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Dec 16

JobKeeper Payment extension 2 starts soon

JobKeeper Payment extension 2 starts soon

The second JobKeeper Payment extension starts from Monday 4 January 2021.

It covers the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021.

It means:

  • if you are eligible for JobKeeper extension 2 you will need to complete a new decline in turnover test
  • the payment rates for your eligible employees will change
  • if you are new to JobKeeper you can enrol in the program to participate in the remaining fortnights.

To support you over December and January we have extended some reporting dates.

For JobKeeper fortnight 20 (Monday 21 December 2020 to Sunday 3 January 2021):

  • You will have until the end of Monday 4 January 2021 to pay your employees (meet the wage condition).
  • Business monthly declarations for JobKeeper fortnights 18, 19 and 20 are now due 28 January 2021.

For JobKeeper fortnights 21 and 22 (starting Monday 4 January 2021 and Monday 18 January 2021):

  • You will have until Sunday 31 January 2021 to meet the wage condition for your eligible employees.

This is to make sure that you have paid your eligible employees before claiming JobKeeper payments in your February monthly business declarations.

Check out more information on the ATO website: https://www.ato.gov.au/Newsroom/smallbusiness/Employers/JobKeeper-Payment-extension-2-starts-soon/?sbnews20201216

Jobkeeper by Coralie Downie
Dec 16

JobMaker Hiring Credits

JobMaker Information

The JobMaker Hiring Credit could mean that your business will receive payments for new positions you create.

Eligible employers will receive payments of up to:

  • $200 a week – for each eligible employee aged 16 to 29 years old
  • $100 a week – for each eligible employee aged 30 to 35 years old.

To be eligible, your business must meet criteria including:

  • holding an Australian Business Number (ABN)
  • being registered for pay as you go (PAYG) withholding
  • reporting through Single Touch Payroll
  • being up to date with income tax and GST lodgement obligations
  • not falling into any of the exclusion categories.

The new positions must increase both your employee headcount and payroll.

  • The total employee headcount must increase by a minimum of one additional employee from the date of 30 September 2020.
  • The payroll for the reporting period must increase compared to the three months to 6 October 2020.

There are specific dates relevant to both eligibility and payment. Check out the ATO website for more details.

https://www.ato.gov.au/Newsroom/smallbusiness/General/Can-the-JobMaker-Hiring-Credit-help-your-business-/?sbnews20201216

JobMaker by Coralie Downie
Jul 1

STP Finalisation?

24 June 2020

STP changes the way you finalise your reporting

Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.

You’ll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you’ve already reported and finalised through STP.

Advise your employees you won’t be giving them a payment summary because they will now get their new income statement in their ATO online account via myGov or through their tax professional.

Encourage your employees to check their personal details with you and in ATO online before tax time. Out-of-date or incorrect details may prevent their information from appearing in their ATO online account.

You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:

  • 31 July if you employ 19 or fewer employees
  • 14 July for businesses with 20 or more employees.

The sooner you finalise, the sooner the income statement will display as ‘tax ready’ in your employees’ ATO online accounts and be ready to use in their tax returns.

If you have what we call ‘closely held (related) payees’, you may have a later due date for those payees.

  • Find out about:
  • Finalising your STP data
  • Single Touch Payroll for employees
  • COVID-19 support for businesses and employers
  • Information for this post copied from the ATO Small Business Newsroom https://www.ato.gov.au/Newsroom/smallbusiness/Employers/STP-changes-the-way-you-finalise-your-reporting/?sbnews20200701

Single Touch Payroll by Coralie Downie
May 8

JobKeeper Wage Subsidy

We are currently working on JobKeeper Subsidy payments for our various clients. If you need assistance, please contact us.

The latest information can be accessed on the ATO website:

https://www.ato.gov.au/general/jobkeeper-payment/

Jobkeeper by Coralie Downie
employee superannuation
Mar 18

Contractor or Employee?

https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Hiring-a-contractor-/

There’s no one deciding factor that makes a worker an employee or contractor for tax and super purposes. As an employer, it’s a decision you can only make accurately when you review the whole working arrangement.

The only way to get to the right answer is to ask the right questions. Answer these six questions before you hire a worker:

  1. Ability to subcontract/delegate: can they pay someone else to do the work?
  2. Basis of payment: are they paid based on an agreed quote they provided?
  3. Equipment, tools and other assets: do they provide their own tools and equipment needed to get the job done?
  4. Commercial risks: are they legally responsible for their work and liable for fixing mistakes or defects?
  5. Control over the work: do they decide how the work gets done subject to specific terms in the contract or agreement?
  6. Independence: do they operate their own business independently of your business?

If the answer is no to some or all of these questions, you need to seek further information and advice before treating your worker as a contractor.

Find out about:

Payroll & Employees by Coralie Downie
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