JobKeeper 2.0 Alternate Turnover Tests
Check out our easy to use Alternate Test Calculator at https://www.mcaaccountants.com.au/download-files/9025/ With 4 days until JobKeeper 2.0 begins, the Government has released the alternate tests available to businesses when working out if they have suffered a 30% decline in turnover. Talk about cutting it fine! The strangest part of the delay is that the tests […]
Further JobKeeper 2.0 Clarity
This follows our previous post which can be read at https://www.mcaaccountants.com.au/resources/blog/vic-covid-support-jobkeeper-update/. Further clarification – but still not complete clarification – on the operation of JobKeeper 2.0 was released by the Government on 15 September 2020. Below is a short summary of those, plus what is still unknown. Clarified Administrative Requirements: Employers must notify the ATO […]
Vic COVID Support + JobKeeper Update
We thank all our clients for their patience during these uncertain times.Over the weekend, the Victorian Government announced a support package for businesses and along with these details we also have a JobKeeper update. Victorian Government Assistance We note that all Victorian Government assistance can be found on the Government’s website at https://www.dhhs.vic.gov.au/financial-support-coronavirus-covid-19. With the […]
ATO Crackdown on Professional Service Businesses
The ATO are looking to ensure that people running a professional service business (such as accountants, lawyers, architects, etc) are not using business structures to avoid tax.
The problem is that they are going far beyond this and trying to force people to pay more tax than the Law requires them to.
Single Touch Payroll is Mandatory (even if you are your only employee)
Action Points All wages must be reported via Single Touch Payroll from 1 July 2021 – and this includes payments to owners. If you do not have payroll software, now is the time to get it organised. If you draw money out of your business, and have not spoken to your accountant about STP, then […]
Federal Budget 2020
NOT YET LEGISLATED It is important to note that any announcements made by the Government are not guaranteed to become Law. These announcements need to pass Parliament first, and it’s possible that the Government may need to alter their announced changes in order for them to get through Parliament. Do not make firm decisions until […]