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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Surviving Coronavirus and beyond

Surviving a Crisis: Coronavirus and Beyond

Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses.

panicWithin a few months, the virus, now called COVID-19, has gone from being a largely unknown medical condition to one that threatens to impair Australian and global economic growth.

We explore the impact on business and the importance of planning for setbacks beyond your control.

"This is not a drill," World Health Organisation Director-General Dr Tedros Adhanom Ghebreyesus.

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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…

Collins Hume celebrates 40 years in business

40 years of Collins Hume Accountants & Business Advisers
2020 marks 40 years of Collins Hume being in business, so we thought it might be interesting to share a potted history of how we started and where we've been. We hope you enjoy reading.

In 2020, Collins Hume employs 25 people and acts for over 4,000 clients throughout Australia and around the globe. Helping our clients to improve their businesses, wealth and lifestyles is prominent throughout our history.

1 March 1980
john humejohn collinsJohn Collins and John Hume form Collins Hume to address the need for local businesses to have quality tax and business advice. Even though there's been a changing of the guard with additional partners over the years, Founding Partner, John Collins, remains an integral part of the team as the firm continues to grow and deliver their commitment of helping businesses, families and individuals to prosper.

Ian Wunsch CPA was appointed Partner to head our new superannuation offering, following the introduction of self-managed super in the 1980s. 

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Collins Hume
is a CPA Business
Liability limited by a scheme approved under Professional Standards Legislation*
*Other than for the acts or omissions of financial services licensees.