Refinance and get up to $4k bonus OR renegotiate with your current lender?

If you are unsatisfied with the home loan rate you are paying or you just want to find a better home loan deal, then now is the time to act. With a competitive home loan market, there are options that might benefit you:


You could shop around different lenders to reduce your repayment amount. This is known as refinancing. One way is to find a lower interest rate – some lenders offer a lower introductory rate. Currently, many lenders are offering a cashback incentive of up to $4,000 for refinancing with them.

Up to $4k Rebate

$2,000 Refinance Cashback for each property you refinance on applications received between 1 April 2020 and 31 March 2021. Properties must be settled by 30 June 2021.

One-off $2,000 Bonus Cashback on initial applications received from Owner Occupiers and Investors between 18 September 2020 and 31 March 2021. Properties must be settled by 30 June 2021.

Check with your independent (from your lender) financial adviser about tax consequences of these cashbacks.


When you talk to your current lender about changes to your home loan rate, you are renegotiating.

Right now, rates are below 2% making it a great time to have a discussion with your own lender and renegotiate a new lower rate, either variable or fixed, over the next year or so whilst rates remain low and before they swing up again.

To help you decide which method – refinancing or renegotiating – to improve your home loan, 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 loan. For more for more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Australian Director Identification Number (DIN) – Introduction

In the Digital Business Plan announced by the Australian Government in 2020, the Modernising Business Registers (MBR) program will bring together the Australian Business Register (ABR) and 31 registers administered by the Australian Securities and Investments Commission (ASIC). All these registers will unite on a new digital registry system, making it easier to access company and business data. This new system will fall under the maintenance of the Australian Securities and Investments Commission (ASIC).

Companies, businesses, Australian Business Numbers (ABNs) and the new Director Identification Number (DIN), along with all relevant data, will be moved on to the digital registry system. The DIN is a new requirement of company directors and is set to create a more regulated, verifiable and traceable profile of Australian businesses and their directors.

What is a DIN?

A Director Identification Number (DIN) is a unique number assigned by the ASIC to a director for eternity. The DIN will be given to existing directors and incoming directors of a company or a registered entity under the Corporations Act. If you are not sure if your position in a company requires you to register for a DIN, consult a qualified financial adviser. A DIN will stay with you even if you change companies.

What will a DIN mean for a director?

A director’s DIN means their directorship has been verified, their identity has been confirmed and their company relationships are transparent. For these reasons, directors will be able to readily interact with government agencies and other regulators using their DIN.

The DIN system will help businesses operate in a fairer economy wherein directors who operate inappropriately or illegally can be discovered early. Directors who conduct business ethically may feel confident that they can know with whom they are dealing during intercompany business matters.

What are the benefits of a DIN?

One of the aims of the DIN system is to stamp out illegal phoenixing activity – the creation of a second company mimicking the first company but without monetary debts and liabilities being carried over from the first to the second company. How? The DIN system will track – in real time – the history of director/s in any new company registration.

Fairness is another benefit of the DIN system because if any wrongdoing can be readily prevented, then directors and their companies will operate in a much more equitable business environment.

Next Steps

The ASIC requires all directors and would-be directors to register for a DIN within the first 12 months of the new MBR program. After an initial transitional period allowing an extra 28 days to apply for a DIN, a director must apply for a DIN prior to being appointed as a director.

A request for your Tax File Number (TFN) will be made of you and this will assist with the verification of your identity as part of the process of acquiring a DIN.

Should you need assistance with your application for a DIN, YML Group has the expertise to determine your company position status and to assist you with your DIN application.

How can YML help?

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

HR in the Australian Hospitality Sector – Specialist Service Available

Human Resources (HR) in the hospitality industry requires specialist knowledge and knowhow to achieve optimum workforce retention, pay and benefit compliance, as well as safety and occupational wellbeing of all employees.

Managing employees and administrating staffing are central roles for a hospitality business to succeed in a world that relies on the reception and satisfaction of guests, clients and tourists. There are administration rules and regulations specific to the hospitality industry to which companies must adhere. An understanding of the Australian HR requirements means your business may need a qualified HR person or service to lend a helping hand.

YML Group’s Business Process Outsourcing (BPO) services can provide your business with experts in HR administration and assistance. Our team has a broad knowledge of Australia’s HR requirements in the hospitality industry. As it is important to follow government standards, our team can bring their experience and proficiencies to your business and improve your business’s compliance in this area and many other disciplines.

Other areas of hospitality HR include hiring new employees, preparing employment contracts, data management of employees’ profiles, management of payroll including making sure workers take the required breaks during their workdays. As staffing is such a big area, there will need to be consideration of staff training practices and mitigation of any HR litigation, both areas demanding HR protocols are closely followed.

Our YML Group BPO team has the capabilities to handle your business’s HR concerns including the day-to-day tasks such as: end-to-end recruitment, sourcing and selection of potential employees, initial staff screening, scheduling of trials, onboarding of new staff, as well as preparation and delivery of employment contracts. We can also assist your Payroll team with staff hiring and dismissal reporting, early morning computation and finalisation of pay.

In addition, our team has the capacity to provide your HR team with general administration tasks such as: data management of employee records, email management and document management.

As your HR department works – within a full scope of responsibilities – to distribute the workload between experienced and inexperienced employees, to manage seasonal employee requirements, to foster a safe-work environment and to balance HR budgets, let YML Group’s BPO services assist your business to maintain its HR administration in good order and in accordance with Australian HR regulations.

How can YML help?

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

JobMaker Hiring Credits – Explained

In November 2020, the Australian Government passed the JobMaker Hiring Credit scheme in Parliament, launching a new incentive for small and medium businesses to expand their workforce and employ younger Australians in need of a job.

The Australian Government intends this new scheme to support Australia’s economic recovery by encouraging businesses to create jobs for younger Australians who have been out-of-work, as well as to deliver growth potential for businesses looking to hire additional employees and increase their business productivity output.

Eligible employers must register with the Australian Taxation Office (ATO) who are administering the scheme. Credits will be paid each quarter and the first JobMaker Hiring Credit claims may be lodged from 1 February 2021.

How much is a Credit?

For each additional eligible employee hired, eligible employers may claim $200 a week for an employee aged 16 years to 29 years of age AND $100 a week for an employee aged 30 years to 35 years of age.

New jobs created for eligible employees hired between 7 October 2020 and 6 October 2021 will mean a business may be able to claim up to $10,400 over a 12-month period (employee aged 16 to 29 years) AND up to $5,200 over a 12-month period (employee aged 30 to 35 years).

Employee Eligibility

To qualify for the JobMaker Hiring Credit scheme, each new employee of a business must:

Employer Eligibility

To qualify for the JobMaker Hiring Credit Scheme, an employer must:

Employer Obligations

The JobMaker Hiring Credit scheme has been designed with conditions to ensure that a genuine additional job is created for each new eligible employee. By making headcount and payroll increases compulsory, an employer can not simply expel a full-time employee and take on two or more part-time employees under the JobMaker Hiring Credit scheme.

To determine whether a business meets its overall headcount increase and overall payroll increase, reference will be made to a comparative ‘baseline’ headcount and ‘baseline’ payroll from 30 September 2020 and tested quarterly:

Furthermore, a business will need to calculate hours worked by an eligible employee, noting that an average of 20 hours per week must be worked by each eligible employee.

An employer’s payroll department will need to consider these abovementioned factors during each reporting period and over the duration of a business’s participation in the JobMaker Hiring Credit scheme.

As a result of this $74 billion scheme, the Australian Government expects there to be improved national economic stimulus, creating jobs for younger Australians, increasing skill levels of workers and helping businesses to increase productivity and to grow their revenue.

So if you are a small to medium enterprise (SME), consider the advantages, noting that as each Credit claim period of the scheme may not be claimed retrospectively, make sure your business is registered with the ATO for maximum benefit of the scheme.

How can YML help?

Click on the link below to engage us.


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

ATO Increased Audit Activity – Including JobKeeper

Deborah Jenkins, the ATO’s Deputy Commissioner, Small Business, stated in October 2020, “We want to keep building confidence by supporting small businesses when they need it, but we need to start shifting the focus back to ensuring good compliance for the health of the system,” and this means audits have recommenced.

As we navigate the latter half of the 2020-21 financial year, what do you need to know about the ATO’s audit focus this year?

Single Touch Payroll (STP) gives the ATO the ability to flag those businesses who have underpaid JobKeeper or who have mismatched JobKeeper payments. Many businesses have not kept up with their Superannuation Guarantee (SG) payments this past year. As with JobKeeper, SG anomalies will be visible to the ATO via STP.

As STP data capture becomes more comprehensive, STP will be a significant tool used by the ATO to assess which businesses they will audit.

It is important to ensure your STP reporting is up-to-date and that your employee details, including payments made, are entered accurately.


Businesses are most likely to be audited on their eligibility for government payments such as JobKeeper, cash payments and other stimulus payments such as those offered in the more recent JobMaker Hiring Credit scheme.

Government benefit schemes are notoriously audited. This year’s schemes will be no exception. JobKeeper 2.0 continues until the end of March 2021 and eligibility to receive these payments may be readily checked via a business’s STP.

Should your business fail to meet its eligibility criteria or obligations under JobKeeper, such as:

Then a request for taxable supplies – verified documentation – may be made to prove the necessary 30 per cent drop in turnover, JobKeeper payments made and business registration.

Other taboo areas related to JobKeeper eligibility will include:

It is anticipated that businesses deemed ineligible or fraudulent by the ATO will be made to pay back all JobKeeper benefits and may incur financial penalties.

Maintaining correct financial records, timely lodging BAS statements and keeping track of every employee’s hours worked and payments will be advantageous to a business.

Superannuation Guarantee (SG)

Those businesses who did not use the SG amnesty in 2020 and who have fallen behind on their SG payment obligations because of decreases in their cash flow or other reasons during the pandemic will need to expect that through STP reporting and other means, the ATO will be looking closely at them.

Next 5,000 Tax Performance Program

In late 2020 the ATO commenced its Next 5,000 Streamlined Assurance Review Program targeting individuals, and their private group associates, with wealth of more than $50 million. This program is likely to be rolled out extensively in 2021.

The program uses a method undertaken by the ATO to secure assurance that the correct amount of tax is being paid by looking at all financial activities, be they trading, transaction or event. The review proceeds according to the ATO’s defined Next 5,000 Streamlined Assurance Review approach.

Compliance with the ATO should be your first step in protecting your business from any financial misadventure. Your STP reporting is another area you could verify in advance of the 30 June 2021. As official auditing practices become more prevalent this year, you can avoid uncomfortable conversations with the ATO’s auditing team by first talking to YML Group about the best course of action in the event of an audit on your business.

How can YML help?

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

Divorce Order – Self-Managed Superannuation Funds (SMSF

Divorce proceedings usually include the division of assets between parties. For self-managed superannuation fund (SMSF) members, whether a separation is amicable or acrimonious, it is essential that a court order is sought upon division of any or all superannuation assets.

SMSF trustees and their financial advisers should ensure that a divorcing SMSF member solidifies a division of superannuation assets with a binding agreement and a court order. Seeking a court order is a judicious step to help avoid future disputes about how equitably assets were split at the time of divorce.

It may feel embarrassing to a divorcing couple who have harmoniously parted to present before a court, but it is extremely important to undertake an irrevocable agreement in the matter of superannuation assets. Why is this important?

If, in the future, one divorced party becomes resentful that they have been hard done by in a financial settlement, then a court order can prevent a secondary claim on the other party’s financial assets. An order, approved by a court, will generally avert any potential future claim that there was not an equitable split at the time of the initial pact.

SMSF trustees may wish to confirm that the language used in a court order regarding division of superannuation assets is unambiguous and clear to all parties, thereby providing a smooth transition for a divorcing member and their spouse.

YML Group can help SMSF trustees administrate during the time of a fund member’s divorce.

How can YML help?

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

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:

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.