Superannuation Guarantee Amnesty Window Open – Act Fast!!
On 6 March 2020, the government passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 as law. This bill provided a one-off amnesty to encourage employers to correct their Superannuation Guarantee obligations dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 September [...]
Enrolment For Jobkeeper Payments Now Open
The Next Steps You Need To Take The JobKeeper Payment scheme is now open for enrolment. JobKeeper Payments are designed to assist with the continued employment of employees where a business experiences a drop in turnover of 30%, more information on eligible businesses and employees can be found here. The next steps for businesses that [...]
SME Eligibility for Job Keeper Payments (JKP)
Next steps to be taken if you believe you are an eligible employer: Contact your Hoffman Kelly advisor for full advice confirming your position and assistance with all required steps if you would like us to assist you with these claims. If you would prefer to undertake the enrolment/application process yourself, we suggest you follow [...]
Commercial Rent Fee Relief
Commercial rent fee relief The parliament met yesterday and passed legislation which enables the Treasurer to make rules to implement the JobKeeper Scheme. Unfortunately, the rules have not yet been published, and there are no new details to clarify certain parts of the scheme which are still uncertain so we will send an update about [...]
COVID 19 Stimulus & Support Measures
Hang in there. We’ve designed this guide as a quick reference to the COVID-19 related tax and financial support that might be available to you. The Government has flagged that more support is coming and we will keep you updated of changes that are likely to impact on you. The stimulus and support packages help, [...]
Stimulus & Assistance Measures Update
Over the weekend, the government announced more measures to assist both businesses and individuals due to the disruption caused by COVID-19. These measures are expected to be legislated this week. For more detail, or to discuss exactly how they will apply to you, please contact your accountant at Hoffman Kelly. We remain open for business [...]
Queensland Government – Payroll Tax Relief For Business
The Queensland government yesterday announced a 2.5 billion stimulus measure to provide Queensland businesses some relief from payroll tax. The Office of State Revenue has already commenced sending emails to businesses offering the payroll tax relief which provide detailed instructions on the process to follow to obtain the benefits. The main details of the scheme [...]
$1,500 JobKeeper subsidy to keep staff employed
A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). [...]
Covid-19 Business Advice And Economic Stimulus Package
COVID-19/Corona Virus is on everyone’s mind and appears to be the only thing being spoken about. There are plenty of views about the health impacts of the virus and the implications for the wider community, but as a business owner it is crucial that while there are many unknowns, planning and being prepared for the [...]
R&D Tax Incentive
The Research & Development Tax Incentive can allow a business to recoup some of the costs incurred during the development phase of eligible activities. This can assist cash-flow throughout the research and development phase, which is often draining on cash-flow. The rules and processes for the R&D tax incentive are based on complex legislation, however [...]
Project Bank Accounts – Rollout Expanding
The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health service [...]
Director of a company? Beware of additional penalties!
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 has been passed in the senate, which can have potential consequences on directors of companies. The bill allows the Commissioner of Taxation to estimate future GST liabilities and make directors personally liable for the debt in certain circumstances. This is the case when the Commissioner believes [...]
