JobKeeper 2.0 – What We Know So Far!
The end of September will soon be upon us and businesses needing ongoing support must get familiar with the rules of JobKeeper 2.0. The first thing to note is that businesses need to qualify separately for each extension period. To qualify for the first extension period, running from 28 September 2020 to 3 January 2021, […]
Employers MUST Review JobKeeper By Friday 21 August
Employers must assess by this Friday (21 August) whether they are able to add extra employees to their August JobKeeper claim, following last Friday’s announcement by Treasurer Josh Frydenberg. While the specific rules dealing with JobKeeper 2.0 have not yet been released, Treasurer Frydenberg announced some changes relating to employee eligibility under the current scheme. […]
Good Lodgement Record Helps Everyone
Affinitas Accounting has statistically knocked the ball out of the park for the second year running, lodging 93.7% of client returns on time in FY2020. The ATO’s benchmark for a good lodging practice is 85% or better. And despite the challenges thrown up by Covid-19, Affinitas was able to improve on the 92.3% mark achieved […]
August Deadline for ATO Contractor Report
ATO Widens Net as Contractor Report Deadline Looms The Australian Tax Office has warned businesses that pay contractors may need to lodge a taxable payments annual report (TPAR) by 28 August 2020. This year, many more businesses are included in the TPAR net, including those that pay contractors to provide road freight, information technology, security, […]
JobKeeper Scheme Changes
Government Tightens Purse Strings with JobKeeper 2.0 JobKeeper payments will be less and harder to qualify for under the next phase of the scheme. The current $1500 per fortnight JobKeeper payment will be reduced to between $750 and $1200 per fortnight from 28 September 2020. The lower $750 rate will apply to employees working less […]
July Tax Rush
Affinitas Accounting Clients Join the Billion Dollar July Tax Rush Tax time 2020 is well and truly in full swing, with the ATO reporting its “biggest 1 July ever”, with over 740,000 online lodgements on that day alone, up from just 100,000 lodgements on 1 July 2019. The first two weeks of July resulted in […]
How to Make Your Business Saleable
Business owners know how important planning for the future is. But when it comes to planning, there is one element that many business owners fail to include: how to make your business saleable. Simply turning a profit isn’t always enough – there are many ways to ensure that your business is saleable. If you want […]
Virtual Appointments Proving Popular with Our Tax Clients
Virtual Appointments During Tax Time Tax season has arrived again, and this year, business owners and individuals face a new challenge during tax time: COVID-19. The pandemic has forced us all to restructure our lives and live differently, which is why Affinitas Accounting has been offering virtual appointments to our clients to manage their tax […]
5 Top Questions About the HomeBuilder Grant
The phone has been ringing off the hook with questions about the HomeBuilder grant. Here, I’m focusing on those who want to buy land and build (rather than renovators – that’s a whole separate topic on its own). First, some basics about the HomeBuilder grant: To qualify for the $25k HomeBuilder grant you must: Be […]
Tax Time 2020 Preparation
As tax time 2020 gets closer and closer, we wanted to help our clients prepare and ensure they are ready for the important financial period ahead. The COVID-19 pandemic has thrown a curve ball, causing this year’s tax time to be a little more complex than those in the past. However, the Affinitas Accounting team […]
