Business owners are well aware of the significance of filing a Business Activity Statement (BAS). Unlike individual taxpayers who only deal with income tax, businesses registered for Goods and Services Tax (GST) face a more complex process. They must regularly lodge a BAS, responsible for reporting and paying various business taxes, including GST and Pay As You Go (PAYG) instalments. Navigating BAS lodgement can be intricate, and errors are not uncommon. To ensure a smooth online lodgement process, it's crucial to steer clear of these common pitfalls: Lodging your BAS is an important part of your business and with this guide, you can check to ensure that you have not made any of the mistakes that often occur. Conversely, if completing a BAS is still seeming like a burden, reaching out to a registered BAS Agent may be the best decision for you. You can easily book a consultation session with us right here to have a chat about your BAS or any of your financial needs! #bookkeepingblog

Embracing effective bookkeeping and other accounting practices is essential for businesses, offering a multitude of advantages. While enlisting the services of an outsourced bookkeeper can streamline these processes, it's equally crucial to identify the key qualities to prioritize when selecting a bookkeeper. Discover how accuracy and expertise align with the best accounting packages for your business's financial success. A friendly face Choosing a good bookkeeper can be difficult, however, once you have found one, the process should run smoothly. Having a friendly bookkeeper will help to encourage communication and won’t deter you from asking some of your burning questions about accounting. Keeping a close relationship with your accountant or bookkeeper will truly help to make the process a lot more enjoyable and efficient. They are there to help you and ease your bookkeeping stresses, so make sure you outsource a bookkeeper who makes you happy. Workload Furthermore, outsourced bookkeepers should help reduce some of your stress as your workload should be decreasing. By designating the bookkeeping aspects of your business to someone else, it is expected that you will have more time and energy available to truly focus on your speciality within your business. If your bookkeeper is only increasing your priorities list, he or she is not a good bookkeeper! Investing in an outsourced bookkeeper may seem like a scary decision, especially for small businesses who are worried about cash flow, however, a good bookkeeper should not even raise this question. Once you find the perfect bookkeeper for you, you will find the ability to reallocate your time and resources into aspects of your business that deal specifically with its performance and growth, and away from all of the accounting and bookkeeping. Therefore, when you are outsourcing a new bookkeeper, take note of your workload before and after their help. It may take a couple of weeks to get started, but once all has settled, consider whether this bookkeeper is actually helping you and your business or whether they are just causing extra stress for you. Organisation Whilst the imagery of bookkeepers drowning within the depths of endless receipts is becoming archaic, the new approach to bookkeeping is not too far off this idea. With new online software and programs available to accountants and bookkeepers, such as Xero, it is still important that your bookkeeper is able to store your transactions and information in an organised manner to prevent the occurrence of avoidable errors. If your bookkeeper is constantly asking you to resend documents because they have simply lost your original email in their never-ending inbox, take precaution, because this is a big signal of an unorganised bookkeeper. Without a clear system to file your important documents, your bookkeeper may fail to record all of your invoices and transactions. This will only cause further stress for you and your business and may even lead to a last minute scramble to find your missing transactions to balance your accounts! Advice Another benefit of outsourced bookkeepers is that they are able to provide you with professional insight and advice. Having had a plethora of clients and the opportunity to watch businesses grow, bookkeepers often know the telling signs of a progressing small business and are also able to better pick up on the business’ negative accounting practices. From here, they can help to bring attention to any problems, providing you with possible solutions and alternatives. Additionally, they can highlight any positives of your business and may provide you with insight into how you can further emphasise and improve these aspects. This feedback is invaluable and only provided by the best bookkeepers who are willing to help their clients and simply want the best for you and your business. Moreover, don’t be afraid to ask for advice. Some bookkeepers do not give out unsolicited advice as some customers don’t want that feedback, but if you are someone who wants to be informed about the financial health of your business, ask your bookkeeper, because a good one will give you some tips without hesitation. There’s no discussion that bookkeeping is a critical aspect of any business, however, it takes a good bookkeeper to help realise any benefits. As many business owners don’t particularly specialise in accounting practices such as bookkeeping, it can be helpful to outsource a professional bookkeeper to help you and your business. Thus, you can use this blog to determine whether your bookkeeper possesses the above factors and if they are the right choice for you and your business. If you would like to get in contact with a bookkeeper, you can get in contact with us and book a consultation session right here! #bookkeepingblog

In today's dynamic economic landscape, the significance of bookkeeping services and BAS agents for small businesses cannot be overstated. While the benefits of bookkeeping have long been recognized, the current uncertain economic climate underscores its crucial role. Discover why seeking solace in numbers through professional bookkeeping services is essential for both you and your small business. Cash Flow Monitoring Running a business comes along with a range of unexpected events, both good and bad. The happy moments make running a business so fulfilling, however, the less positive occurrences cannot be completely avoided. It is important that businesses keep tabs on their cash flow to be able to plan for their future. With COVID continuing to pose an uncertain threat to society and the economy, it is critical for business owners to stay prepared for any sudden and unexpected lockdowns. Saving up when possible and preparing some emergency cash can often be lifesaving in difficult situations. By bookkeeping and keeping track of available funds, you can better determine whether you may need to save up or even decide if your business is ready to take the next step and expand. In the current financial climate things can get really difficult and that is why it is best to take careful precautions with your finances, spend some dedicated time to properly analyse your business’ expenses and income in order to be prepared for any potential events. Bills A word that business owners see too frequently! Each week, it can often feel like you are being sent a never-ending list of bills and invoices to pay. Whilst it may seem easy to just simply pay them as they come, all business owners know that it can get overwhelming. We all are too familiar with the situation where we receive an invoice in the middle of a task, you say that you’ll get back to it once you’re free, but as usual, it just loses itself amongst the mass of emails in your inbox and a late fee is charged. It can be a never-ending nightmare! However, by dedicating a time slot to bookkeeping, you give yourself the opportunity to get on top of all of your invoices and bills. Simply saying you will do things once you are ‘free’ is often not effective as this time can easily be taken away for other tasks. When allocating a period of time for bookkeeping, you will organise your day in order to ensure that this time remains available. During your bookkeeping time, you can track your cash flow, record transactions and finally make those invoice payments. This will help to reduce any instances of skipping bills and save you from having to pay those hefty late fees. Another option is to organise a time to sit down with a professional bookkeeper to go through your transactions or even give them full responsibility for managing your accounts and bills. Taxes It is often a misconception that you should begin organising your taxes just prior to submission, however, many businesses benefit from periodically keeping up with their taxes. Businesses that are registered for GST must submit a quarterly BAS and leaving the preparation of them to the last minute can get very stressful. Bookkeeping often encourages you to keep an organised record of your invoices and transactions. In this way, you will be able to easily retrieve any required documents when it comes time to lodge your BAS or taxes. This will significantly help to reduce the time taken to prepare government documents and avoid a frantic scramble to finalise any submissions at the last minute. Resultantly, you can spend your time focussing on your business during the increased demand at the end of the financial year rather than locked up in the office searching through your invoices! Bookkeeping is a growingly important task that you must complete for the benefit of your business. Today’s unpredictable economy is only accentuating the peaks and troughs of the business cycle and by preparing yourself for what’s to come, you can avoid getting trapped in a difficult situation. Start bookkeeping today or organise a consultation session with us right now! #bookkeepingblog

Effective bookkeeping is a cornerstone of financial management for any business. While keeping a record of your expenses is a crucial starting point, the true power lies in categorizing these expenses strategically. The process not only helps in maintaining organization but also empowers you to analyze trends and identify potential issues within your business. Keeping organised Running a small business can quickly get messy if established systems are not implemented and utilised. Outsourcing a bookkeeper can often assist with the creation of relevant categories for your business transactions for optimal organisation. In using these classifications, you will be able to easily find and refer to older transactions. It also provides you with the opportunity to easily view your expenditure for particular components of your business. As a result, you are better able to decipher where a majority of your expenses are coming from and if there are any possibilities of reducing costs. Financial planning In having a clear and concise overview of your finances, all sorts of financial organisation and planning can be better implemented. As mentioned above, analysing expenses is often a great way to start finding ways to cut any unnecessary costs. Furthermore, the classification of expenses into groups can help forecast your future budgetary needs and allow you to predict approximate expenditures for different aspects of your business. In our blog post The Guide to Opening a Small Business, we explore the benefits of budgeting. This process provides a plethora of benefits for businesses, ensuring that financial goals are met periodically. Separating expenses Another key benefit that arises from the practice of bookkeeping is the ability to better and more precisely separate your personal finances from your business transactions. This is a legal requirement which is highly important and a key component in running a successful business. By getting into the habit of classifying your expenses into categories, you will be better prepared to separate between personal and business expenses. It is also important that the recording of transactions is carried out periodically in order to prevent any significant build-ups and ensure that you do not have to dedicate days sorting through old transactions. Learning from your expenses The market is perpetually changing and customers are constantly demanding different and new products. Hence, it is essential for businesses to be agile and adaptive, ready to provide products and services most desired in the market. A great way to find where interest is being generated is by looking over previous periods’ sales and expenses. Grouping your expenses can help determine how much you are spending on each product line and determine the efficacy of the line. This can help accentuate the more successful and less successful aspects of your business. Furthermore, categorising your expenses can allow you to easily monitor costs such as advertising and marketing. As a result, you will be able to analyse which advertising method is the most effective given its costs. Benchmarking Business growth often happens slowly over time. It can be easy to overlook the great progression our businesses can experience over the course of years. However, an efficient method to establish a benchmark for our businesses is through our expenses. By having concise categories and records of our previous and present expenses, we can better analyse how our revenue and profits have changed over the year. Increases in revenue may not always be beneficial if our expenses are growing at a greater rate. However, with proper bookkeeping, you can better keep tabs on the financial decisions of your business and work towards optimising profits. Whilst there are an abundance of reasons to begin categorising your expenses, it can be difficult to find a system that works well for you. It may take some trial and error in the beginning, however, it will be a decision that will immensely pay off in the long run. When first starting out, it can be beneficial to seek some professional advice and guidance. By outsourcing a bookkeeper, you will be exposed to tried and tested methods that can be adjusted to best fit your needs. We are able to provide you with bookkeeping assistance and you can book your private consultation with a professional right here. This will help kick-start your bookkeeping practices and ensure you are on the right track of achieving all of the benefits of bookkeeping.

Remote meetings have become a staple of modern work life, especially in recent times. But let's face it; virtual meetings can sometimes feel like a bit of a puzzle. The good news is that with the right approach and a little help from technology and artificial intelligence, you can make the most out of your remote meetings. In this blog, we'll break down some practical tips to help you ace your virtual meetings in a way anyone can understand. 1. Choose the Right Technology: Your Meeting Buddy Think of technology as your trusty sidekick in the world of remote meetings. It's what makes these virtual gatherings possible. Before your meeting, make sure you've got the right tools in place. This includes a good internet connection, a reliable video conferencing platform, and necessary accessories like a webcam and microphone. 2. Set the Stage: Your Meeting Environment Matters Imagine your meeting space as the backdrop of your performance. Make sure it's well-lit, tidy, and free from distractions. Position your camera at eye level so you're not looking down or up at your colleagues. This simple adjustment can make a big difference in how you appear on screen. 3. Preparation is Key: Your Meeting Agenda Just like a movie needs a script, your meeting needs an agenda. Create a clear plan with specific objectives. Share this agenda with your attendees in advance, so everyone knows what to expect. This helps keep the meeting on track and ensures that important topics are covered. 4. Engage with Artificial Intelligence: The Tech Assistant Artificial intelligence (AI) can be your secret weapon in remote meetings. Some AI-powered tools can help with tasks like transcribing meeting notes, summarizing discussions, and even translating languages in real time. These AI assistants can save you time and make your meetings more efficient. 5. Keep it Short and Sweet: Your Meeting Duration Long meetings can be draining and less productive. Aim to keep your meetings concise and focused. If a topic requires a longer discussion, consider scheduling a separate meeting for it. Shorter, more frequent meetings can often lead to better results. 6. Participate Actively: Your Meeting Contribution Active participation is the key to a successful meeting. Don't be a passive observer; share your thoughts, ask questions, and engage with your colleagues. This keeps the discussion lively and ensures that everyone's input is heard. 7. Follow-Up: Your Meeting Aftermath After the meeting, send out a summary of what was discussed and any action items that need attention. This helps ensure everyone is on the same page and accountable for their tasks. Mastering remote meetings isn't rocket science; it's about using technology, AI, and a thoughtful approach to your advantage. By choosing the right tools, setting the stage, preparing well, engaging actively, and making good use of AI assistants, you can turn your virtual meetings into productive and efficient gatherings. So, the next time you join a remote meeting, remember these tips, and you'll be well on your way to virtual meeting success!

To edit the way your blog feed looks on your site, hover over your blog feed and click on Design. Here, you can pick from different layouts. If you add a blog feed section to a different page on your website, you can pick a design that’s different from your main blog page. Edit what info and details your blog feed displays by clicking on Settings (look for the 3 dot icon). From the Settings panel, Wix Blog lets you hide or display the author name and picture, date and reading time, views, comments and likes counter. Toggle between the options and view your changes in real time. If your blog is connected to a Members Area, you’ll want to make sure the Login button is visible to users. To send automatic email notifications to blog subscribers every time there’s a new post, turn on the email notification option on your Settings panel. Start managing your blog posts by clicking on Manage Posts once you’re happy with your blog settings.

Edit exactly how your blog looks on your website from the Settings panel. Wix Blogs lets you hide or display the author name and picture, date and reading time, views, comments and likes counter. Toggle between the options and view your changes in real time. If your blog is connected to a Members Area, you’ll want to make sure the Login button is visible to users. To send automatic email notifications to subscribers every time there’s a post, turn on the email notification option on your Settings panel. Start managing your blog posts from your dashboard by clicking on Manage Posts. From the Dashboard, you can create, edit and delete posts and update your SEO settings. You can also duplicate or draft posts, turn off commenting, or delete a post altogether by clicking (...) on each blog post. Once you’re happy with your blog, make sure to publish your posts from the Dashboard and go live with your site by clicking Publish.

With the end of financial year approaching, you will want to ensure that the tax-return process for your business goes as smoothly as possible. It’s a time that many business owners come to dread. However, with some changes to the way you approach tax time – it does not have to be the nightmare you imagined. Here are some of the most common mistakes to avoid. 1. Not keeping accounts up to date The end of financial year can become much harder than necessary if you don’t keep your accounts up to date. First of all, it is time consuming to go through and check a backlog of accounts. Furthermore, it can also have a negative effect on the clarity and consistency of the information provided to support your financial statements. In addition, failure to monitor incoming and outgoing cash flow within a certain period can leave you without vital funds needed for your business obligations. Utilisation of accounting software assists businesses in keeping records and accounts organised and up to date. If you are not using them already, they are something you should consider. 2. Writing off bad debt prematurely Quite often business owners will choose to write off their bad debt towards the end of the financial year. This is sometimes done with the aim of recovering the goods and services tax (GST) and to reduce income tax for that year. While this may be the right move once a debt becomes impossible to collect – in many cases – businesses draw the line too early on bad debts. There could still be ways to collect that money. One possibility is to try a collection agency. It may seem like the customer has disappeared, but a good collection company can often find them. Use of a private investigator is another option. If you are to employ a collection agency – the quicker you do it, the better. Rates increase for older debts as it is usually harder to locate the client or to retrieve the debt, the longer you wait. 3. Not keeping regular contact with your bookkeeper or accountant For business owners who are not experienced in accounting, employing a bookkeeper to keep their financial records and accounts in check, is especially important. Check out our article Do I need a bookkeeper? It could be hiring one internally, however, if you own a small business it is probably a better idea to outsource to a bookkeeping company. The overall cost will be lower. A bookkeeper ensures that you are kept up to date on crucial tax or accounting changes. They also provide you with a deeper insight into your current financial position. A common mistake that business owners make is they only contact the bookkeeper at the end of financial year – once their records are already a mess. To save yourself the time and struggle, it is better to employ a bookkeeper or accountant throughout the year. Understanding your current financial position means you can more accurately plan ahead for financial growth. 4. Inadequate record keeping If you’re going to pay money for bookkeeping services, it’s essential that you find someone with the required experience to handle your needs. Don’t outsource you bookkeeping to the cheapest service you can find and then be surprised when the records lack detail or supporting information. This can create huge problems for business owners. If you overestimate your profit for a certain period, you will be needlessly paying more tax. At the same time, underestimating your profits can lead to an audit and potential fines. Small errors will snowball over time if they are not stopped in their tracks. Reconciliation is a great example. If you don’t regularly reconcile your records with your bank statements, your finances will likely suffer significant damage in the long term. Make sure to take action early so that you save yourself an unnecessary headache at the end of financial year. 5. Lack of training on accounting software functionality Accounting software has made the life of both clients and their bookkeepers easier than ever. This software automatically updates a businesses financial records as they occur throughout the year. Programs such as Xero can track things such as payroll, key expenditure, inventory, invoices, or even PAYG and GST payments. Utilising these programs means businesses spend a lot less time and money on handling their financial records. Furthermore, their accountants will have more time to focus their roles as business advisors too.

Single Touch Payroll (STP) is a system that works by sending tax information from your accounting software or STP-enabled payroll to the Australian Tax Office (ATO). What kind of business requires the use of Single Touch Payroll? STP was initially introduced in the Budget Savings (Omnibus) Act 2016. All employers with a number of equal to or greater than 20 employees were required to start reporting from July 1st, 2018. More recently, new legislation has passed requiring small businesses with less than 20 employees from Jul 1st, 2019 to also report through STP. How does it work? Your STP-enabled software will create reports that get sent to the ATO. This includes information like your employees’ salaries and wages, pay as you go (PAYG) withholding, super liability information, amongst other payments. You can also include other withholding payments of your choice in your STP reports. They are not mandatory, but STP allows you to streamline your reporting rather than spreading it out over multiple reports. Examples of payments you can include are reportable fringe benefit amount (RFBA) or reportable superannuation contributions (RESC) for your employees. If you do this by July 14th in the next financial year – you will not be required to submit a payment summary annual report, covering these amounts, to the Commissioner of Taxation How can I prepare? Employers with less than 20 employers If you are a small business owner with less than 20 employees, there are a number of options for you to get ready and report through STP: If you are currently using payroll software, you can also use it to report if it is STP-enabled. If not, talk to your software provider and find out what other options are available. If you do not currently have payroll software, look for one that offers STP reporting Hire a professional such as a BAS or tax agent to report through STP on your behalf Employers with 1-4 employees If you are a micro business with 4 or less employees and are not already using payroll software, there are alternative ways to report through STP: Choose a low priced/ no cost program from the governments STP product register. Think about what product best matches your specific business needs. You may be eligible for quarterly reporting concession. You just have to find a tax or BAS agent who is willing to report quarterly on your behalf. What is concessional reporting and am I eligible? There are several concessional reporting options available to help businesses transition to Single Touch Payroll. Eligibility differs for each one and depends on individual circumstances. If you are an employer with 1-4 employees you are considered a ‘micro employer’ and have the option of reporting through your registered BAS or tax agent on a quarterly basis until June 30th, 2021. If you choose to go with this option, you must find an agent to lodge the STP report on your behalf through an STP-enabled software. Eligibility To be eligible for the quarterly concession: You must have between 1-4 employees on the day of your application Have non-automated payroll – This includes manual payroll systems with hard copies of every record. Process your activity statements electronically via a registered tax or BAS agent. All amounts owed to the ATO are either subject to a payment plan or not yet due. All lodgement requirements are either subject to deferral or not yet due. If your employee numbers increase after having your application for the concession accepted, you will still be eligible to report quarterly until June 30th, 2021. How does it affect closely held employees? If you are a small business with fewer than 20 employees, you are able to report your closely held payee information quarterly. No application is required for this exemption. Eligibility A closely held employee is someone who is directly related to the entity that they receive payments from. These are people such as directors, shareholders, trust beneficiaries, or family members of a family business. If your business only has closely held employees, you do not need to begin STP reporting until July 1st, 2020. Payments included in quarterly report for closely held employees You will be required to make a reasonable estimate of the total amount paid to your closely held employees each quarter. This estimate amount can be calculated though: Withdrawals taken by the employee – these do not include dividend payments or payments which reduce the total liabilities owed to the closely held employee by the business. Vary the amount of the previous year, taking trading conditions into account, within 15 % of the overall directors or salary fees for the current financial year. Calculate 25% of the total salary or directors’ fees from the year of the last lodged tax return of the closely held employee Reports for employees who you report for each pay day are lodged separately to the quarterly reports for closely held employees. If, however, you are also eligible for quarterly reporting on your non-closely held employees, you can report for all your employees in a single report. All STP reports will also include the total amount of pay as you go (PAYG) withholding payments for the quarter and your total gross wages. Due dates for quarterly STP reporting If you are eligible for quarterly reporting, you will need to send your STP report once every quarter for your employees at the same time you lodge your activity statement. If you would like to report on a more frequent basis, there are also options available such as monthly reporting. If you’re still not sure whether you need to be using single touch payroll, reach out to an expert here and we can determine your obligation. #bookkeeping #singletouchpayroll

Every day, all around the world, a huge number of people throw themselves into the entrepreneurial world. Business owners spend hours refining their business plans, budgets, and cash flow – yet many will not survive the first year. Even if you make it past the first year – over 60 percent of small businesses fail within the first three years of their operation – according to the Australian Bureau of statistics. This is why it’s essential you handle your cash flow and budgeting accordingly, to give your businesses the best chance of survival. Below, we’ve compiled some cash flow and budgeting tips that you can start using immediately. 5 Cashflow and budgeting tips for small businesses Monitoring of profit margins Accurate tracking of your profit and loss gives you invaluable insight into whether your current pricing plan is effective or whether you need to review your current structure. Job management software such as Tradify or AroFlo allows you to monitor your materials, labour and expenses directly against jobs. They also provide reports on the overall job cost and how much profit you are making per job. Many of these programs also integrate with automatic accounting systems like Xero, Quickbooks and MYOB. This means you are able to reconcile all invoices and outgoing bills in your account system, saving you the hassle of double entry. Analyse your cash outflow There are many ways you can reduce your outgoing costs. Instead of replacing your capital equipment, fix it. Regular maintenance of your equipment will save you money in the long term. If something is broken beyond repair, look for used equipment in good condition. You could also look to form a buying cooperative. Look for other like-minded small businesses willing to pile their cash together and bargain for lower prices from suppliers. They usually give discounts to firms who buy in bulk. Remember to maintain a good, friendly relationship with your suppliers as you will have a better chance of finding better long-term deals with them. These are just a few things you can think about. Ultimately, you want to analyse the quality of your spending. What are you getting back from the money you spend? Do you need to be spending as much as you are? Make sure your customers pay you on time This may sound obvious but send your invoices on time. In most cases, the sooner you invoice your customers, the sooner they will pay you. You could also utilise the invoice function in programs such as Xero or Quickbooks which sends your customers automatic payment reminders. Most of them include one click payment options, making it easier for the customer to pay you. If a customer is regularly not paying you on time without good reason, replace them at the first opportunity. Have a Back-up plan It’s likely that at some point, you will need to use emergency cash for your business. With the current coronavirus pandemic, more and more businesses are beginning to face this reality. Of course, the first step is to have an emergency fund. When possible, put aside money into an account that you only access in case of an emergency. For many small businesses, however, you may not have this luxury. Another good way to prepare yourself for these situations is by staying on top of your business credit score. A good credit score means you are more likely to get good terms on a business loan. A business credit card can boost your credit standing whilst also giving you an emergency source of funding. Focus on your Return on Investment (ROI) For every single investment you make in your business, you should be considering the return you’ll get. ROI is therefore one of the most important metrics for small businesses. When money is tight, focus on proven high ROI marketing methods. E-mail marketing & social media advertising tend to have the best ROI when compared to any other marketing tactic. It focuses on keeping existing customers and turning them into long-term, loyal buyers. These methods boost profits a lot more than just acquiring new customers. There will be times when you have some extra cash and want to experiment with some new marketing methods. The ROI may not be as high, but they are effective in building your brand and attracting potential customers. Key Takeaways It’s certainly a hard time to be a small business owner, but the opportunities are there. Plan and budget accordingly. Start looking at how you can utilise the online world. Always be improvising. Whatever you do, you’ll need to create a solid foundation and this all begins with efficient handling of your budgeting and cashflow. #bookkeeping #budgeting #cashflow

As part of a $130bn support package in response to the COVID-19 pandemic, the Australian government has introduced a new JobKeeper payment. If your business has been affected, you will be able to access a subsidy to help with payment of your employees. While there is no legislation officially released, we do our best to breakdown what the JobKeeper payment could mean for you. How much can I get? The government plans to pay eligible employers a sum of $1,500 per fortnight for each eligible worker. This works out to roughly 70% of the national median wage and $400 more per fortnight than the updated jobseeker payment. Am I eligible? To receive the new JobKeeper payment, both the employer and employee must meet the required eligibility criteria. Big banks which are subject to the banking levy are not eligible. To be an eligible employer, you must be a business (including sole traders, companies, partnerships and trusts), not-for-profit organisation or charity that: Has a turnover of less than $1bn and have lost 30% or more of your revenue compared to the same period last year Has a turnover of greater than $1bn and have lost at least 50% of their revenue compared to same period last year. To be an eligible employee: You are currently employed by an eligible employer, which includes those who were stood down or re-hired. You were employed by an eligible employer at March 1st, 2020. You were a sole trader, long-term casual, part-time, or full-time employee employed on a regular basis for longer than 1 year as at March 1st, 2020. You are at least 16 years of age. You are an Australian citizen, hold a permanent visa, a protected special category visa, a non-protected special category visa who has been an Australian resident for at least 10 years, or a New Zealander on a special category (subclass 444) visa. You are not receiving jobseeker payment from another employer The government estimates that this payment will be received by around 6 million workers. How will I be paid? If you are an eligible employer, you will be paid $1,500 per fortnight for each eligible employee starting from March 30th, 2020 – for a maximum of 6 months. If you are an eligible employee, you will receive a minimum of $1,500 before tax per fortnight. Employers are able to top up these payments at their discretion. They will pay employees as usual and receive monthly instalments, as arrears, from the Australian tax office. Will I still receive $1,500 if I usually earn less? The rules state that employees must be paid a minimum of $1,500 per fortnight, before tax – even if they were earning less than $1,500 per fortnight, before tax. Therefore, with the new JobKeeper payment, it is possible for part-time or long-term casual workers to earn more than their regular pay. What if I was laid off or stood down? If you have been stood down as an employee, the employer must continue to pay you at a minimum of $1,500 per fortnight, before tax. This means if you have stopped working due to restrictions on businesses – such as cafes, restaurants, theatres and other public venues – you will continue to be paid. Additionally, if you began employment at March 1st, 2020, subsequently ceased employment, and were re-hired by the same employer, you will also receive a minimum of $1,500 per fortnight, before tax. This will encourage businesses to re-hire workers that they were forced to lay off. When will I be able to receive the first JobKeeper payment? The subsidy will commence on March 30th, 2020 with employers expected to receive the first payment in the first week of May. Until then, employers are required to continue paying their employees. The amount can then be claimed back as part of the first payment. How does this affect superannuation? Employers will have to continue to pay superannuation guarantee on regular wages. It is their choice, however, whether to pay superannuation on any excess amount resulting from the JobKeeper payment. What this means is that a worker who ordinarily receives $1,200 per fortnight along with superannuation; will receive the first $1,500 payment with superannuation paid on the first $1,200. It is then up to the employer if it is paid on the last $300. Can I receive the JobKeeper and other payments at the same time? A person who receives the JobKeeper payment is not eligible to also receive the jobseeker payment. If you already applied for jobseeker, you could withdraw the application and shift to JobKeeper payments if you are re-hired by your employer. Lastly, you cannot be in receipt of JobKeeper payments from multiple employers. You can see our other blog posts regarding COVID-19 here, but for the most up to date information, please regularly check back to the Australian Taxation Office’s COVID-19 page.

If you are the owner of a small business in the Victoria state – you can find information below on available financial support. Overview The Victorian government announced a Business Support Fund worth $500 million to help small businesses survive the economic effects of the coronavirus. How much am I entitled to? A grant of up to $10,000 per business will be available. Am I eligible? To be eligible for the grant, you must meet the following criteria: You Employ staff You have a turnover greater than $75,000 You have a payroll of no more than $650, 000 You held an Australian Business Number (ABN) which was valid at March 16th, 2020(The date the state of emergency was declared) You were engaged in carrying out operation of the business in the Victoria state on March 16th, 2020. Have been subject to closure or is highly impacted by Non-Essential Activity Directions issued by the Deputy Chief Health Officer to-date. For more information on affected sectors refer to https://www.dhhs.vic.gov.au/sites/default/files/documents/202003/Non-Essential-Activity-Directions-No-2.pdf If your business is not employing people, you can still potentially receive support through the Commonwealth Governments Job Seeker payment program. How can I make use of these funds? Here are some examples of what you can use fund on: Covering business costs such as utilities, rent and salaries Financial, legal or other advice to help with business continuity planning To develop the business in terms of marketing and communication activities Other activities that help to support the operation of the business. Proof of eligibility and compliance You must confirm in writing that you meet the above eligibility criteria You will be subject to an audit by the Victorian Government or its representatives. This involves providing evidence in financial reports to demonstrate the impact of the fund. You will be required to do this for 4 years after the grant has been approved. Any false information found in the application or not applying the grant for the stated purposes will result in the grant becoming repayable by demand. How do I apply? If you are interested in receiving the grant – you can submit an application online via: https://businessvic.secure.force.com/PublicForm?id=bsf2020#no-back-button You must provide a copy of your most recent Business Activity Statement (BAS) along with any other supporting material. Further Information Applications will be available from March 30th, 2020 and close on June 1st, 2020. Not-for-profit organisations can also apply for the grant, provided they meet the eligibility criteria. The Victorian Governments package compliments the economic response of the Commonwealth Government. The package also provides: Full payroll tax refunds and waivers for the 2019/20 financial year to any business with a payroll of below $3 million. Removal of liquor licensing fees for 2020. Land tax deferral for any landowner that has one or more non-residential properties and total taxable landholdings of below $1 million. Commercial tenants in government buildings will receive rent holiday for the remainder of 2020. You can see our other blog posts regarding COVID-19 here, but for the most up to date information, please regularly check back to the Australian Taxation Office’s COVID-19 page.