Coronavirus Stimulus Package

The Stimulus Package: What You Need To Know

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.

coronavirus COVID-19The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy.

For business
1. Business investment
  • Increase and extension of the instant asset write-off
  • Accelerated depreciation deductions
2. Cash flow assistance for small and medium sized business 
  • Tax-free payments up to $25,000 for employers
  • Wage subsidy of up to 50% of an apprentice or trainee wage

3. Targeted support for severely affected sectors, regions and communities

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Director Penalty Notices for GST start 1 April 2020

DPNs for GST start 1 April 2020

Parliament has just passed legislation to include GST in the Director Penalty Notice Regime, and it comes into effect on 1 April 2020.

Director Penalty Notices To recap, a Director Penalty Notice is a Notice that the Australian Tax Office (ATO) can send to a Director that can make that Director personally liable for, currently, two types of tax debts of a company – Pay As You Go (PAYG) and Superannuation Guarantee Charge (SGC) liabilities. 

The addition of Goods and Services Tax (GST) to this list means the ATO will be able to pursue a company Director personally for the majority of a company's tax debt.

The now passed version of the legislation makes the new powers to pursue GST forward reaching only – so the ATO can only chase GST debts incurred in the period starting 1 April 2020 or later with a DPN.

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New award requirements March 2020

Changes to Australian modern awards took effect 1 March 2020

If you're an Australian employer, you may be aware that changes are in place to modern awards that will require added compliance.

payroll appsThe Fair Work Commission announced its final decision last year amid media stories of employers underpaying workers. The new award requirements took effect on 1 March 2020.

Many businesses will need to review employment contracts and update their HR and payroll practices in the coming weeks. If you're an employer who uses Xero Payroll, you'll want to ensure you're compliant. These are just a few of the tasks that will apply to an enlarged group of 22 modern awards:
  • Annual calculations of what the employee would have been paid under the award compared with the annualised wage actually paid (with reconciliations and back pay of any shortfalls)  Read more…

Bushfire support for business

Business bushfire support

bushfiresBusinesses in fire affected areas that have suffered direct losses or indirect economic loss may be able to access:
  • Recovery grants of up to $50,000 (tax free) 
  • Concessional loans of up to $500,000 for eligible small businesses (including farmers, fishers and foresters) and non-profit organisations who have suffered significant asset loss of significant loss to revenue. The loan would be for up to 10 years and used for the purposes of restoring or replacing damaged assets and for working capital. 
  • A range of State Government grants are also available.  Read more…

Experts to bring Renowned Workshop to Ballina

FREE Key Person of Influence Workshop

Dent Global, recognised as one of the world's leading business accelerator programs, are bringing their Key Person of Influence Workshop to Ballina on 27 February 2020 in partnership with Collins Hume.

KPI WorkshopThe Key Person of Influence program is predicated on the five levers of influence – Pitching, Publishing, Productisation, Profile, and Partnerships. Mike Clark and the KPI team will be hosting the 3-hour workshop at Ballina RSL where attendees will learn about the five levers of influence and how they can be applied to every business.

Mike has been travelling to regional towns for the past six months as part of his mission to help more business owners grow their business so they can 'make a dent' in the universe.

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