January 2021 Newsletter

Contents:

  • PAYG notices to be sent electronically
  • What is JobMaker and How You Can Apply?
  • What exactly is robodebt?
  • IR changes set to cost casuals $39bn
  • Announcements

PAYG notices to be sent electronically

Early December the ATO sent a notification to taxpayers with PAYG instalment notices for December stating that these would be sent electronically 21 days prior to the due date. This is another example of the ATO actively replacing it’s paper correspondence with a more efficient electronic alternative.
We look at what this means and how taxpayers are expected to retrieve their electronic communications.
 
 

What is JobMaker and How You Can Apply?

Whilst handing down the new Federal Budget the Federal Government introduced its latest wage subsidy scheme – the JobMaker Hiring Credit.

This new scheme is aimed at supporting employers to create new jobs within their business and employ additional people, specifically those aged between 16 and 35 years old.

 

What exactly is robodebt?

What exactly is robodebt? We’ve heard all the buzz, now it’s time to know what this controversial government scheme actually is. 

Unless you’ve been living under a rock, you’ve probably heard all the buzz about robodebt. The infamous government program has recently been making headlines, so it’s no surprise that Australians (as well as the rest of the world) have plenty of questions. 

 

IR changes set to cost casuals $39bn

The federal government is set to introduce new industrial relations laws that would offer an improved path to permanent work but also retrospectively cost casual employees billions.  
The proposed changes will likely be introduced in a parliamentary bill sometime this week, and will include new settings for casual workers that give them more rights for ongoing employment, and also give employers limited liability on paying benefits such as casual leave loadings.
 

Announcements:

This month we wish a very happy birthday to both Andrew and Gabi. We also have a number of team members bringing up significant anniversaries including Paula (28 years), Lee (20 years), Grant (19 years) and Katrina brings up her first full year of service!

Andrew Price

Gabi Freijah

 
Paula Toll

Lee O'Grady

Grant Kuchel

   

Important ATO Dates

Lodgement Program Due Date
JobKeeper Extension 2 starts 04/01/2021
December monthly activity statements due 21/01/2021
Quarter 2 (October–December) PAYG instalment activity statement 21/01/2021
Quarter 2 (October–December) – super guarantee contributions 28/01/2021
January monthly activity statements due 21/02/2021
 

Small Business Digital Adaptation Program

Any business interested in creating an online presence should consider this grant. The grant can be used for more than one of the options listed below so for a retailer looking to launch an e-Commerce platform to sell from you could package Shopify and Xero together and get the first 12 months subscriptions for free. This would give you access to point of sale, a website, a cart (receiving credit card payments), inventory management and your bookkeeping needs all taken care of!
 
The Small Business Digital Adaptation Program will allow eligible businesses to trial and then receive access to digital products, tools and training they can use to build digital capability in their day-to-day operations.
Once businesses have purchased a product, they can apply for a rebate of $1,200 to access the product for 12 months.
The Victorian Government is currently partnering with six digital product suppliers for this program. These include:
  • Mr Yum — food and beverage
  • MYOB — business management
  • Xero — business management
  • Shopify — end-to-end retail
  • Square — end-to-end retail
  • Squarespace — website creation
 

 

Christmas Trading Hours

Please note the following:
 
Both offices will be closed Thursday 24 December and will not re-open until Wednesday 6 January.
 
 
From all the team at Watts Price Accountants & Knights Accounting we wish you and your loved ones a happy festive season and we look forward to seeing you in the New Year!
 
All the best from the Watts Price Team!