Collins Hume Blog

Super guarantee amnesty

Now is the time to get payroll right

A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.

Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the compliance burden on some businesses.

The new rules impact on full time employees paid an annual wage under one of 16 Awards (see the full list here). Under the rules, an employee's annual wage can't be less than what they would've been paid over the year if they were paid all of their award entitlements for their work. If you pay your team above the award entitlements, then you can continue to pay an annualised salary without using the annual wage arrangements. If you have team members on a minimum wage however, there are additional obligations.

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$10,000 grants to provide fast relief for NSW small businesses battling COVID-19

NSW small businesses struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced by Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope.

The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.

Ms Berejiklian said the new fund was based on the hugely successful scheme rolled-out during the recent NSW bushfires, which provided $42 million to 4200 businesses within the first ten days of launching.

"This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation," Ms Berejiklian said. "These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs." 

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Employees working from home

The other kind of housework

If you're an employee who works from home during the coronavirus pandemic, you may be able to claim a deduction for expenses relating to that work.

If you are working from home, always remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. 

Keeping good records NOW will help to get your deductions right at tax time. 

Download the ATO's PDF poster to help you better understand what you can claim or call us on 02 6686 3000.

HOME OFFICE EXPENSES

Collins Hume partners with you to sustain your business and lifestyle through uncertain times. Call us in Ballina or Byron Bay on 02 6686 3000. Celebrating 40 years in business 1980-2020!

$1,500 JobKeeper subsidy to keep staff employed

A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).

To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below:

Date	From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020
Applies to	Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a downturn of more than 50%

Eligibility

There are two levels of eligibility; for employers and employees.  Read more…

Government's Stimulus Package in response to the Coronavirus

24 March 2020

The purpose of this article is to provide you with an update relating to the Government's Economic Stimulus Package in response to the Coronavirus. Our office will continue to apply its available resources to assist and support you where we can through this uncertain period as we attempt to survive the ever changing restrictions we are all dealing with.

The following is a broad summary of the key aspects of the Federal Government's stimulus package in response to the Coronavirus, as recently announced and enacted. 

These measures were implemented via various Bills introduced into Parliament, which very quickly received Royal Assent on 24 March 2020 (including the Coronavirus Economic Response Package Omnibus Bill 2020), so as to give effect to the Government's stimulus package. 

Cash flow assistance for businesses
The Government is providing cash flow assistance for eligible businesses in the form of the following measures:  Read more…