The bill for the Government’s economic rescue package has been cut, dramatically, thanks to a $60 billion miscalculation revealed last week. On Monday Treasurer Josh Frydenberg said it meant the country would be borrowing $60 billion less to cover the coronavirus stimulus. But at the same time, the activities of its debt agency, which is…
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The Tax Office will not grant further extensions to lodgement due dates but will meet the profession halfway by not imposing late lodgement penalties up to the end of the financial year. Despite the best efforts by the professional accounting bodies, the ATO has chosen not to grant a blanket deferral for lodgement and payment due…
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The rate of job losses as a result of the economic downturn has slowed down, with the number of Australians out of work suppressed to under a million, according to new figures from the Australian Bureau of Statistics. The Australian Bureau of Statistics (ABS) has updated its weekly payroll jobs and wages figures for the…
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Close to three out of four tax agents are now behind on lodgements compared to this time last year, as calls for further extensions continue to ring out. A Tax & Super Australia (TSA) survey of 530 accounting professionals has found that a blowout in increased workloads from the government’s stimulus measures has resulted in…
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The Northern Territory has largely reopened for business on Friday, including its pubs. In marking the “historic day”, the NT News boasted the Territory was “the safest place in Australia” with its restrictions now the most lax in the country. This is how other states shape up. While the rest of the country lays out…
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While the debt that COVID-19 disruption has thrust upon the economy is unprecedented and businesses are grappling with uncertainty and dwindling cash flow, they must plan for a post-pandemic future in order to ensure both survival and recovery, an expert has said. Businesses that have locked their sights on building cash reserves, helped by the…
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Practitioners have been advised to keep contemporaneous documentation of their calculations and advice around the JobKeeper payment scheme to avoid inevitable audit scrutiny in the near future. While the ATO has declared that it will take an “understanding and sympathetic” compliance approach when reviewing JobKeeper turnover projections, practitioners have now been urged to document their…
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You would have seen that various states and territories around Australia have already eased some of their own restrictions, while others, such as Victoria, will re-examine state-of-emergency measures from 11 May. As we await these important updates, as business owners and operators, we now move from the day-to-day management of this crisis to planning for…
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Micro employers are leading the way with JobKeeper enrolments as the first ATO reimbursement payments begin to land in employers’ bank accounts. The latest figures from the Treasury show that 728,640 organisations have now enrolled for the JobKeeper scheme, covering around 4.7 million employees. A breakdown of those figures revealed that 40 per cent of…
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As ever more employees around the world who have rarely — if ever — worked remotely find themselves logging on from home, managers face a daunting challenge in helping their teams maintain effectiveness while adapting to an unfamiliar work arrangement. However, telecommuting is a perk you need to implement thoughtfully as it can lead to…
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Another initiative by the Federal Govt to assist small and medium business during the Coronavirus pandemic saw the instant asset write-off threshold increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). The higher Instant Asset Write-Off (IAWO) threshold provides cash…
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Much has been written, and rightly so, about some of the high profile Government initiatives such as JobKeeper, JobSeeker and of course the Business Boost Cash Payments. It has however seen another very worthy Government initiative go largely un-noticed – the Federal Government’s Coronavirus SME Guarantee (CSMEG) Scheme. The CSMEG is designed to support small…
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The alternative decline in turnover test rules for the JobKeeper payment scheme has now been registered by the ATO. The legislative instrument, Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules 2020, has now been registered. The alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover…
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Today’s the day. After weeks of chaos, mass lay-offs and scenes of desperation as thousands queued outside Centrelink offices for government relief, the money finally will start to flow via JobSeeker. For those newly unemployed who have hung on since the end of last month, racking up debts and trying to negotiate with banks and landlords,…
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A third of Australians have already been negatively financially impacted since the onset of COVID-19, and more expect to. That’s the main finding from ME’s COVID-19 Financial Sentiment Snapshot commissioned this week. Of those surveyed, 33% said their income had decreased since the start of the COVID-19 pandemic, while 67% said their income was unaffected (56% said…
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The prudential regulator has told super funds they must release member funds within five business days in the vast majority of cases if they have been assessed as eligible for the government’s early release scheme. In a statement, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said the government welcomed the announcement…
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Guidance around JobKeeper eligibility for sole traders and businesses that operate in the form of a company, trust or partnership has now been updated by the ATO. In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover…
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Enrolments for the JobKeeper payment have now begun, with the ATO issuing a number of guides for businesses to assist them through the process. With over 850,000 businesses having expressed interest to register for the government’s $130 billion JobKeeper scheme, the ATO has now officially opened enrolments through Online services for agents and the business portal. To…
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The Federal Government’s wage subsidy plan is designed to help more than 6 million people who have seen their income fall because of the coronavirus pandemic. The JobKeeper scheme gives affected businesses $1,500 per fortnight per employee to help pay the wages of an estimated 6.7 million Australians for six months. Employers will need to…
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The ATO has confirmed that applications to access super under the new compassionate ground – coronavirus condition of release can be made from 20 April 2020. Applications will be able to be made: Via MyGov, or By phoning the ATO for those unable to access online services. Application process Applicants will need to certify eligibility and will be provided…
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The Federal Government have announced a $130B package to assist Australian Businesses retain their staff via a wage subsidy program. The key points as they are known at this point are listed below: Up to $1,500 per fortnight payment per employee (this is not means tested) Business are legally required to keep employees on their books to be entitled to the…
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Further to prior updates we now have further information on the assistance package available from the QLD State Government: Queensland COVID-19 jobs support loans SMEs may be eligible for a loan to retain employees and maintain your operations. The $500 million concessional loan facility will include low interest loans of up to $250,000 for carry…
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Further to prior updates we have below outlined an updated summary of assistance packages available from either the Federal Government, QLD State Government or the Baking Sector Federal Government PackagesBoosting Cash Flow for Employers Provides up to $100,000 to eligible small and medium-sized businesses (SMEs), and not for-profits (NFPs) with a minimum payment of $20,000.…
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1. Check the list of government loans/grants that the business might be eligible to apply for. 2. Create a COVID-19 coronavirus/natural disaster team which will meet daily (10 – 15 minutes) to review issues and to recommend new or amended strategies. 3. If not already done so, implement strategies to enable team members to productively…
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I approached Mick Doyle at Accountplan to help me with the finance on my first home purchase. The service I received was fantastic and Mick made the home buying process a breeze. Mick was able to answer all my questions, explain the pros and cons of the various loan options before me and in the…
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The RBA has announced an emergency stimulus package on Thursday, cutting the official interest rate out of cycle to 0.25%. It’s the second cut in just three weeks as the RBA seeks to contain the coronavirus fallout to the economy. It came as one part of a four part package, with the RBA also unveiling quantitative…
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Scenes from a daughter’s footy training. It’s early evening. The sun is setting; the temperature is sublime. The suburban ground by a river is fringed with trees and, thanks to recent rain, the oval is in a wonderful state of lushness that surely won’t last. While my daughter trained at one end of the oval,…
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Scott Morrison announced the details of the federal government’s $17.6 billion coronavirus stimulus package on Thursday. The government outlined six key elements to the plan – with a focus on support for business. Here’s what the government will be handing out. Despite the urgings of the opposition, economists and the Reserve Bank, the Morrison government before now has…
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Prime Minister Scott Morrison will inject a multi-billion dollar coronavirus stimulus package into the economy, with funding for small businesses, pensioners and the aged care sector among its largest elements. However, the biggest element is the $750 payments the government will direct to households receiving benefits payments. Those payments will be targeted at around 6.5…
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Having cut the cash rate to 0.5% on Tuesday, the Reserve Bank of Australia (RBA) is for the first time near the limitations of monetary policy. Economists now expect it to cut once more to 0.25%, its own declared ‘lower bound’, before considering quantitative easing, or QE. QE is the controversial process by which a central bank…
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Queensland small and medium businesses have been granted a six-month payroll tax deferral as the state government looks to ease pressures on businesses following the global outbreak of the coronavirus. Queensland Deputy Premier and Treasurer Jackie Trad has announced that small and medium Queensland businesses impacted by the coronavirus outbreak will be able to defer…
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The Morrison government harbours real fears Australia is at risk of falling into recession from the coronavirus, as it prepares a multibillion-dollar economic stimulus package which will focus heavily on tax relief measures. The Reserve Bank of Australia estimates the coronavirus impacts on education and tourism exports has already slashed Australia’s economic growth in the…
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‘With a universal age pension, Australians will have an incentive to save for retirement,’ says Knox. Actuaries giant Mercer has slammed the means test and called for a universal age pension in its submission to Treasury for the retirement income review, reports Investment Magazine. The actuary wants the means test completely scrapped. It also says the…
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The Queensland Government recognises that cash flow is vital for small business. From 1 July 2020, government payment terms under the On-time Payment Policy will be reduced from 30 to 20 calendar days for all valid invoices from small business suppliers, with no value threshold. We invite all Queensland small business owners and operators to…
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Australian wages on track to rise just 2.2% this year, lifting 0.5% in the December quarter, according to ABS data out on Wednesday. The weakness comes as the coronavirus and the bushfires shave growth in key sectors, like tourism and retail, and hurt wages in the accommodation and food services sectors. With unemployment unlikely to sink…
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The most important success factor for any small business is the ongoing availability of cash. In this article, chartered accountant and tax agent Joe Kaleb explains how you can use forecasts, invoicing and other practical tactics to improve cash flow. Whether you got into business to make money or two choose your own hours, the…
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Disqualifying directors and forcing companies to publicly disclose underpayment offences are among some of the measures currently being considered by the Industrial Relations Minister to tackle worker underpayment. Attorney-General and Minister for Industrial Relations Christian Porter today released a discussion paper exploring further changes to tackle worker underpayments. The paper comes ahead of legislation to criminalise…
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Working from home, also known as living the dream, is a complicated arrangement. While the daily commute to the couch is awesome, the drop in productivity can be a real battle. Whether you’ve worked from home for years or only a few weeks, these 10 truths are sure to ring true. 1. The fridge is…
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It’s a new year and time for new business ideas. Here are nine brilliant ones to consider in 2020. 1. Use introversion as a superpower Introversion need not affect your networking ability. According to leadership and communication expert Shane Michael Hatton, it can even be a superpower. “Let the purpose of being in the room…
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Domain has updated its forecasts for 2020, and it expects house prices to rise by 8% nationally this year. Sydney is expected to lead, adding 10% to its house prices and bring the median to an astronomical $1.25 million. Melbourne and Brisbane are forecast to grow by 8%, while Perth’s market is expected to finally…
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Almost half of all Australian employees are set to ask for a pay rise this year, but the chances of the average worker actually getting one is another matter. As Australian wage growth stagnates, it’s often only healthcare workers who are getting solid raises. Of all industry workers, it’s only ecommerce workers who report actually being…
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Almost a fifth of Australian mortgage holders would never consider switching banks despite the potential savings of tens of thousands of dollars, according to new research. While mortgage interest rates are at record lows, not every home owner is prepared to jump to a new lender, according to a Finder survey of more than 1000…
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The ATO has issued an urgent warning about a sophisticated scam which has resulted in millions of Australians divulging personal information. The Australian Taxation Office (ATO) has issued an urgent warning over an elaborate tax scam which imitates an official website and sees users handing over highly sensitive information. According to the ATO, fraudsters conned…
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Australia’s latest inflation figures were once again low — the headline figure rising just 0.7% in the December quarter — but largely in line with what the Reserve Bank of Australia (RBA) had been forecasting. While consistently low inflation point to “underlying problems” in the economy, according to Indeed economist Callam Pickering, the RBA is unlikely to…
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A “world-first” code setting out minimum standards buy now pay later companies must follow has been unveiled by the Australian Finance Industry Association (AFIA). It promises to make late fees fair and capped, limit services to those above the age of 18, freeze and even waive fees in case of financial hardship among other measures.…
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A proposal to make super voluntary for low-income earners would be nothing more than a “blatant tax grab”, according to new research by Industry Super Australia. Last year, Liberal Senator Andrew Bragg put forward a proposal to allow workers earning $50,000 and under to opt out of compulsory super, arguing that it would allow taxpayers…
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Australians are set to miss out on quality advice as an increasing number of advisers leave the industry, a mid-tier has warned. HLB Mann Judd head of wealth Michael Hutton believes a perfect storm of events, including the introduction of new education and professional standards under FASEA and the fallout of the royal commission, has…
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More pensioners than ever are having to work part-time just to get by according to new research, with nearly 5 per cent of people on the pension now doing paid work. Cost of living and inequality researcher Paul Blacklow, of the University of Tasmania, said women and divorcees were increasingly affected. “Aged pensioners who are…
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The café game is hard. It’s a business with as many hard luck stories as culinary pioneers – but there are things you can do to improve your odds. Opening a café is something people dream about when they’re stuck in their cubicle at work, but often the reality of running a café doesn’t match…
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The world of car finance can be just as tricky as navigating home loans. There is often a multitude of options to compare, especially when it comes to low or no-interest car loans. While they might sound like a fantastic deal, these loans often come with a catch. As the old saying goes, if something’s…
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The Commonwealth Bank has revealed its economic forecasts for 2020, delving into what will move Australia and the world this year. Chief economist Michael Blythe has identified domestic factors that will affect the country’s fortunes including consumer spending, business investment and construction rates. Blythe also says mini-booms – including LNG exports, infrastructure, and a growing…
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SMSF trustees hoping to make donations to charitable causes associated with bushfire relief out of their super may run into problems unless they have triggered a condition of release, according to SMSF Alliance. The SMSF administrator’s principal, David Busoli, said in an email update that the issue of funding large-scale donations to bushfire relief charities…
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Small businesses are being urged to keep abreast of some key tax changes coming in 2020, with an accounting body warning they “can have a big impact on the way you run your business”. According to Susan Franks, senior tax advocate at Chartered Accountants Australia and New Zealand (CA ANZ), some of the core changes…
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If you were born between 1977 and 1985, you’re officially a member of the microgeneration known as xennials. The term was coined by Sarah Stankorb in a 2014 Good magazine article to describe a group that straddles Gen X, born between 1965 and 1980, and millennials, born between 1981 and 1996, according to the Pew Research Center. Xennials, according to Stankorb and…
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It’s the start of a new year — and there’s never been a better time to get your money sorted. This is the year to get on top of your budget (or start one), clear that debt, sort out your super and maybe even put a deposit down on a home. I’m sure that’s all…
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Whether you want to learn a new skill or build on existing skills and knowledge – ongoing and self-motivated learning has become the need of the hour. “In this new age of disruption, change is almost constant, says Dr Mathew Donald FCPA, a leadership, management and organisational change specialist. “This means that the workers of…
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Retailers aren’t the only ones who want your money this holiday season. Finance expert Noel Whittaker shares some of the sophisticated cyber scams you need to be on the lookout for. Judgingby the emails I am receiving, internet scams and computer attacks are on the increase. In early December I was talking to an 82-year-old…
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ME surveyed 1,000 Australian adults who had travelled overseas in the past 10 years to find out how important travel is to us. When asked to choose between being well travelled or owning a home, 1 in 3 Australians value travel over home ownership. When drilled down some of the findings are quite surprising: The…
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Finance Friday – Buy Now Pay Later Welcome back to another edition of Finance Friday, this week Mick talks about the buy now pay later scheme. Posted by Accountplan on Thursday, 12 December 2019
Stress can seem like an inevitable consequence of a fast-paced work environment. However, when it reaches chronic levels, it can result in what the World Health Organization (WHO) describes as an “occupational hazard” known as burnout. In its latest International Classification of Diseases (ICD-11), the WHO defines burnout as a “syndrome conceptualised as resulting from chronic workplace stress that has…
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A bill proposing to grant a one-off superannuation guarantee amnesty has now been passed by the House of Representatives, as the ATO urges employers not to wait before the measure becomes law. Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has now been passed by the lower house without any amendments, and will now be…
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With over $2.1 million paid to scammers impersonating the ATO this year, the Tax Office is warning of yet another spike as tax payments deadlines draw near. The latest ATO scam reports show that 622 taxpayers had paid over $2.1 million to scammers pretending to be from the Tax Office this year alone. That amount…
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Download a copy of our December Newsletter
Understanding the reasons for failure is crucial for real progress, and there has to be a readiness to engage in a process of tests and experiments to eventually reach the goal. In the method they have developed, there is a series of loops – iterations – forming a cyclical process of conceptualising, prototyping, testing and…
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The federal government’s planned Business Growth Fund has received a boost, with the big four banks each committing $100 million the fund to boost long-term funding for SMEs. In addition to the $100 million contributions from ANZ, CBA, NAB and Westpac, HSBC has promised to contribute a further $20 million to the Business Growth Fund. The…
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Theoretically, how much money you need in retirement depends on how long you live. Although there’s no crystal ball for this, we know that improved healthcare and economy mean that people are living longer than their parents’ generation. When budgeting for retirement, try to go for the maximum life expectancy. Men can expect to live…
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With the RBA setting the official cash rate at all-time lows, it’s a good time to work out how this impacts the interest rate on your home loan and whether you are getting a good deal or not. When the interest rate on your home loan fluctuates, it can feel as though you don’t have…
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Property market sentiment has rebounded, with a greater percentage of Australians reporting they are feeling positive towards the current market. That was the standout finding from research conducted by ME Bank in October 2019. Other findings show: 42% of Australians in the property market feel positive about the market (up 9 percentage points) and 24%…
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Turn your idea into a business by following these steps. You’re excited and confident about your idea for a business, and want to take it to market successfully. That’s great. Our checklist will help you cover off the things that you should do, and must do to start a business in Australia. FIRST, KNOW YOUR…
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Effective negotiating can lead to both parties benefitting from the outcome. Here’s how planning and focus can help. Every day, we act as negotiators. However, we seldom think about the skills required or the processes we must follow to negotiate successfully, according to Chas Savage, CEO of Ethos CRS, a company that specialises in customised capability training…
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Comprehensive Credit Reporting (CCR) is now in full swing, giving lenders a closer look into your financial character and highlights facilities that you may not have disclosed in your application. The CCR shows the lender if a credit facility is open or closed, the credit limit and repayment history information on a monthly basis. So,…
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Another month, another rate cut. Finance can be so tedious. That is until you realise it could mean more money in your pocket. But how? For many, matters of personal finance are so dull and/or difficult, they are immediately filed in the too-hard basket. And for their trouble, or lack thereof, these people are often…
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Experts offer tips on how to leave work stress at the door when you clock off. Overwork in the Asia-Pacific region is endemic. A report by Kisi, Cities for the Best Work–Life Balance 2019, found that Tokyo and Singapore were the top two most overworked cities in the world, while Kuala Lumpur came in at number four. In…
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We all experience frustrating times in our careers, but if you find yourself asking the question, “Should I quit my job,” then you’ll want to review these five signs that it’s time to move on from your current role. You hit snooze when the alarm goes off, drag yourself through the day’s meetings and you…
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Download a copy of our November Newsletter
The argument over raising compulsory employer superannuation contributions often misses the impact on the wider economy and ignores alternatives to boosting retirement incomes. There is a sustained campaign for the Australian Government to increase employer superannuation contributions to 12 per cent of a worker’s wage (from 9.5 per cent under the superannuation guarantee), and an…
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Loyalty and engagement aren’t necessarily easy to foster in millennial employees. But with the right approach, any manager can make the workplace a better environment for their staff. Many things affect how successful your business is and how quickly it grows. There are your marketing and sales strategies, the clientele you target, your choice of…
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Almost one in five Australian SMEs entered into payment plans with the ATO last financial year, as they struggle to pay a collective tax bill of over $16 billion. Sail Finance recently revealed the findings of a sample poll of finance brokers it had conducted, many of whom said the Tax Office’s payment plans are “too…
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Australians who are hoping to get a mortgage have been given a warning as pressure on Afterpay and other providers ramps up. Finance experts have warned house hunters to “stay away” from buy now, pay later platforms such as Afterpay, with spending habits viewed as a hurdle for home loan applications. “Definitely try and avoid…
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Finance Friday – Can I Borrow Through a Self Managed Super Fund Posted by Accountplan on Thursday, 24 October 2019
One of the final things that need to be done before pressing go on a new business idea is structuring the company properly. Getting business structures right is crucial to any new starter, and here are some things to keep in mind when setting it all up. Starting up a new business comes along with…
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Small business owners often waste time. Even though a study conducted by TSheets found that nearly 60% of self-employed workers in the U.S. said they either worked every weekend or every other weekend, if you’re truly honest with yourself, you’ll probably admit that there’s a difference between spending time on work-like activities and actually working.…
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A growing number of today’s older workers will face challenging times when they retire, if recent figures from the Australian Bureau of Statistics (ABS) are any guide. The ABS claim that just 56 per cent of people aged 55-64 are mortgage-free, and there are fears that more and more Australians will find their retirement plans…
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The federal government’s resolve to push compulsory superannuation to 12 per cent is certain to be tested in its coming review of the retirement income system. Scheduled super guarantee increases, already enacted by legislation, would see the current rate of 9.5 per cent grow to 10 per cent from July 2021, then a further 0.5…
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When you’re deciding which property is right for you, the price is one of the many factors you need to consider. The list price – the price tag the real estate agency places on the property – is just that: a price tag. The list price can be influenced by many factors, including the vendor’s…
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With interest rates the lowest they have ever been, it’s time to talk about how you can take advantage of this opportunity and secure financial freedom earlier than anticipated. Whilst reducing rates, and repayments, is going to give you more money in your pocket, why not consider a different approach and request your lender to…
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Download a copy of our October Newsletter
We are thrilled to introduce Kylie Stewart who recently joined Accountplan as our Bookkeeper and Process Improvement Specialist. Kylie is incredibly experienced across a multitude of bookkeeping software options and is fully qualified to guide clients with the new Single Touch Payroll requirements introduced by the ATO. Please join us in welcoming Kylie to the…
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How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either: An income statement – if your employer reports…
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We are thrilled to introduce Jane Bevan who recently joined Accountplan as Customer Service Associate in our Financial Planning team. Jane has over 10 years experience in the Financial Planning industry and will be working closely alongside our Senior Financial Planner Dion Richardson. Please join us in welcoming Jane to the team next time you…
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Finance Friday #11 – Extra Payments to your Home Loan Welcome back to another edition of Finance Friday, this week Mick talks about extra payments to your home loan. Posted by Accountplan on Thursday, 19 September 2019
From an income tax standpoint, it’s in your interests to keep good records of your transactions and activities. Keeping good records is not only required by law, but it makes your accountant’s job easier – this can result in both decreased fees (an accountant will take less time in preparing returns etc.) and increased deductions…
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Industry Super Australia (ISA), the umbrella group representing not-for-profit industry super funds, is calling on the Federal government to change the law, so that employers would be required to pay super entitlements of their employees at the same time they receive their salary or wages. The Australian Tax Office (ATO) is now doing more to chase…
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One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work related purposes. Much of the claim relates to depreciation on the cost of the vehicle. As technology continues to advance and with data sharing amongst authorities becoming more prevalent, the ATO…
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When you run your own business a good retirement plan can bring real peace of mind. Read more about your options – and why it’s never too early to start. PLANNING YOUR RETIREMENT When you’re busy running your own business retiring could be the last thing on your mind. But planning your retirement well in…
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$10 billion dollars has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year, with most returns being processed in under two weeks. Australian Taxation Office (ATO) Assistant Commissioner Karen Foat highlighted that the ATO seeks to process returns as soon as possible, announcing that over…
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Around 5,000 businesses will potentially be impacted by the government’s proposal to allow the disclosure of business tax debts to credit reporting bureaus. Responding to a question on notice during a Senate committee inquiry, the ATO has revealed that under the proposed $100,000 tax debt threshold, around 5,000 businesses could potentially be reported. The previous proposed…
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