- Changes to overseas working holiday tax
- Employment and the 457 visa
- 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
- NEW Regional Visa Subclass 494 – Coming in November 2019!
- 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
- 457 Visa
- 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?
- 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
- ATO is Auditing Rental Property Expense Claims
- How a Mortgage can improve your Financial Position / How a Mortgage can grow your Wealth
- PENDING 457 VISA CHANGES in MARCH 2018
- Two NEW Skilled Regional Visas effective now!
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- 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
- What does the NEW 482 Visa mean for your business?
- Is Your SMSF Investment Strategy Compliant?
- GST on Property Transactions has changed from 1 July
- YML MIGRATION – WHAT CAN WE DO FOR YOU?
- 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
- Should I ‘fix’ my home loan?
- Working with Remote Staff – Business Process Outsourcing
- ATO Payment Arrangements – Avoid Overseas Travel Ban
- Taxable Payments – New Compliance for Couriers and Cleaners
- Government announces Changes to the Working Holiday Maker Programme
- NEWS! CGT Main Residence Exemption to End for Foreign Residents
- YML Insight July 2015
- 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?
- Applying For A Mortgage Is No ‘Walk in the Park’
- Small Business Instant Asset Write-Off : NOW up to $25,000
- POWER BI - BUSINESS DATA TOOL
- Employees : Time and Attendance Platforms
- Stepping Stone to 482 Visa – The Subclass 407 Training Visa
- The Importance of Estate Planning
- FBT 2019 – What’s new?
- Tax Time Checklist for Individuals
- Single Touch Payroll – NOW Mandatory for ALL Businesses
- Welcome your parents to join you in Australia with the NEW five year Sponsored Parent (Temporary) Visa
- 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
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- Other Topics
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- TSS has replaced 457 Visa Program – What is TSS?
- Introducing YML Migration
- 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
YML Insight – Special Edition COVID-19Federal and NSW Government Stimulus Packages – accessible for a LIMITED TIME
What you need to know NOW
Federal Government – SMEs / Employers
Tax-free Payments for Employers
The Government will support employers with a credit equal to 100% of a business’s PAYG withholding amounts from salaries and wages, even for those employers who are not required to withhold tax.
If your business has employees working since 1 January 2020 and your business has an annual turnover of up to $50 million, then upon assessment of your BAS in these two quarters, an entitlement – at least $20,000 and up to $100,000 maximum tax-free – will be credited to eligible employers and refunded by the ATO.
Wage Subsidy for Apprentices/Trainees
The Government will support jobs with a wage subsidy of 50% of an apprentice’s or trainee’s wages during the period of 1 January 2020 to 30 September 2020.
If your business has fewer than 20 employees and has been employing an apprentice/s or a trainee/s prior to and including 1 March 2020, you may be eligible to receive up to $21,000 during this nine-month period.
Claims for this subsidy may be made from 2 April 2020 and must be made no later than 31 December 2020.
Loan Guarantee Scheme
For all businesses with an annual turnover of up to $50 million and affected by COVID-19, an eligible loan through participating banks/lenders will be guaranteed to 50% of the loan by the Commonwealth.
A loan up to $250,000 for a term of up to three years may only be used for working capital and no repayments will be required for the first six months. Loans must be granted by a bank/lender within six months of 1 April 2020.
Instant Asset Write-Off (IAWO)
From 12 March 2020 until 30 June 2020, the Government:
- is increasing the IAWO from $30,000 to $150,000 for each qualifying asset – used or installed for use during this time period;
- is expanding the eligibility of the new IAWO limit to businesses with an annual turnover of up to $500 million; and
- will continue to apply the luxury car limit to car purchases.
Backing Business Investment (BBI)
From 12 March 2020 until 30 June 2020, a 15-month period, the Government:
- is introducing an immediate 50% depreciation of installed cost of qualifying depreciable assets purchased and used by businesses whose annual turnover is up to $500 million; and
- the other 50% of the installed cost falls under existing depreciation rules for qualifying depreciable assets.
A moratorium on insolvency laws for trading businesses will be introduced and changes made to attempt to mitigate the number of businesses collapses. Changes will include:
- a temporary increase of the debt thresholds at which creditors can a) issue a demand and b) initiate bankruptcy proceedings – both will increase to $20,000.
- a temporary increase in the time in which affected companies will have to respond to demands – an increase to six months.
- a temporary relief for directors from personal liability during insolvent trading.
NSW Government – SMEs / Employers
The NSW Government’s stimulus package includes:
- a waiver of payroll tax for three months ending on 30 June 2020 for businesses with payrolls of up to $10 million.
- bringing forward by one year an increase of the payroll tax threshold to $1 million (from $900,000), effective 1 July 2020.
- a waiver of a range of fees and charges for small businesses.
Federal Government – Workers / Welfare Recipients
Superannuation Savings Access
Individuals experiencing “financial stress” due to lowered income or lost income will be allowed to access their superannuation savings up to twice, as outlined:
- in 2019-20, access capped at up to $10,000;
- from 1 July 2020, further access capped at up to $10,000;
- with no tax payable on withdrawn amounts; and
- with no effect on Centrelink or Veteran Affairs payments.
Jobseeker Payment for Sole Traders / Individuals
Those individuals who work as a sole trader or who are self-employed may become eligible for Centrelink’s Jobseeker Payment (formerly Newstart Allowance), a payment being increased by the Government by up to $550 extra per fortnight for all current and newly-eligible recipients.
The extra $550 maximum extra amount, paid by Centrelink, will be in effect for up to six months only.
New applicants for the Jobseeker Payment must make an online declaration to Centrelink about any reduction in income or suspension of work.
One-off $750 Cash Payment + Extra $750 Cash Payment
To help boost the household economy, from 31 March 2020, the Government will provide $750 as a one-off payment to all eligible welfare, income support, veteran affairs and concession card holders to help boost the economy.
From 13 July 2020, the Government will provide an extra $750 payment to all eligible welfare, income support, veteran affairs and concession card holders. This second round will only be available to those people not receiving the up to $550 extra per fortnight in their Jobseeker Payment.
The ATO will automatically make these payments via Centrelink to eligible recipients.
ATO Support Measures for Employers and Individuals
The ATO is offering, on a case-by-case basis, administrative relief for some tax obligations, such as:
- Significantly-affected taxpayers may be able to defer tax payments by up to four months.
- Payment dates for activity statements and income tax may be deferred.
- GST refunds may be accessed sooner with a change from quarterly to monthly reporting.
- PAYG instalments may be varied to NIL for the March quarter BAS with a refund for any instalments paid for the previous two quarters.
- Interest and penalties incurred on or after 23 January 2020 may be remitted.
- Low interest payment plans may be entered into.
You’re not alone. YML Group is continuing to provide information and advice needed for you to steer your business through the COVID-19 disruption. Together we can review your business strategy and help you to move forward better-prepared by benefiting from the Federal and NSW Governments’ stimulus packages.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your ‘COVID-19’ business strategy. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.