The Rise of Virtual Banks (AKA NeoBanks)
WHAT IS A VIRTUAL BANK? To put it simply, Virtual = Online. It is a bank with no physical branch. While all banks have online capabilities, a virtual bank is designed from scratch to work via the web (be it on a computer or a phone app). The entire process of applying for an account, […]
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 […]
Some Victorian COVID Grants Are Not Taxable
UPDATE 23/07/21: The following links will also be of assistance should you be looking for more up to date info… https://www.charteredaccountantsanz.com/news-and-analysis/news/summary-of-vic-covid-19-business-support goes over all of the Government support available for Victorian businesses and employees (there are similar pages for other states) https://www.ato.gov.au/General/COVID-19/Government-grants-and-payments-during-COVID-19/#Paymentstosupportbusiness details which state Government grants are not taxable. ——————————— As the heading suggests, […]
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 […]