Collins Hume NRL Footy Tipping Comp 2021

Be part of the fun in this year's FREE NRL Footy Tipping comp!

In the name of shopping locally and supporting our community, this year's prizes will be purchased from Collins Hume business clients.

NRL Footy Tipping CompTo join:

  1. Go to https://www.iTipFooty.com.au
  2. Click the 'REGISTER' button if you don't already have an account with iTipFooty.com.au
  3. Once you have successfully registered login and, click the JOIN COMP button
  4. Enter Comp # 103098 and Comp Password CH1234
  5. Click join comp.....DONE!  Read more…

JobKeeper payments case

Sole Trader Granted Access to JobKeeper with Backdated ABN

A sole trader who was able to backdate his ABN has won access to JobKeeper payments in a recent case before the Administrative Appeals Tribunal (AAT).

jobkeeper case studyTo be eligible to access JobKeeper as a business participant (for example, as a sole trader), the rules require a business to have an active ABN on 12 March 2020. The rules also provide the Tax Commissioner with the discretion to allow further time for an entity to register for an ABN.

In this case, a sole trader, Mr Apted was an expert property valuer who had been in business for himself in various structures since 2012. In 2014, he set up as a sole trader and registered for an ABN and GST. In 2018, he decided to retire, cancelling his GST registration and later relinquishing his ABN with effect from 4 June 2018 - although he was aware that he had the flexibility to start up again if the need arose or his expertise was required.

In June 2019, former colleagues encouraged him to accept new work and he was contacted soon after by a potential client who engaged him to provide his valuation services in September 2019. Mr Apted made it known that he was available for referral work.

Read more…

JobKeeper Extension Period 2

Final Stage JobKeeper and how to access it

The impact of COVID-19 has been felt very differently from region to region. 

jobkeeper extensionFortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the "new normal".

For those severely impacted by COVID-19, JobKeeper might be available. The third and final phase of JobKeeper started on 4 January and runs through until 28 March 2021. To receive JobKeeper, employers need to have experienced a sufficient downturn (a 30% threshold applies to most entities) in their actual GST turnover in the December 2020 quarter compared to the same period in 2019 – although alternative tests exist.

Read more…

Simplifying small business insolvency

Winding-up: Simplifying small business insolvency

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.

closing down sale signDrawing on key features of the Chapter 11 bankruptcy model in the United States, the new system aims to speed up the insolvency process, reduce costs and where possible, restructure to help the business survive. Where survival is not possible, it's hoped that the quicker insolvency process will deliver greater returns for creditors and employees.

Under previous insolvency laws, the insolvency process treated all businesses the same regardless of size. The new laws step away from the 'one size fits all' model. The simplified debt restructuring and liquidation framework is available to incorporated entities with liabilities of less than $1 million (around 76% of insolvencies are businesses with less than 20 employees) with non-complex debt. The liquidation framework also requires that a company is up to date with its entitlements and tax obligations.

The new laws are intended to help manage the tide of insolvencies expected now that the temporary insolvency related relief for financially distressed businesses has ended (the COVID-19 relief measures which protected directors from insolvent trading and raised the threshold for action by creditors, ended on 31 December 2020.) Read more…

NSW Primary producers registration concessions

Primary producers can apply for a concession on their vehicle registration

Find out if you qualify and how to apply.

cattle trucksWhat is a primary producer?
A primary producer is a person or incorporated body who cultivates or uses their own or someone else's land for their own benefit:

  • for the production of fruit, grains, flowers, vegetables, tobacco or farm or agricultural produce of any description
  • for dairy farming, poultry or other bird farming, pig farming, bee keeping, or oyster or fish culture
  • for a nursery
  • as a pastoralist for the rearing or grazing of horses, cattle or sheep
  • who gather leaves from which eucalyptus or other oil is to be distilled.

Read more…

Collins Hume
is a CPA Business
                 
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