- Changes to overseas working holiday tax
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Six Things that Can Keep a Business from Growing
- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
- Does your super fund provide enough life insurance cover?
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Succession plan basics for small business
- Budget Alert – Should you put in place a Transition to Retirement strategy?
- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- Matters to Consider Before Setting Up an SMSF
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- Should you register for GST?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Finance options for buying a car
- Buying A Business? 5 Red Flags to Watch Out For
- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- 7 Useful Web-Based Software Programs for SMEs
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
- New Work Tax Exemption (WTE) granted to SMSF Members
- New Tax Relief Introduction – Parliamentary Bill 2019
- Australian Immigration Visa Changes from 1st July 2019
- Land Tax Surcharge and You
- YML Insight April 2015
- Tax Liabilities to be reported to Credit Agencies
- Business Process Improvement
- Intelligent Process Automation (IPA) is here to stay
- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
- Business Valuation
- Skilled Nominated Migration (190 Visa) – Live & Work in NSW
- YML Insight June 2015
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- Small Business Cyber Security
- How Business Process Outsourcing can bring value to your customers through technology
- Equity Crowd-Funding
- Low and Middle Income Earners – Tax Offsets
- Mortgage Insurance
- RBA Cash Rate Reductions - What it means for your Loan
- Insurance in Super
- Gift or lend to your child?
- GENERAL SKILLED MIGRATION (GSM)
- Proposed Superannuation Guarantee Amnesty – Have you correctly paid your staff super?
- How RPA and Bots are making Employees happier
- Super Guarantee – What Happens When You Get It Wrong
- Business Process Outsourcing – Take the Technology View
- The Importance of Estate Planning
- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
- UPDATE YOUR WILL
- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- COVID-19 and Estate Planning – Your Will
- ATO is Auditing Rental Property Expense Claims
- JobKeeper 2.0 – Extension 1 and Extension 2
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- 2020-21 Federal Budget – Update
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
- RPA for VEHICLE FLEET MANAGEMENT
- TRUST DISTRIBUTION IN 2018
- TAX PLANNING
- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- 5 Everyday Examples of IPA in Practice
- Deed of Variation – NSW Surcharge Land Tax
- Is Your SMSF Investment Strategy Compliant?
- GST on Property Transactions has changed from 1 July
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
- GLOBAL TALENT SCHEME – Get the expertise your company needs…
- Business Intelligence (BI) in Small Business
- It’s started – Single Touch Payroll (STP)
- CAR LOAN – HERE’S AN OFFER
- Should you pay principal + interest on your investment property?
- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
- Limitations to the Superannuation Death Benefit
- Superannuation Guarantee Amnesty – Self-Correct your past Super Guarantee Liability
- Non-Residents and SMSFs – Tax Alert!
- Managing your Money through this Crisis!
- Proposed Partner Visa Changes – NEW Two-Step Process
- YML Insight – Special Edition COVID-19
- FBT 2020 – What do you need to consider?
- Annualised Salaries – New Rules from 1 March 2020
- Economic Stimulus Package – JobKeeper Payment
- Superannuation and Pension Payment Changes
- Should I ‘fix’ my home loan?
- Economic Stimulus Package – Small Business Grants
- Working with Remote Staff – Business Process Outsourcing
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- JOBKEEPER INCENTIVE – ENROLMENT REQUIRED 30/04/20
- GOVERNMENT INCENTIVES UPDATE
- Taxable Payments – New Compliance for Couriers and Cleaners
- Superannuation Guarantee Amnesty 2020
- Government announces Changes to the Working Holiday Maker Programme
- NEWS! CGT Main Residence Exemption to End for Foreign Residents
- EOFY Removal of Main Residence CGT Exemption for Non-residents
- YML Insight July 2015
- Economic Stimulus Package Updates
- BUY / SELL Insurance – What is it and how can it help your business?
- YML Insight August 2015
- Working from home: What deductions can you claim?
- COVID-19 – Rent Moratorium + Financial Support
- Applying For A Mortgage Is No ‘Walk in the Park’
- MyGov – What is it and how do you apply?
- SMSF – Would it suit you?
- Economic Stimulus Package – Small Business Grants
- Small Business Instant Asset Write-Off : NOW up to $25,000
- POWER BI - BUSINESS DATA TOOL
- Employees : Time and Attendance Platforms
- COVID-19 – Travel Bans and Exemptions
- COVID-19 – Workers Compensation and JobKeeper
- Funding to help small businesses re-open after COVID-19
- Digital Automation supporting Remote Work
- The Importance of Estate Planning
- Buying Property through your SMSF
- FBT 2019 – What’s new?
- Tax Time Checklist for Individuals
- Single Touch Payroll – NOW Mandatory for ALL Businesses
- Economic Stimulus Package Updates
- Should I leave my savings in the offset or in the redraw?
- Tax Planning and Restructuring to suit your Business
- Federal Budget 2019 – Immigration to Australia NEWS
- NOW is the time to consider your Year-End Super Contributions
- Federal Budget May 2016 - Superannuation and Social Security
- Federal Budget 2014-15 Update
- Federal Election 2019 Outcome – What it means for you
- STP – COMPULSORY Cloud-based Payroll Reporting
- AI and RPA changing the Future of Work
- SuperStream Deadline for Small Employers
- Superannuation Year End Considerations Continue!
- YML Insight February 2015
- Happy NEW Financial Year – ATO Changes Update
- Economic Stimulus Package Updates – JobKeeper 2.1
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- General Outsourcing Services provided by YML
- How to get on top of your finances post COVID-19
- Other Topics
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
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.
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:
$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.
$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.
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).
- Click the link below to engage us and provide us with your bank account details https://app.hellosign.com/s/BohX9nzx
- Click the link below if you are a business owner – and not an employee – and have not yet completed the Business Participant form https://app.hellosign.com/s/Hu4BQXtt
- 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) 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.