We have kept this update as free of COVID-19 content as possible, as a well-needed break for everyone.
If you are looking for information on stimulus packages and other assistance, financial or otherwise, click here for our COVID-19 information page, which includes the new JobKeeper Allowance that was announced this week.
JobKeeper Allowance Summary:
- Up to $1500 a fortnight will be paid to employers to help pay employee wages while the business is put into 'hibernation'.
- Businesses will be eligible if their revenue had dropped by 30% or more since the crisis hit.
- The payment will be available to full-time and part-time workers, sole traders, and casuals who have been with their employer for 12 months or more.
- Payments will begin in May and be backdated to 1 March 2020.
Otherwise, here are some other important (non COVID-19) updates from us...
Super Guarantee Amnesty
Employers have the opportunity to disclose, lodge and pay unpaid SG amounts for their employees for the period 1 July 1992 - 24 May 2018.
You can claim deductions and not incur administration charges or penalties during this amnesty.
If you may have underpaid employee super anytime during this time period, please get professional advice from your tax agent. This amnesty is a one time only opportunity and you need to act now.
Deadline: 7 September 2020
New FBT Year Rolls Around
We are now in a new Fringe Benefit Tax Year. It's a good time to refresh what you should be reporting when it comes to FBT.
Your obligations if you provide fringe benefits:
- Calculate how much FBT you have to pay. Employers must self-assess and calculate how much FBT they must pay each FBT year.
- Keep the necessary FBT records. The FBT law requires employers to keep certain records relating to the fringe benefits they provide.
- Register for FBT. We recommend employers register once they establish that they must pay FBT.
- Report fringe benefits on employee payment summaries. Employers must report certain fringe benefits on employees' payment summaries.
- Lodge an FBT return and pay FBT to the Tax Office. A return covering the FBT year, which runs from 1 April to the following 31 March should be lodged by 21 May each year.
Click here to read our 2020 FBT Year-End update which includes ATO focus points.
Aintree Group Office Update
The majority of our team is currently working from home, so we ask that you please keep phone calls to our office to a minimum and instead contact us via email at email@example.com.
We can confirm that we are maintaining our high standard of data security and cyber safety protocols while our team works remotely.
For further details on what we're doing to handle COVID-19 regulations at Aintree Group, click
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"Resilience is the capacity to rebuild and grow from adversity"
We are very aware of what a difficult time this is, and we are here to support you in whatever way we can, so please, be in touch.