Category Archives: Small Business

Minimum wages to increase by 1.75%

The Fair Work Commission has announced a 1.75% increase to the National Minimum Wage (NMW) following its 2020 Annual Wage Review.

Covid 19 Stimulus Package

Your go-to quick guide for employer and employer relief packages by the Federal Government 

Covid19 – $130bn wage subsidy to cover 6 million workers

Prime Minister Scott Morrison has now unveiled an extraordinary $130 billion wage subsidy which will see businesses receive $1,500 a fortnight per employee for the next six months.

Covid19 – JOBKEEPER PAYMENT — INFORMATION FOR EMPLOYERS: ATO

OBLIGATIONS ON EMPLOYERS
To receive the JobKeeper Payment, employers must:


• Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline.
• Provide information to the ATO on eligible employees. This includes information on the number eligible employees engaged as at 1 March 2020 and those currently employed by the business (including those stood down or rehired). For most businesses, the ATO will use Single Touch Payroll
data to pre-populate the employee details for the business.
• Ensure that each eligible employee receives at least $1,500 per fortnight (before tax). For employees that were already receiving this amount from the employer then their income will no change. For employees that have been receiving less than this amount, the employer will need to up the payment to the employee up to $1,500, before tax. And for those employees earning more than this amount, the employer is able to provide them with a top-up.
• Notify all eligible employees that they are receiving the JobKeeper Payment.
• Continue to provide information to the ATO on a monthly basis, including the number of eligible employees employed by the business.

Buying a property in the name of your Self Managed Super Fund (SMSF).

I find that Self Managed Super Funds (SMSFs) are getting very popular and more people are buying properties in the name of their SMSFs. However when buying a property in the name of the SMSF there are a few points to consider.

ATO sets sights on 200,000 taxpayers with short-term rentals

According to the tax office, an “extensive data-matching program” will be used to identify taxpayers receiving income from short-term rentals, with information from online platform sharing sites for around 190,000 Australians to be examined to identify taxpayers who have left out rental income and over-claimed deductions.

Common return mistakes flagged for popular occupations

The ATO has been on its biggest ever education campaign this tax time, including direct contact with over 3 million selected taxpayers, as well as specialised guides and toolkits for taxpayers, agents, employers and industry bodies.

Who do mortgage brokers work for — the borrower, the banks or themselves?

More than half of Australia’s home loans are organised by mortgage brokers.

But are they working for you, the bank, or themselves?

The banking royal commission – it’s even worse than it looks

If you think the banking royal commission is big, you’re wrong. It’s much bigger.

Housing Correction Deepens With Dwelling Values Falling Across Most Capital Cities

National dwelling values were down for the eleventh consecutive month suggesting spring selling conditions may deliver a challenge amidst rising advertised stock levels, tight credit and indications that mortgage rates are tracking higher.