The Federal Budget for 2023-24 year has been released with a number of measures included to continue the economic support for Australian’s. Key measures included in the Budget are: Small business asset write-off Small Business Energy Incentive Superannuation tax Change to super guarantee contributions Further economic support payments for eligible welfare recipients Please note that…
Headland Accountants Pty Ltd is very pleased to announce Tye Bonar, CPA has joined the firm. Tye has worked as a tax accountant at several prominent firms on the Sunshine Coast and Central Queensland. He is a fully qualified accountant with 12 years experience and holds his CPA qualifications. Tye is looking forward to meeting…
The Federal Budget for the 2020/2021 financial year has been released with a number of measures included to continue the economic support for Australian’s impacted by the COVID-19 pandemic. Key measures included in the Budget are: Changes to individual tax rates and tax offsets Threshold removed for small business asset write-offs JobMaker Hiring Credit of…
The JobKeeper payment has been extended by the Australian Federal Government with the following changes to take effect from 28 September 2020: The key date for assessing employee eligibility is now 1 July 2020, rather than 1 March 2020 There is now a Tier 1 and Tier 2 JobKeeper rate New turnover test – you…
Now that the 2020 financial year is completed, it is time to complete your end of year payroll processes in Xero. Businesses have until 14 July 2020 to finalise their payroll figures and file to the Australian Taxation Office (ATO). Below are the steps we recommend you follow to finalise your business’s Single Touch Payroll…
Many businesses re-opening thanks to eased COVID-19 restrictions are now required to collect and store contact information for customers, workers and any contractors for a period of at least 28 days. The Government has put this requirement in place in order to help trace any COVID-19 infections that may occur. A new, free browser-based application…
The Queensland Government is delivering a second round of grants to eligible businesses under the Small Business COVID-19 Adaption Grant Program. Round 2 opens on 1 July 2020, with $100 million of funds to be equally divided between Regional Queensland and South East Queensland (SEQ). The available grant amount is a minimum of $2,000 and up to…
The instant asset write-off threshold of $150,000 has been extended for another six months in an effort to continue the support for businesses recovering from the economic impacts of the Coronavirus. The Federal Government initially increased the threshold from $30,000 to $150,000 earlier this year as a part of their economic stimulus package, with the…
Local Buy, an initiative of the Queensland Government, is seeking new, small and regional businesses to supply to all levels of government and many other organisations in the State. This initiative seeks to support businesses across all industries, supplying all goods and services, by giving them access to opportunities as preferred and pre-qualified suppliers as…
The Queensland Government has announced a grant program to support small businesses impacted by the State’s shutdown restrictions. Up to $10,000 will be available to eligible businesses to assist with adapting and maintaining business operations through these challenging times. Please note there is limited funding – applications will be assessed on a ‘first come, first…
As the Government eases COVID-19 restrictions and employees start to make a return to the workplace, all businesses in Queensland will have Workplace Health and Safety (WHS) obligations and responsibilities. Employees can begin to return to the workplace if it suits both the employer and employee. There may need to be a change in work…
The Queensland Government has announced that they will be doubling the funding of their COVID-19 Job Support Loan scheme due to overwhelming demand. The scheme now totals $1 billion with the extra funding available for businesses who have already submitted their application and have not yet been processed – no new applications will be received.…
The below list provides answers to some of the frequently asked questions associated with the JobKeeper scheme. Please don’t hesitate to call our office If you require further clarification or have any other questions. Do businesses have to meet the decline in turnover test on an ongoing basis?The answer is No. Whilst a business must…
The Federal Government passed a package of Bills through both Houses of Parliament on 8 April 2020 (received Royal Assent on 9 April 2020), to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. See below…
This year many of us have been forced to work from home due to the Coronavirus outbreak. The Australian Taxation Office (ATO) has introduced a temporary short cut method to make calculating home office running expenses easier for taxpayers to include as a deduction in their tax return. Short cut method The short cut…
We hope that everyone is staying healthy and safe during this difficult and uncertain time. The impact of COVID-19 on small businesses is devastating and the toll it is taking on people’s mental health is serious. It is important that mental health remains a priority as we all deal with the impacts and increased stresses of…
The Australian Government has announced that wage subsidies will be paid to businesses significantly impacted by the Coronavirus. The legislation/law is being drafted and needs to pass Parliament. No further updates/guidance is available at this time. The Government will pay businesses $1,500 per fortnight per employee for up to 6 months. The aim of the…
The Queensland Government $500 million COVID-19 Jobs Support Loans scheme is being provided to assist Queensland businesses financially impacted by COVID-19 to retain employees and maintain their operations. We can assist you by compiling the information needed to complete your application, just let us know. Loan features Maximum loan up to $250,000 No repayments…
The Government has announced a second economic stimulus package package detailing further support available to assist businesses throughout the Coronavirus outbreak. The following measures are in addition to those outlined in the first economic stimulus and we have summarised them for you as follows: Support for Individuals Support for Retirees Support for Businesses Please note…
Xero has advised us that Hubdoc is now included in most user plans at no additional cost. This is a great program to use to reduce data entry and keep all your invoices in the one place. Simply upload photos of your invoices to Hubdoc and the data will be automatically extracted and ready to…
The Queensland Government has just announced further measures to help local business keep Queenslanders in jobs amid the Coronavirus crisis. Jobs Support Loans Businesses can access loans of up to $250,000 with an initial 12-month interest free period to assist with maintaining operations and retaining staff. The Queensland Rural and Industry Development Authority is currently…
To assist Australians experiencing financial difficulty as a result of the Coronavirus outbreak, the Australian Taxation Office (ATO) is implementing a number of administrative concessions for businesses. These measures include: The option to defer some income tax and activity statement payments by up to four months Allowing businesses that lodge quarterly activity statements to lodge…
Today the Prime Minister has announced a $17.6 billion economic plan to support the Australian economy as we deal with the impacts of the Coronavirus. The focus of this stimulus package is to help small and medium businesses stay in business and keep Australians in jobs. Small businesses will benefit from the stimulus with the…
The Australian Taxation Office (ATO) has accidentally issued some false tax debt letters to a number of taxpayers due to an IT problem that triggered automated letters. The letters demanded debts be paid back within two weeks, some even dated back over five years. This issue first occurred in January when a change to the…
This month the Queensland Government is bringing the Buy Queensland Roadshow to the Sunshine Coast. This event is a good opportunity for local businesses to meet government buyers and other local suppliers while receiving information and advice on supplying to the government. The two hour session will include: Formal presentation Interactive activity Networking opportunities with…