Posts made in July, 2020

Taxable Payments Annual Report (TPAR)

The Taxable Payments Annual Report (TPAR) is due for lodgement by the 28th of August every year. This report is now required by businesses in the following industries: building & construction industry cleaning services courier services road freight services IT services security, investigation or surveillance services You will be required to lodge this report if you paid any subcontractors during the previous financial year. If you did NOT pay subcontractors during the previous financial year, then you will need to make a non-lodgement declaration here. Failure to lodge or make a non-lodgement declaration may results in fines and reminders from the ATO. How to lodge the TPAR: Through your MyGov or ATO Business Portal account Through your bookkeeping software such as MYOB or Xero Post a paper form to the ATO...

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JobKeeper 2.0 Comments Off on JobKeeper 2.0

JobKeeper 2.0

Last updated 24 September 2020 _ Government fact sheet with example Detailed guide with examples _ The following info-graph has been shared with permission. Please note that some details on the info-graph are out of date. _ Key Changes _ 1. Reduced payments Payments will reduce on 28th September 2020 (phase 1 begins) Higher rate: $1,200 Lower rate: $750 Then reduce again on 04 January 2021 (phase 2 begins) Higher rate: $1,000 Lower rate: $650 Payments finish on 28 March 2021 2. Two tiers of payments Employees who satisfied the 80 hour test during either of the reference periods will receive the higher rate of payment. Employees who did not satisfy the 80 hour test during either of the reference periods will receive the lower rate of payment. Reference periods: the 28 days finishing on the last day of the last pay period that ended before either: 01 March 2020 01 July 2020 3. Eligibility Phase 1 of JobKeeper 2.0 You must show the relevant decline in turnover (usually 30%) for the September 2020 quarter compared to the September 2019 quarter. Phase 2 for JobKeeper 2.0 You must show the relevant decline in turnover (usually 30%) for the December 2020 quarter compared to the December 2019 quarter. Eligibility for phase 2 is not affected...

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