Tailored Accounts facebook   +61 2 6169 5196

Common mistakes that made businesses think they failed the JobKeeper 2.0 test (Part 1)

  • Read: 10 times
JobKeeper (JK) 1.0 was a big challenge for us as it involved a new set of complex laws that required tedious documentation and reconciliation to ensure everything was executed smoothly! JobKeeper 2.0 is even more challenging because many businesses have to complete both JK 1.0 and 2.0 tests. Since the release of JK 2.0 rules by the Australian Tax Office (ATO) and the alternative tests, our team has been working tirelessly to make sure our clients are entirely confident of whether or not they are going to receive JK payments for the next three months. The good news is that…
Read more...

Federal Budget Summary 2020-21

  • Read: 27 times
Author: Mark Thirlwell, MAICD Chief Economist Original article can be accessed here Even before today’s announcements, the Prime Minister had described tonight’s budget as ‘arguably one of the most important, if not the most important since the end of the Second World War.’ He made a fair point. Budget 2020-21 delivers a huge, multi-billion-dollar deficit on a scale not seen since the end of that global conflict. I said in my pre-budget update that this Budget needs to achieve three main goals: It needs to continue the government’s impressive work in supporting the economy and offsetting the large, negative demand…
Read more...

How to improve your payment terms to ensure you get paid on time under COVID-19?

  • Read: 86 times
According to a report released by ASBFEO (Australian Small Business and Family Enterprise Ombudsman) in March 2019, large businesses that offered payment terms of 20 days or less, rarely paid on time! Further, a survey conducted by ASBFEO in November 2018 found that over 40% of respondents had received late payments for their invoices. On a more extreme level, the survey showed that 28% of respondents received late payments for over 60% of their invoices in the last financial year. Construction, mining, retail, state government, manufacturing and large multi-sectoral businesses were at the top of the list, with late payments…
Read more...

The latest JobKeeper amendment notice

  • Read: 85 times
The latest amendment to the JobKeeper 1.0 rules has been released. This seventh amendment, released on Friday 14 August, encapsulated the changes set out in the 7 August version of the “JobKeeper Payment” fact sheet, as discussed in Tax & Super’s article “When considering the latest JobKeeper changes, stay tethered to the facts”. Note: In recognition of the short time available to employers to meet the wage condition for newly eligible employees, particularly in relation to JobKeeper fortnight 10, the ATO has given employers until 31 August 2020 to meet the wage condition for JobKeeper fortnights 10 (3-16 August) and…
Read more...
Subscribe to this RSS feed