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SMALL BUSINESS ACCOUNTING NEWS
Latest news about small business accounting and taxation from Billings + Ellis, the small business accountants in Melbourne.
JobKeeper payments to help businesses retain and support employees through this challenging time
On 30 March 2020, the Australian Government published a fact sheet to provide more information on JobKeeper payments as the third stage in stimulus and support packages to assist with COVID-19 impacts.
Second stage of government stimulus package for 2020
On 22 March 2020, the Australian government announced the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Here is a summary of key points in the government stimulus package.
Government stimulus package offers economic remedy for 2020
In response to the impact of Coronavirus (COVID-19) on the Australian economy, the Federal government announced a stimulus package to assist Australian businesses in general and also provide extra support for some individuals. The business benefits are not automatically applied and some action is needed to claim available benefits where eligible.
Super guarantee amnesty helps employers with unpaid SG liabilities for a strictly limited time
The super guarantee (SG) amnesty, introduced by the government on 6 March 2020, allows employers to disclose and pay any unpaid super guarantee charges (SGC) that they owe for their employees, from quarters between 1 July 1992 and 31 March 2018, with nominal interest but without risk of incurring potentially huge penalties.
The importance of wages compliance for small business owners
Media reports of wages underpayments by high-profile employers have drawn focus on the importance of wages compliance for small business owners, who may need professional guidance on payroll calculations to ensure peace-of-mind.
Directors can be liable for GST as well as PAYG and SGC under extended DPN regime
The DPN (Director Penalty Notice) regime was extended by legislation passed on 5 February 2020 so that now, a director can be held personally liable if the company has not met its GST obligations, in addition to the pre-existing liability of directors for unpaid company PAYG (pay-as-you-go) withholding and SGC (superannuation guarantee charge) obligations.
Government support package for small businesses impacted by bushfire crisis
On 20 January 2020, the Australian Government announced a comprehensive support package to help small businesses that have been impacted by the bushfire crisis get back on their feet.
Getting prepared for EOFY 30 June 2019
As the financial year draws to a close, business owners can still take advantage of any benefits that could be available and ensure the business is in good shape for closing one financial year and entering another. Here are some specific matters to be considered in time for 30th June 2019.
2019 Federal Budget highlights in review
On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.
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