Would your business withstand one of its key people falling ill or dying?



‘Key Person’ insurance is an insurance policy taken out and owned by a business to protect a business from the loss of an important – ‘key’ – person from a company. Such a loss might be caused by death, total and permanent disability or a critical illness.

A ‘key’ person is someone whose work within a business is critical to the financial wellbeing of the company or whose work generates a major portion of the company’s profits. It might be anyone from a company director to a salesperson, but they must be someone who would be considered irreplaceable in the short term.

When a ‘key’ person’s value to a business is measured in years of experience and essential skills, the impact when that person is no longer there can be consequential, resulting in falls in revenue, profits and even goodwill with customers and shareholders.

Human assets, just like material assets, are crucial to a company’s financial health, so insuring against the loss of them is equally vital. ‘Key Person’ insurance is a standard Life Insurance, TPD Insurance or Trauma Insurance policy, active during a ‘key’ person’s employment at a company. It compensates a company with a fixed amount, rather than covering actual losses incurred, however this insurance policy can make a marked difference to the continuity of a healthy business after the loss of a ‘key’ person.

The purpose of ‘Key Person’ insurance must be attributed to: There are tax implications to holding a ‘Key Person’ insurance policy, based on its main purpose: Succession planning, making sure you have a suitable replacement for any key role within your business, means preparing for workplace challenges such as the loss of a ‘key’ person. An essential part of succession planning is putting in to place safety nets and ‘Key Person’ insurance would count as economic security.

It would be reassuring to know that your business is adequately protected, so you will need to estimate the value of a ‘key’ person to your business. This will help you decide the level of cover needed in the insurance policy.

All businesses need to minimise their financial risk, so to be certain of your ‘Key Person’ insurance variables, consider seeking certified financial advice. YML Group’s Financial Planning can review your current insurance strategy, including ‘Key Person’ insurance.

How can YML help?

Talk to our YML Financial Planning Team today to see how YML Group can assist you with your ‘Key Person’ insurance policy. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

NSW State Budget 2020-21 – Economic Stimulus Packages



The NSW State Government’s 2020-21 Budget contains economic stimulus packages to start revitalising the NSW economy post-COVID-19-pandemic. The State Government’s plan is to lay a foundation for sustained growth by supporting businesses with packages designed to make it easier to rebuild and to employ workers. Job creation is at the forefront of this year’s Budget.

NSW’s Economy

Suffering its first recession in 30 years, NSW has incurred a state debt that is estimated to peak at $104 billion in 2023-24. As revealed by State Treasurer Dominic Perrottet, NSW is carrying an historic $16 billion Budget deficit. With the Budget only likely to return to surplus in 2024-25, the State Government is taking action to overhaul some areas, such as Payroll Tax and Stamp Duty. The Stamp Duty scheme must wait for a public consultation period, but Payroll Tax sees immediate changes.

Payroll Tax Cuts

Retrospective from 1 July 2020, upon amendment of the Payroll Tax Act 2007, the following apply:



Non-Payroll Tax-paying Businesses Benefit

To reduce the cost of doing business and help business investment, small- and medium-sized businesses (SMEs) – not obligated to pay Payroll Tax – will benefit from this Budget with the commitment by the State Government to spend nearly $500 million on digital vouchers to help cover the cost of any government fees and charges between April 2021 and June 2022.

SMEs can access this stimulus package through MyService NSW as a rebate. Once a SME makes a payment of government fees and/or charges, a digital voucher will be provided to a SME.

Job Plus Programme – Payroll Tax Relief

From this month, between 15 December 2020 and 30 June 2022, a new Jobs Plus Programme will be run to boost economic growth by attracting businesses from interstate and overseas to invest in NSW, either by expanding in to NSW or relocating office to NSW.

By making NSW attractive for business it is hoped that NSW can reposition itself to be a more competitive national and global economy and create or support 25,000 jobs. The Jobs Plus Programme will see $250 million spent by the State Government in Payroll Tax relief among other initiatives.

Companies that creates at least 30 net new jobs may be eligible for Payroll Tax relief for up to four years for every new job created.

REMINDER – JobMaker Hiring Credit

JobMaker Hiring Credit, a scheme to help increase employees in businesses, is newly available to eligible employers over 12 months from 7 October 2020 for each new job created.

Eligible employers can receive:

JobMaker Hiring Credit is capped at a maximum of $10,400 per additional new job created.

Employees must:

How can YML help?

We hope that this guide helps you to navigate the 2020-21 NSW State Budget. Please talk to our Accountants today if you would like to engage YML Chartered Accountants to manage your ‘road to recovery’. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

JobKeeper 2.0 – Extension 2 Commencing Soon



REMINDER that Extension 1 still applies from 28 September 2020 until 3 January 2021 and Extension 2 starts next month from 4 January 2021.

An employer may be eligible to access JobKeeper 2.0 Extension 2, a temporary Australian Government wage subsidy for each eligible employee, at lower rates than Extension 1 from 4 January 2021 until 28 March 2021.

Whether you have already accessed JobKeeper or are new to exploring your eligibility, since JobKeeper 2.0 started, it is important to know that employers of previously eligible businesses will need to reassess their eligibility under a new set of requirements again in early January 2021.

Employer Eligibility:

From 28 September 2020, to receive JobKeeper 2.0, you must be an eligible employer or business.

To be eligible, your business is covered by the Fair Work Act and your business qualifies for JobKeeper – an Australian business employing at least one eligible employee during a JobKeeper payment period – and your business satisfies the actual decline in turnover test for the relevant quarter using actual sales (not projected sales).

You might need to demonstrate the relevant decline in turnover with a certificate from an accountant or a statutory declaration if you have a small business with fewer than 15 employees.

If you meet the criteria to receive JobKeeper 2.0, then you may give a JobKeeper enabling direction (such as changing work hours, duties and/or location – if reasonable in all the circumstances) under the Fair Work Act.

JobKeeper 2.0 Extension 2 rates from 4 January 2021:

$1,000 (before tax) per fortnight until 28 March 2021 – for those employees who worked 80 hours or more in the four weeks prior to 1 March 2020 or 1 July 2020

$650 (before tax) per fortnight until 28 March 2021 – for those employees who worked fewer than 80 hours in the four weeks prior to 1 March 2020 or 1 July 2020.

Under JobKeeper 2.0, employers will continue to pay a proportion of their employees’ wages because the minimum wage condition applies.

If you would like YML to manage Extension 2 of the JobKeeper 2.0 incentive process for you, please do the following urgently before 14 December 2020:


For more info, visit the ATO website: https://www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-extension-announcement/

How can YML help?

We hope that this guide helps you to access the JobKeeper 2.0 scheme independently if that is your preference. Alternatively, please talk to our Accountants today if you would like to engage YML Chartered Accountants to manage an application on your behalf. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

Did you know YML Group offers CFO Services?



YML Group is at the forefront of accounting, finance and business services and CFO services is one of our most valuable tools for Australian businesses. Our CFO services within our Business Advisory unit can lead your business towards a more robust and growth-focussed future.

What can a CFO do for your business?

A CFO is responsible for sounding out your company’s financial interests. A CFO will develop relationships between your business and third parties, such as banks, investors, suppliers and the Australian Taxation Office (ATO), giving you back your time to attend to other executive-level tasks to drive your business forward.

The role of a CFO is results-driven. A CFO will use your company’s financial information to plan and develop strategies that can take your business towards a financially healthier future. Where there can be an overload of data and limited resources to export and analyse what is most important, a CFO can create a clearer picture for you.

A CFO makes sense of your business’s financials, enabling you to make better informed decisions. If what you need is a pathway to know when to grasp growth opportunities, then a CFO can make that possible for you. You will see a realistic view of all your resources, of your cash flow and of your finance requirements to pursue each stage of growth.

YML Group’s CFO services offer Microsoft Power BI Dashboards.

Power BI, developed by Microsoft, is a powerful, data-mining tool using business intelligence (BI). This software offers its users a business analytics service, enabling you to access and communicate your business’s information without a team of IT specialists.

Your company’s raw financial data can be used to create convenient and simple-to-use interactive visuals, such as reports, graphs and insightful models. These live, dynamic dashboards of information can be seen by relevant in-house and third party stakeholders.

Power BI  benefits include: When is a good time for a CFO in your business?

Whether, for example, you are in the process of setting up a business and needing to choose the most appropriate business structure, OR you are a well-established company waning under advancing technology for financial processes and new reporting protocols for the ATO, OR you are a rapidly growing company stretched for financial expertise to handle your company’s ‘growing pains’, accessing a CFO’s advice is timely.

Imagine a CFO with experience and expertise working directly with you, part-time and for less cost than hiring a full-time, in-house employee. YML Group offers you the right person to suit your company’s culture and your company’s industry.

Yoav Lewis, Founder and Chairman of YML Group, stated this year, “The fact that we are now separated, we need to be digital first. We need to deal with this COVID-19 situation using digital tools and that will enable us to help those clients who need it the most.”

Our CFO services will see you working directly with a CFO within YML Group, developing a professional relationship with you to appraise and progress your business’s financial future. Would you like YML Group’s CFO services to help you to further build your company?

How can YML help?

Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with CFO services. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Deed of Variation – NSW Surcharge Land Tax



In June 2016 the NSW government introduced two surcharges payable by a ‘foreign person’ purchasing and/or owning residential property in NSW:

  1. Surcharge Purchaser Duty – currently 8% of the market value of the residential property – payable once upon acquisition;
  2. Surcharge Land Tax – currently 2% of the unimproved value of the residential land – payable annually on such land owned as at 31 December each year.
Trust Deeds

Residential property and/or land held in trust wherein any person is deemed to be ‘foreign’ – an individual, a corporation, a trustee ‘not ordinarily resident in Australia’ and who holds a ‘substantial interest’ of 20% or more, including beneficiaries of a trust* – means the trust is liable to pay the surcharge/s. Where this is the case, a trust deed may be varied by drawing up a Deed of Variation to exclude any foreign person/s.

* For a full definition of ‘foreign person’, see https://www.revenue.nsw.gov.au/help-centre/resources-library/g009

Deed of Variation

By now, many discretionary trust deeds have been amended to exclude foreign person/s from benefiting from a trust. Did you amend your trust deed prior to 31 December 2019? Transitional provisions allowing amendments to be made to exclude foreign beneficiaries are now in place and must be made and executed by midnight 31 December 2020.

If you have not yet reviewed and considered your trust, it is time to consult YML Group for an assessment of the ‘foreign’ status of your trust. A Deed of Variation may be used – going forward – to reduce and/or exempt your trust’s surcharge liabilities.

How can YML help?

Talk to our Accountants today to see how YML Chartered Accountants can assist you with your Trust Deed of Variation. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

Bookkeeper Service – Why does your business need it?



Stay focused on your business by using a bookkeeping service to manage the day-to-day financial data. YML Group’s Business Process Outsourcing (BPO) service offers Bookkeeping to help you turn your attention towards the growth aspects – such as strategy and marketing – of your business.

What does a bookkeeping service do for your business?

Bookkeepers, generally, are involved in the daily tasks of financial data entry, including taxes, payroll, managing debtors and creditors, as well as tracking expenses and adhering to a company’s financial reporting protocols. A bookkeeping service can play a crucial role by undertaking the routine monetary work required to run a business.

Whereas, an accountant will oversee your business’s finances and will take an analytical approach to your financial data with their expertise in financial forecasting, profit and loss analysis, filing taxes and managing financial statements, including preparing a myriad of financial reports.

How might your business benefit from a bookkeeping service?

Up-to-Date Financial Accuracy

Running a business requires many fast-paced actions, including decision-making. Where a business owner has to deliver informed decisions requiring up-to-date financial information, the benefit of a bookkeeping service that manages that information means a business owner can readily improve a business with the knowledge of whether it can, for example, hire a new employee, increase office space or issue a purchase order for a new asset.

Tax-Time Compliance

There is a swathe of regulations around company taxes, including GST, BAS and PAYG withholding tax. It is important that a business keep financial records that enable accurate and timely reporting to the Australian Taxation Office (ATO).

If a business tries to manage their books themselves without the necessary qualifications or experience, there is a risk that the financial data is incorrectly entered and ATO penalties could be incurred. Missed tax payments due to human error or lack of knowledge can be avoided by using a bookkeeping service to stay on top of a company’s regulatory financial obligations and thereby reduce unwelcome costs to a business.

Management of Bills and Receipts

Businesses grow and become more complex – more customers, more products, more third-party suppliers, requiring an increase in payments and receipts. To prevent falling behind on paying creditors and to improve collection of receivables, a bookkeeping service ensures that liabilities are paid and that reminders are sent to debtors. Keeping check is what a bookkeeper is good at, improving a company’s credit rating and borrowing profile.

Timely Reporting of Financial Data

‘Balancing the books’ is essential for a successful business and when financial records are kept accurately and up-to-date, so financial reporting is easily produced for a business owner and other business stakeholders.

Working closely with a company’s accountant, a bookkeeper can deliver up-to-the-minute financial data necessary for an accountant’s analysis, forecasting and reporting.

Confidence to Focus on Future Business-Building

Bookkeeping, such as YML’s BPO service, is an affordable necessity for a well-run company and its growth-centric business owner. Overseeing the front-of-house operational functions to build a business is paramount for a business owner. If a business owner can leave the back-of-house functions such as financial data entry to experts by using a bookkeeping service, it makes sense to do so.

Developing a viable business model with a customer focus requires confidence, so trusting in a service to manage the books can make a huge difference to a company’s success.

YML is a leader in the field of BPO and we have helped many clients – individuals and SME companies – to build better businesses with the practice of outsourcing their business processes. Empower your organisation with BPO through YML Group Outsource Manila and watch your business grow.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with your Bookkeeping requirements. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Using your Equity to Lower your Rate AND to Invest



Your home’s equity could open investment opportunities to improve your future wealth. By using equity in your home as collateral to borrow money, you could qualify for a Home Equity Loan.

How much equity?

First, it is important to calculate how much you still owe on your home loan. You can do this by ascertaining a current valuation of your home and comparing your home’s value with the amount you have yet to pay off your mortgage.

If your home is valued at $850,000 and you still owe $500,000 on your mortgage, then the difference of $350,000 = your gross equity.

How can equity be used?

Whether you want to renovate your home to further improve its value, you want to buy another ‘investment’ property or you want to invest in shares and managed funds, your equity can be used to borrow at a lower ‘residential’ interest rate than, say, 2.49% PA variable up to 60% LVR.

To borrow using your equity as collateral, a lender will assess your income, your living costs and your liabilities before usually lending up to 80% of the value of your home.

If your home is valued at $850,000 and a bank lends 80% of the value = $680,000, then you must deduct your existing mortgage amount-owing of $500,000. Your useable equity is therefore $180,000.

You may borrow more than 80% of the value of your home if you pay Lenders Mortgage Insurance. Note, this might lead to an increase in your loan repayments.

Home Equity Loan

To generate money for investment, although not a conservative approach, using your equity to take out a home loan can give you the opportunity to invest and grow your future wealth. Furthermore, borrowing against your home equity may be tax-effective as some investment expenses can be tax-deductible.

To help you decide whether releasing your home equity makes sense in your individual circumstances and to start exploring your investment opportunities, consult YML Group for expert financial advice.

How can YML help?

Talk to our YML Finance Team today to see how YML Group can assist you with your home equity. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

2020-21 Federal Budget – Update

The Australian Government’s 2020-21 Federal Budget has been designed to increase employment and boost businesses during the ongoing COVID-19 pandemic. Key initiatives in the areas of personal taxation, job creation and infrastructure spearhead an array of economic measures intended to boost production in Australian industry.

Australia’s Economy

In the June quarter this year, the Australian economy contracted by 7%.

Australia’s Treasurer has revealed an expected deficit of $213.7 billion in 2020-21. He announced a deficit fall to $66.9 billion by 2023-24.

Australia’s gross debt will increase to 45% of GDP ($872 billion) this year and then stabilise at around 55% of GDP in the medium term, whilst Australia’s net debt will increase to 36% of GDP ($703 billion) this year and then peak at 44% of GDP in June 2024, declining to less than 40% of GDP in the medium term.

Personal Income Tax Plan

Planned personal income tax cuts have been brought forward by two years and will now apply from 1 July 2020. What this means is…

From 1 July 2020 (subject to legislation being passed), $17.8 billion worth of tax cuts will improve the net income of workers as follows:
Tax Thresholds
 Tax Rate  Current  From 1 July 2020
 0%  $0 - $18,200  $0 - $18,200
 19%  $18,201 - $37,000  $18,201 - $45,000
 32.5%  $37,001 - $90,000  $45,001 - $120,000
 37%  $90,001 - $180,000  $120,001 - $180,000
 45%  >$180,000  >$180,000
 LITO  Up to $445  Up to $700


An extension of the LMITO (Low and Middle Income Tax Offset) will mean a tax reduction of up to $1,080 for individuals with a taxable income of up to $126,000 during the 2020-21 financial year.

Economic Support Payments

Eligible recipients will receive two tax-exempt economic support payments of $250 each – one in November 2020 and the second in early 2021. People eligible are those currently receiving and/or holding (*conditions apply):

 Age Pension  Pensioner Concession Card*
 Disability Support Pension  Commonwealth Seniors’ Health Card
 Carer Payment  Veterans’ Affairs Payment*
 Family Tax Benefit*  Veterans’ Affairs Concession Card*
 Carer Allowance*  


Capital Gains Tax – Granny Flats

From 1 July 2021 (subject to legislation being passed), a new measure would provide for a targeted CGT exemption for granny flats where a formal written agreement – family/personal, NOT commercial – is created, varied or terminated for older Australians or Australians with disabilities.

First Home Loan Deposit Scheme

For first home buyers purchasing a new home or a newly-built home, an additional 10,000 places will be available under the First Home Loan Deposit Scheme – from 6 October 2020 until 30 June 2021. This means more people purchasing homes for a minimal 5% deposit without mortgage insurance.

Superannuation

A reform to superannuation will see individuals able to use their current superannuation fund whenever they change employment, thus impeding any duplication of funds. Under this reform, a super fund would be ‘stapled’ to an individual.

From 1 July 2021, if an employee does not nominate a super fund account when they start a new job, an employer will pay the super contributions in to the new employee’s existing super fund – by obtaining information about the new employee’s existing super fund from the ATO. How? An employer will log on to ATO online services and enter the new employee’s details to determine the employee’s existing super fund account.

If an employee does not have an existing super fund account and does not decide upon a super fund, then an employer will pay the super contributions in to the default (company-nominated) super fund.

NEW JobMaker Hiring Credit

A new scheme to help increase employees in businesses has been developed. Called JobMaker Hiring Credit, it is available to eligible employers over 12 months from 7 October 2020 for each new position created.

Eligible employers can receive:

JobMaker Hiring Credit is capped at a maximum of $10,400 per additional new position created.

Employees must: Capital Asset Investment Deductions

To help businesses with less than $5 billion in turnover to invest in their future, this new measure enables them to fully expense new depreciable assets and the cost of improvements to existing eligible assets in the first year of use – acquisition of eligible capital assets from 7:30pm AEDT on 6 October 2020 and first used or installed by 30 June 2021.

Whereas the existing Instant Asset Write-Off is for asset purchases up to $150,000 (for businesses with less than $500 million in turnover and not applicable on purchases after 31 December 2020), this new measure does not cap an asset’s cost.

Carry-back Company Losses

The full expensing of capital asset investment will generate tax losses for some companies. Therefore, the new measure of enabling a company to carry-back losses will generate cash refunds for eligible companies. How does it work?

For eligible companies with less than $5 billion in turnover, losses may be applied against taxed profits in a previous year, thereby generating a refundable tax offset in the year in which a loss is made.

Losses from income years 2019-20, 2020-21 and 2021-22 may be carried-back to offset previously taxed profits in income years 2018-19, 2019-20 and 2020-21.

Eligible companies can receive their tax refunds after lodging tax returns for 2020-21 and 2021-22.

R&D Tax Incentive

As at the release of the Federal Budget, numerous and varied proposed amendments to the R&D Tax Incentive are before Parliament.

Currently, the R&D Tax Incentive provides (for the first $100 million of eligible expenditure):

Business Tax Concessions – Expansion

Government incentive to help businesses sees a range of tax concessions now available to businesses with an aggregated turnover of up to $50 million (previously only available to small and medium businesses).

There are three phases of expanded tax concessions:

Phase I
 From 1 July 2020
  • Immediate deduction for certain start-up expenses
  • Immediate deduction for prepaid expenditure
Phase II
 From 1 April 2021
  • FBT car parking exemption
  • FBT exemption on portable electronic devices
Phase III
 From 1 July 2021
  • Simplified trading stock
  • PAYG instalments based on GDP adjustment amount
  • Settle excise duty and excise-equivalent customs duty monthly
  • Two-year amendment period to some income tax assessments


Retraining / Reskilling Workers FBT Exemption

From 2 October 2020, employer-provided retraining and reskilling of employees who are redeployed to a different role within a business* will be FBT exempt (*conditions apply).

Corporate Residency Test

The Corporate Residency Test will be changed to clarify the treatment of a company which is incorporated offshore. The change means that a company, incorporated offshore, will be treated as an Australian tax resident if it has a ‘significant economic connection to Australia’, satisfied by both:

FBT Record-Keeping - Simplification

In the first FBT year (1 April) after the date on which legislation is passed, employers will be enabled to rely on existing corporate records – as opposed to employee declarations – for FBT purposes.

100,000 New Apprenticeships

From 5 October 2020, a 50% wage subsidy will be available to eligible businesses that take on a new or recommencing Australian apprentice or trainee up until 30 September 2021.

The 50% wage subsidy is capped at a maximum of $7,000 per quarter.

How can YML help?

We hope that this guide helps you to navigate the 2020-21 Federal Budget. Please talk to our Accountants today if you would like to engage YML Chartered Accountants to manage your ‘road to recovery’. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

JobKeeper 2.0 – Extension 1 and Extension 2



From 28 September 2020, an employer may be eligible to access JobKeeper 2.0, a temporary wage subsidy for each eligible employee, at new lower rates until 28 March 2021. Whether you have accessed JobKeeper before now or are new to exploring your eligibility, all employers may consider JobKeeper 2.0 for their employees.

Now that JobKeeper 2.0 has started, this is what you need to know:

First, it is important to note that having previously been eligible for JobKeeper does NOT mean that your business will automatically be eligible for JobKeeper 2.0. Employers of eligible businesses will need to reassess their eligibility under a new set of requirements in early October 2020 and again in early January 2021.

Employer Eligibility:

From 28 September 2020, to receive JobKeeper 2.0, you must be an eligible employer or business.

To be eligible, your business is covered by the Fair Work Act and your business qualifies for JobKeeper – an Australian business employing at least one eligible employee during a JobKeeper payment period – and your business satisfies the actual decline in turnover test for the relevant quarter using actual sales (not projected sales).

You might need to demonstrate the relevant decline in turnover with a certificate from an accountant or a statutory declaration if you have a small business with fewer than 15 employees.

If you meet the criteria to receive JobKeeper 2.0, then you may give a JobKeeper enabling direction (such as changing work hours, duties and/or location – if reasonable in all the circumstances) under the Fair Work Act.

Two Tiers of JobKeeper 2.0 Rates:

TIER 1

$1,200 (before tax) per fortnight from 28 September 2020 until 3 January 2021 – for those employees who worked 80 hours or more in the four weeks prior to 1 March 2020 or 1 July 2020

$750 (before tax) per fortnight from 28 September 2020 until 3 January 2021 – for those employees who worked fewer than 80 hours in the four weeks prior to 1 March 2020 or 1 July 2020.

TIER 2

$1,000 (before tax) per fortnight from 4 January 2021 until 28 March 2021 – for those employees who worked 80 hours or more in the four weeks prior to 1 March 2020 or 1 July 2020

$650 (before tax) per fortnight from 4 January 2021 until 28 March 2021 – for those employees who worked fewer than 80 hours in the four weeks prior to 1 March 2020 or 1 July 2020.

Under both JobKeeper 2.0 Tiers 1 and 2, employers will pay a greater proportion of their employees’ wages because the minimum wage condition will still apply.

DATE REMINDER:

Extension 1 – From 28 September 2020 until 3 January 2021 Extension 2 – From 4 January 2021 until 28 March 2021

If you would like YML to manage Extension 1 of the JobKeeper 2.0 Incentive process for you, please do the following urgently. (Note, this engagement is for Extension 1 only at this point in time due to unknown possible impacts COVID-19 might have on your business. We will notify you of another engagement link for Extension 2 in our December 2020 newsletter).

  1. Click the link below to engage us and provide us with your bank account details
  2. https://app.hellosign.com/s/BohX9nzx
  1. Click the link below if you are a business owner – and not an employee – and have not yet completed the Business Participant form
  2. https://app.hellosign.com/s/Hu4BQXtt
  1. Provide the link below to your eligible employees that you had as of 1 July 2020 (who were not already eligible employees for any JobKeeper fortnights that ended on or before 2 August 2020)
  2. https://app.hellosign.com/s/7d8d4gQE

How can YML help?

We hope that this guide helps you to access the JobKeeper 2.0 Incentive scheme independently if that is your preference. Alternatively, please talk to our Accountants today if you would like to engage YML Chartered Accountants to manage an application on your behalf. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.

COVID-19 and Estate Planning – Your Will



The year 2020 has brought with it the arrival of the COVID-19 virus to Australia’s shores. The unpleasant daily news of a ‘death tally’ presents us with an unimaginable scenario for ourselves. Many of us might find ourselves thinking about how to plan for family members left behind in the case of our own death. If you find yourself asking “What if?”, then perhaps it is a wake-up call to start reviewing any existing estate plan or to consider commencing estate planning arrangements.

Generally, people put off estate planning until too late or they have wills, trusts and documents that are no longer appropriate. Now is not the time to procrastinate but rather to apply a sense of urgency. Although generally a dreaded job, the benefit of doing this now is that you can potentially find comfort in knowing that your families, loved ones and dependents will be looked after in the event of your death.

Estate planning involves taking an inventory of what documents you need to have in place for unforeseen circumstances, especially ill health, and determining what your financial situation would be at the end of your life.

Documents may include one or more of the following:

At the present time, it is worth considering some of the consequences of dying without a valid will (especially if you die intestate in Australia):

For peace of mind, you might prefer some professional advice about drawing up your will and assessing your financial position. YML Group has the expertise and experience to help you move forward with a sense of relief.

How can YML help?

Talk to YML Group today to see how YML Group can assist you with your estate planning. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website.