrest, jail or deportation
• suspend your TFN
• request direct transfers of money to a personal bank account
• project their number onto your caller ID

If you receive a suspicious call, email, or SMS, report it to ato.gov.au/reportascam or call the ATO’s dedicated scam line 1800 008 540 to check if it was legitimate.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

21 March

• February monthly activity statements – final date for lodgment and payment.

31 March

• Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large/medium taxpayers), unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for the head company of a consolidated group (excluding large/medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier. Payment is also due by this date.
• Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large/medium trusts. Payment is due as advised on their notice of assessment.

Contact us if you have any questions.

Government-backed COVID-19 Loans Extended

The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

Digital Payment Options Worth Considering

Digital payment methods are increasingly becoming relevant amid the COVID-19 pandemic. Aside from the safety of contactless transactions, digital payments are undoubtedly more convenient.

Below are some payment methods that you can adopt for your small business:

• PayPal– One of the most popular platforms for online payment, PayPal supports sending and receiving invoices and recurring transactions. It also offers PayPal Here credit card reader that you can install in your physical store.
• Payoneer– A digital wallet that supports over 150 currencies, Payoneer is ideal for global transactions because of its low transaction fees and competitive conversion rates.
• Google Pay– Google Pay is a platform that supports peer-to-peer transactions through mobile and offers an easy checkout process for online shopping. It is available in both iOS and Android, and can also be used via Gmail.
• Shopify– It covers everything from ecommerce to secure mobile payments and POS systems. Shopify supports Visa, MasterCard, American Express, Apple Pay, Android Pay, and other popular payment methods.
• Square– Square is an affordable option perfect for small businesses and startups. You can use it to set up an online store free of charge and sell from there. You can also use it as a store window and redirect customers to your own site. Aside from allowing payments through its mobile app, Square also offers credit card readers for in-person payments.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Contact us

The ATO has released further guidance on the recent changes to the JobKeeper scheme in relation to the timing of an eligible employee.

From JobKeeper fortnights commencing 3rd August, the key date for eligible employees has changed to 1 July. In the past, an employee had to be on the books as of the 1st of March in order to be eligible for the JobKeeper wage subsidy. This change is to allow for businesses that started opening up and taking on new employees after March.

Any full time or part time worker as of 1 July or any casual employee with over 12 months regular and consistent service of a business is an eligible employee for JobKeeper purposes.

Full time or part employees who commenced work after 1 March and before 1 July will now be eligible. However, there are also several other categories of employees who might become eligible under this change over this time frame:

• Casuals who with the extended date now meet the 12 months service requirement;
• Employees who turned 18;
• Employees who meet the Visa requirements.

All eligible employees must be provided the nomination notice by this Friday 21st August. Note that this only applies to previously ineligible employees who now are eligible. Any employee who was eligible as at 1 March keeps this status and there is no need for them to confirm their eligibility again.

There’s also some good news for businesses on JobKeeper as the ATO has announced employers will have until 31 August to ensure these new eligible employees are paid the minimum $1,500 per fortnight wage requirement.

Further guidance on JobKeeper 2.0 (i.e. the payments after September) will be released shortly.

If you have any questions regarding JobKeeper, please do not hesitate to contact us.