Posts Categorized: News

What to do about your Velocity points?

What to do about your Velocity points?

It’s a question many are asking!

Bianca Drieberg from MTA Travel (Mobile Travel Agents) has posted the following Facebook post as to how it stands now:-

https://tinyurl.com/y8bqkgzq

Follow the page for latest updates or contact Bianca if you have questions – bdrieberg@mtatravel.com.au

 

 

 

 

 

 

JobKeeper Alternative Test

So we FINALLY have the JobKeeper Alternative Test!

About time!  So many people who hanging in day by day so it’s quite unbelievable that it gets released only on the morning of Thursday 23rd April.

Finally new fledgling business can ascertain whether they will receive JobKeeper (either for employees or themselves as a business participant).  Or not; in which case many can finally decide whether they should hibernate, contract or close down.

So finally in the short time left before the registration test can we have a full and proper discussion and analysis of clients with new businesses.

If you want to read it, here it is:-

https://www.legislation.gov.au/Details/F2020L00461

 

 

JobKeeper Employee Nomination form

This is the form to be completed by all employees:-

https://tinyurl.com/yd34rxkq

If you are enrolling yourself for JobKeeper:-

  • Please be aware that the ATO page has been crashing.

  • The ATO has yet to make provision for anyone wanting to apply on the basis of projected turnover for the June quarter (which is important for those who won’t qualify on the basis of the actual turnover for March or the projected turnover for April).

  • Make sure you understand the definition of turnover is a modified version of GST turnover.

  • That the ATO are yet to definitively clarify whether turnover should be measure don a cash or accrual basis.

  • New qualifying conditions have been “added today” to business participants that have NOT part of any discussion from some of the most reputable accounting sources in the country.  

Whist this has been released in a rush and there are understandably teething problems, be very careful of making a mistake due to incorrect or outdated information.


Please return to our website for what we believe will be imminent release of the business participant enrolment form – they have to release it soon as business owners need to sign by Sunday!

JobKeeper registrations only open today

There is much to absorb and action.  Moreover, JobKeeper registrations only open today. 

If you are not registered by Sunday 26th, then you won’t be entitled to receive any JobKeeper payment for the first two JobKeeper fortnights.

There are no retrospective payments.

Yes registrations opened today.  Registered already you say?  No you haven’t – you have merely expressed interest. 

To register you need to do so:-

  • Through your business portal.

  • Through your accountant’s business portal.

  • Manually for employers not reporting through STP (not recommended).

Want to know more – then enrol for our webinar today at 4pm

https://zoom.us/webinar/register/WN_KgK3mKcUQHunYb2PW7hwjA

 

JobKeeper – can I claim and how do I claim?

Whilst many businesses cannot claim the PAYG withholding (wages tax) Cash Flow Boost, many more businesses will be able to claim JobKeeper.

Under this stimuli, the government will pay to each qualifying business a flat $1,500 per employee per fortnight.  I say business as the scheme is also open to non-employers such as sole traders, partner of a partnership, a beneficiary of trust and one director of a company.

Even the first JobKeeper payment fortnight has already passed, the registration process will start next week.  The window for that is effectively open for a very short period of time.  Don’t register – no soup for you!

On Monday, will run a webinar in which you will learn:-

  • Whether you are eligible

  • The concept and importance of registering your interest

  • The difference between registering your interest and subsequent application

  • How to register

  • Why you should register even if you believe you may not benefit

  • How to report and claim every fortnight

  • Understand the cash flow shortfall that you will encounter

  • Your ongoing obligations

  • The records you need to keep

  • What happens if you get it wrong

 LEARNING OBJECTIVE – by attending this webinar you will:-

  • Have an understanding of how the system will operate

  • Understand the buzz words and concepts

  • Be able to decide whether yourself, ourselves or recommended bookkeeper will handle both the registration and / or on-going process

  • Any new developments – as this system is far from finalised

  • And as part of this, we will show you the control sheet we have set up to guide you through the process

Effectively we are giving all of this to you on a plate as this has all been built, collated, summarised and systematised on the back of hours attending technical webinars and reading the mountainous pile you can see in the photo below.

Please click on the following link to register for the webinar at 4pm on Monday 20th April:-

https://zoom.us/webinar/register/WN_KgK3mKcUQHunYb2PW7hwjA

 

Another webinar will be run if there is sufficient overflow.  If you can’t attend Monday’s webinar then please action the following matter.

IMPORTANT – you need to register your interest with the ATO IMMEDIATELY if you have not done so already.  This interest notification merely advises the ATO that you intend to claim; it is not in itself registration.  To register your interest, please refer to our blog at:- 

https://www.mrsaccountants.com.au/category/covid-19-strategies/

or 

https://www.mrsaccountants.com.au/register-for-1/

We remind you to keep referring to our web page for important daily blogs, tips and strategies.

 

 

 

 

State government rent relief

The state government announced this afternoon its own rent relief package.  The fine details are due to be released next week when the legislation is put before state parliament..

Most of the funds and attention will no doubt be directed at residential leases.  A pool of funds will set up to help distressed tenants.

Today’s announcement said that Land Tax relief would be given to landlords to help them to wear a rent reduction.  It is not clear whether that is for commercial property landlords as well as residential landlords.

We will let you know of the fine details when they are known.

 

Register for #2

VECCI (Victorian Chamber of Commerce and Industry) is looking to do more to support businesses in Victoria.

So much so that they are offering free membership for the next year.

VECCI is a terrific resource in opening doors to those who are importing and exporting.  But every business can benefit as they offer:-

  • Two free employment and HR support calls.

  • Free attendance at 4 networking events

  • $700 training credit

  • Amongst many other benefits

Why not give them a go – you have nothing to lose and those HR support services may prove invaluable.

You can register at:-

https://join.victorianchamber.com.au/memberships-gs/?utm_source=GSN&utm_medium=search&utm_campaign=VCCgenericChamber&utm_term=bmm&utm_content=chamberofcommerce&gclid=CjwKCAjw95D0BRBFEiwAcO1KDDxcosGj6vj3D2XUgDXx1F26kZuySY1Frd8gLLaFEan1oAQrTqFnMBoCn-IQAvD_BwE&fbclid=IwAR2bippWddCMXCyZzwJa-9M0tPXYbNW-D7Mexrwyxn-wtiTG-ktv7v6ka_I

Standing down and retrenching employees

Businesses find themselves in desperate times.  Most businesses are cutting costs in order to survive.  And many businesses are laying off workers due to dramatically lower sales.  Even so, there is a right way and a wrong way in standing down and retrenching employees.

Fairwork Australia has a useful article which you can access from the following link.

https://coronavirus.fairwork.gov.au/?utm_content=123884798&utm_medium=social&utm_source=twitter&hss_channel=tw-425561567#stand-down

You should only be standing down and retrenching employees after ensuring that you have complied with FairWork rules and employment agreements. 

Moreover, we recommend engaging an HR specialist to guide you through this process.

And before standing down and retrenching employees, check to see whether you don’t have to.  It just might be that JobKeeper (assuming you qualify) helps you retain those employees.  You will almost certainly need them when times improve. 

So please factor in these considerations should you be considering standing down and retrenching employees .

 

JobKeeper – unannounced details

JobKeeper was passed by by both houses of parliament yesterday. 

But it is yet to be finalised.

The bill as passed gave Treasury the power to legislate the rules.  They have yet to do so.  On past experience, one would be concerned that they narrow the rules and prevent many intended recipients from receiving this crucial stimuli.

We also await details as to what discretionary powers the ATO will give themselves.  

We will post as soon as we have clarity on exactly how this system will operate.

 

Zoom meeting security

If you are like us, we are now using Zoom so much more than ever before.

If so, you should be concerned about the security of Zoom Meetings.

It is not that difficult to randomly guess the web address of a Zoom meeting given the relatively short identifying number.

They have been many stories circulating about Zoom meetings being bombed by some uninvited “guest.”

That is unfortunate as Zoom has a built in security feature which enables entry into a meeting only after entering a password.

We use this feature when inviting guests.

If you are new to Zoom, you might also appreciate the following tips:-

  • Ask your attendee to log in at least 3 minutes beforehand.

  • Sit in a well lit area.

  • If there is a number in the meeting, consider turning your microphone and video off to avoid dropping out.

  • If connecting via your laptop, have it plugged in.