But what does this look like? Even though we are seeing restrictions eased across the state, we still have to follow the preventative measures put in place to avoid another outbreak.

As a result of the 2020 pandemic, it is mandatory for every Victorian business to have a COVIDSafe Plan in place to ensure they are meeting their obligations.

Businesses must have a plan in place that addresses the six key principles of a COVIDSafe workplace:

1. Ensure physical distancing
2. Wear a face mask
3. Practice good hygiene
4. Keep records and act quickly
5. Avoid interactions in enclosed spaces
6. Create workforce bubbles

Random spot checks for Melbourne and regional Victorian businesses are taking place to ensure compliance with significant penalties in place for businesses that fail to comply.

The Vic.Gov.Au | Coronavirus website has a number of helpful templates and documents that businesses can access to help them meet their obligations. The website contains industry specific information, frequently asked questions and a number of other valuable resources.

If your business is looking at returning to a new normal, we encourage you to take the time to create and implement an effective COVIDSafe Plan. It’s about working together and supporting each other to get through these challenging times.

Our staff continue to work from home and remain available to help you with any tax, accounting, or stimulus questions you may have. If you would like some assistance, please don’t hesitate to contact Strategem Accountants Bendigo team on 03 5445 4777 or contact us via our website.

The post Does your business have a COVIDSafe Plan? appeared first on Strategem.

But for everything our country has endured, lessons have been learnt and we have been reminded of the true meaning of gratitude.

Despite the challenges and amidst the disarray, the 2020 AFL season went on. There is no doubt it was a season like no other, with new records being set and ‘first time ever’ moments going down in the history books. A season like no other ending with a 13^th Richmond Premiership, the club’s third in just four years.

For many Australian’s, AFL plays a big part in our lives. The year round banter between fans and the Friday nights spent behind the TV have us all embracing a common passion. But as business owners and leaders, there is so much we can learn from our beloved game, both personally and professionally.

Football fans may remember a time when the Richmond Football Club was a struggling club, with poor on-field performance and crippling debt. So how in less than a decade have they turned themselves around to become one of the most successful teams this generation have seen.

After attending a program in the US, Richmond Football Club coach, Damian Hardwick returned to the club with a new look on leadership. A new perspective that allowed him to embrace his imperfections and expose his vulnerability.

Bringing this new outlook back to the club saw the beginning of bigger things. Hardwick worked closely with club members and players to devise a new game plan, one of respect, self-awareness and trust.

Throughout this process, Hardwick led by example. Firstly putting himself in the arena, followed by bringing those around him in to join the journey.

Visions and strategies were devised and were communicated across the entire board and playing field, ensuring clarity and ownership. Conversations allowed for each and every player to understand the key role they played in achieving the club goals and displayed the trust in each individual to perform their part.

The next stage of the plan was to embrace a culture within the club that encouraged respect among the playing group, both on the field and off. Again, Hardwick led by example, returning from his course in the US and opening up to his team about what was most valuable to him; his family, exposing his raw feelings and showing his vulnerable side.  

There is no doubt that AFL Hub Life in 2020 saw close bonds between players and families formed, however was it this culture that had already been embedded within the Richmond Football Club that contributed to their victory?

Further to embedding a culture of respect, Hardwick challenged the mindset of his players. He worked with them to improve their self-awareness and accept their mistakes as opportunities rather than errors. He encouraged them to celebrate their wins and acknowledge their achievements, building a strong rapport among the group.

The post The Road to Glory Starts at the Top appeared first on Strategem.

The Treasurer also announced a range of taxation benefits for small and medium businesses, intended to stimulate the business sector leading to jobs growth.

This summary provides coverage of the key issues of most interest to you.

Highlights

Personal income tax

• Immediate personal tax relief for individuals
• Exempting granny flat arrangements from capital gains tax

Business owners

• Extension of the provision allowing small business to instantly write-off asset purchases
• Temporary loss carry-back to support cash flow
• Covid-19 response package – Victorian Government grants
• JobMaker hiring credit

Superannuation

• Superannuation reform

Social Security

• Covid-19 response package – further economic support payments

Personal income tax

The Government will bring forward the second stage of its Personal Income Tax Plan by two years to 1 July 2020 while retaining the low and middle income tax offset (LAMITO) for 2020-21. The changes will provide immediate tax relief to individuals and support the economic recovery and jobs by boosting consumption.

Bringing forward the second stage of the Personal Income Tax Plan

The following changes have been announced:

• The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000.
• The low income tax offset (LITO) will increase from $445 to $700. The increased LITO will be withdrawn at a rate of 5 cents per dollar between taxable incomes of $37,500 and $45,000. The LITO will then be withdrawn at a rate of 1.5 cents per dollar between taxable incomes of $45,000 and $66,667.
• The top threshold of the 32.5 per cent personal income tax bracket will increase from $90,000 to $120,000.

Supporting Older Australians — exempting granny flat arrangements from capital gains tax

The Government will provide a targeted capital gains tax (CGT) exemption for granny flat arrangements where there is a formal written agreement. The exemption will apply to arrangements with older Australians or those with a disability. The measure will have effect from the first income year after the date of Royal Assent of the enabling legislation.

CGT consequences are currently an impediment to the creation of formal and legally enforceable granny flat arrangements. When faced with a potentially significant CGT liability, families often opt for informal arrangements, which can lead to financial abuse and exploitation in the event that the family relationship breaks down. This measure will remove the CGT impediments, reducing the risk of abuse to vulnerable Australians.

¹Plus Medicare levy.

Business owners

Temporary full expensing to support investment and jobs

The Government will support businesses with aggregated annual turnover of less than $5 billion by enabling them to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. It will improve cash flow for qualifying businesses that purchase eligible assets and bring forward new investment to support the economic recovery.

Full expensing in the year of first use will apply to new depreciable assets and the cost of improvements to existing eligible assets. For small and medium sized businesses (with aggregated annual turnover of less than $50 million), full expensing also applies to second-hand assets.

Temporary loss carry-back to support cash flow

The Government will allow eligible companies to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits in 2018-19 or later income years.

Corporate tax entities with an aggregated turnover of less than $5 billion can apply tax losses against taxed profits in a previous year, generating a refundable tax offset in the year in which the loss is made. The tax refund would be limited by requiring that the amount carried back is not more than the earlier taxed profits and that the carry back does not generate a franking account deficit. The tax refund will be available on election by eligible businesses when they lodge their 2020-21 and 2021-22 tax returns.

Currently, companies are required to carry losses forward to offset profits in future years. Companies that do not elect to carry back losses under this measure can still carry losses forward as normal.

COVID-19 Response Package — making Victoria’s business support grants non-assessable, non-exempt income for tax purposes

The Government will make the Victorian Government’s business support grants for small and medium business as announced on 13 September 2020 non-assessable, non-exempt (NANE) income for tax purposes.

State-based grants such as the Business Support Grants are generally considered taxable income by the Commonwealth. Given COVID-19 and the exceptional circumstances Victorian businesses face, providing this additional concessional treatment will assist in their recovery.

The Commonwealth will extend this arrangement to all States and Territories on an application basis. Eligibility would be restricted to future grants program announcements for small and medium businesses facing similar circumstances to Victorian businesses.

The Government will introduce a new power in the income tax laws to make regulations to ensure that specified state and territory COVID-19 business support grant payments are NANE income.

Eligibility for this treatment will be limited to grants announced on or after 13 September 2020 and for payments made between 13 September 2020 and 30 June 2021.

JobMaker Hiring Credit

The Government will provide $4.0 billion over three years from 2020-21 to accelerate employment growth by supporting organisations to take on additional employees through a hiring credit. The JobMaker Hiring Credit will be available to eligible employers over 12 months from 7 October 2020 for each additional new job they create for an eligible employee.

Eligible employers who can demonstrate that the new employee will increase overall employee headcount and payroll will receive $200 per week if they hire an eligible employee aged 16 to 29 years or $100 per week if they hire an eligible employee aged 30 to 35 years. The JobMaker Hiring Credit will be available for up to 12 months from the date of employment of the eligible employee with a maximum amount of $10,400 per additional new position created.

To be eligible, the employee will need to have worked for a minimum of 20 hours per week, averaged over a quarter, and received the JobSeeker Payment, Youth Allowance (other) or Parenting Payment for at least one month out of the three months prior to when they are hired.

Superannuation

Superannuation Reform

The Government will provide $159.6 million over four years from 2020-21 to implement reforms to superannuation to improve outcomes for superannuation fund members. The reforms, which will reduce the number of duplicate accounts held by employees as a result of changes in employment and prevent new members joining underperforming funds, include:

• the Australian Taxation Office will develop systems so that new employees will be able to select a superannuation product from a table of MySuper products through the YourSuper portal
• an existing superannuation account will be ‘stapled’ to a member to avoid the creation of a new account when that person changes their employment. Future enhancements will enable payroll software developers to build systems to simplify the process of selecting a superannuation product for both employees and employers through automated provision of information to employers
• from July 2021 the Australian Prudential Regulation Authority will conduct benchmarking tests on the net investment performance of MySuper products, with products that have underperformed over two consecutive annual tests prohibited from receiving new members until a further annual test that shows they are no longer underperforming. 

Social security

COVID-19 Response Package — further economic support payments

The Government will provide $2.6 billion over three years from 2020-21 to provide two separate $250 economic support payments, to be made from November 2020 and early 2021 to eligible recipients and health care card holders. These payments are exempt from taxation and will not count as income support for the purposes of any income support payment.

Federal Budget 2020: What it means for individuals | Macquarie

We are here to support you throughout these times

At Strategem Accountants Bendigo, our staff is grateful to be in a position where we can support you throughout these unprecedented times. We understand 2020 has brought about a number of challenges and changes. Our accountants and financial advisors are here to provide you with the assistance you need.

If you have any questions or would like to talk further about your individual situation, please do not hesitate to phone our office on (03) 5445 4777 or contact us via our website.

The post What does the Federal Budget mean for you? appeared first on Strategem.

The grant is designed to help support a project or initiative that will see benefits for those within our community.

We’re proud to announce this year’s Strategem Community Foundation Grant has been given to Reading Out of Poverty (ROOP).

Reading Out of Poverty is a non-profit organisation in Victoria with a sole focus of supporting children aged 0-5 years from disadvantaged backgrounds through providing early literacy skills and school preparedness assistance.

Our donation will help support their goals of enhancing literacy skills among children, creating awareness of the importance of early literacy development and reducing the gap between children from a disadvantaged background and their wealthier peers.

The $5,000 grant will contribute to 600 literacy packs being distributed to children across both Bendigo and Melbourne.

“As a Foundation we are extremely proud to be able to support Reading Out of Poverty. Our Foundation aims to support the community not only through providing monetary donations but also through providing education so we believe it was a perfect match”. Strategem Community Foundation chairman, Chris Harrington.

The impact that Reading Out of Poverty has had on communities is widespread.

• 43,000 books have been distributed
• 21,500 children have been impacted by the work of reading Out of Poverty
• 20,900 parents have been supported
• 97,000+ hours have been accumulated in volunteer hours

We look forward to continuing our relationship with ROOP. To know our donations and support can help make a difference in the lives of children is heartwarming.

For more information on Reading Out of Poverty visit https://roop.org.au/

RELATED – Enriching lives in more ways than one

RELATED – Strategem Community

If you have an opportunity that we can support we’d love to hear about it. Contact us via our website or phone:
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Strategem supports childhood education appeared first on Strategem.

A wonderful effort by the Bendigo community, Dry July 2020 managed to raise $77,850 for Bendigo Health. Further to this, thanks to an anonymous donor, the grand total raised amounted to $177,850.43.

Dry July 2020 raised $177,850.43 for Bendigo Health.

The Bendigo Health Cancer Wellness Program provides support to patients and carers who are going through a cancer journey. Through initiatives such as Oncology Yoga, Oncology Massage, Art Therapy and Pet Therapy, the cancer wellness program aims to ease the anxiety and uneasy feelings that come attached to attending cancer treatments and appointments.

Bendigo Health is an approved recipient of Dry July funding meaning all funds raised through the campaign in the Bendigo area, stay in our local community and provide support to our local health facility.

Funds raised from the 2019 Dry July campaign provided funding for an extension of the activities run by the Cancer Wellness Program and allowed for the appointment of a Cancer Wellness Coordinator. Having a designated coordinator in the position to run the programs has provided the opportunity to continue to grow the activities as well as increase engagement within the community.

Strategem have been providing support to our local community since 1932. Our relationship with Bendigo Health began in 2019 when we supported the foundation of the Music & Arts Project; an initiative created to bring the positive impacts of music and arts to the patients using the cancer centre, an idea developed by Dr Rob Blum, Clinical Director of the Bendigo Health Oncology Unit.

To further support our relationship with Bendigo Health, it was a no brainer when the opportunity arose to support Dry July.

“We are excited and passionate to support a campaign such as Dry July. Knowing the money we raise will stay local and provide support for a local Bendigo Wellness Centre is an added incentive”, Strategem CEO Shaun Langdon

Strategem Accountants Bendigo have nominated three Strategem Dry July Ambassadors to lead the team throughout the month, to encourage those who have taken the pledge and to also provide assistance with activities to help raise funds for the cause.

“We’ve had to be really creative with how we’ve engaged the staff in the Dry July campaign. Usually we would host a couple of morning teas but with everyone working from home, the normal fundraising activities haven’t been an option”, Strategem Dry July Ambassador, Meghan Rogers.

Through a number of other means and through personal fundraising we’ve managed to surpass the half way mark of achieving our fundraising total.

At Strategem we are passionate about enriching lives. We strongly believe our relationship with Bendigo Health is doing this in more ways than one and we’re extremely proud of our involvement in our local community.

To support our team or to keep up with their Dry July journey’s you can visit our team page at – https://www.dryjuly.com/teams/strategem

RELATED: http://www.bendigohealthfoundation.org.au/strategems-show-of-spirit-as-they-go-dry–this-july/

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It’s been a challenging time for both businesses owners and employees who have been impacted by the coronavirus. Our team are here to provide you with the support you need in ensuring you get the financial assistance you are eligible to.

Just like we did at the beginning of the COVID-19 outbreak, we will update out blog with announcements from Government ensuring you receive the most up to date information.

If you have any questions or would like any assistance, our Accountants & Advisors are here to provide the support you need.

UPDATE: Tuesday 15 September – Victoria lockdown to ease, gradually

Regional Victorians will move to the third step out of lockdown as restrictions begin to ease as of 11.59pm Wednesday 16 September.

The third step will see regional Victorians no longer subject to staying at home restrictions. Outdoor gatherings of up to 10 people are allowed and up to five visitors will be able to visit from a nominated household.

At this stage Melbourne restrictions have not changed.

“It is such good news, I am so, so pleased and proud of every single regional Victorian who has stayed the course, followed the rules, got tested. They’ve done an amazing job,” Premier Daniel Andrews said.

UPDATE: Monday, 14 September – Government announce additional $3 billion

The Victorian Government yesterday announced a $3 billion package to help businesses survive and keep Víctorians in jobs.

The package will be delivered to eligible businesses through cash grants, tax relief and cashflow support.

The latest package takes the Victorian Government’s support to over $6 billion and will see over $1.1 billions in cash grants for small and medium businesses most affected by the coronavirus restrictions. including $822 million for the third round of the Business Support Fund.

Eligible businesses with a payroll of up to $10 million will receive grants of $10,000, $15,000 or $20,000 depending on their size.

So far, the Business Support Fund has provided assistance to over 108,000 businesses.

“For our state to recover, we need our businesses to recover too. As we take our first safe and steady steps towards COVID Normal, this support will help make sure we get through this together” – Premier, Daniel Andrews.

Support for hospitality sector

To provide support for hard hit bars, restaurants, pubs, clubs, hotels and reception centres, the Government will establish a dedicated Licensed Venue Fund of $251 million. This will provide grants of between $10,000 and $30,000 for licensed venues of all shapes and sizes. Further to these grants, the Government will also waive liquor licensing fees for 2021.

Businesses in Victoria’s alpine resorts will also have access to grants of up to $20,000 to help cover their resort fees.

Payroll tax relief provides assistance to 20,000 businesses

More than $540 million worth of payroll tax refunds were given in the last financial year. The Government will now defer payroll tax for businesses with payrolls of up to $10 million for the full 2020-21 financial year, providing a much needed $1.7 billion cashflow boost for businesses.

Further to the above, the Government will provide a further $137 million in waivers and deferrals of charges including licence fees, the congestion levy and increases to the landfill levy.

Stamp duty discount to be brought forward

The 50 percent stamp duty discount for commercial and industrial property across regional Victoria will be brought forward to 1 January 2021 and the Vacant Residential Tax will be waived for properties that are vacant in 2020.

Finding a new COVID normal

The Government will invest $44 million to equip businesses with the support they need to adjust to a new COVID normal. This will provide access to off-the-shelf digital programs and training and workshops designed to help businesses adapt to online operations.

“As we drive down case numbers and reach COVID Normal – we’re providing billions of dollars in support to make sure businesses make it through to COVID Normal.” – Treasurer, Tim Pallas.

Click for Vic to expand

The new website aims to encourage Victorians to support our local fresh food, wine, galleries and homewares businesses. A further $8.5 million will see more marketing and advertising, an expansion of the digital platform and partnerships with third-party e-commerce providers.

Exports are vital to Victoria’s economy

The Government are launching a $15.7 million export recovery package to provide assistance to the logistics and supply chain issues caused by the coronavirus pandemic. The fund will also help to establish new export channels.

UDPDATE: Sunday, 18 August – The latest news after Victoria’s second lockdown

The latest lockdown restrictions imposed on Victorian’s have seen businesses take yet another hit after already struggling through the coronavirus outbreak.

Businesses who were just getting back to regular operation were forced to once again close and implement their pandemic trading plans.

The latest business support package includes:

• Providing grants of $10,000 for Melbourne and Mitchell Shire employing businesses and $5,000 for like businesses in regional Victoria (except Mitchell shire)
• A $30 million dedicated fund for Victoria’s night time economy to support the hardest hit businesses in hospitality
• $26 million in mental health support to help Victorian’s deal with the challenges of running a small business during these times
• $10 million business mentoring program, pairing small business owners with experienced professionals who can help them navigate their way the rough these challenging times
• $40 million capped funds for regional tourism businesses to cover the costs of refunds
• $20 million find to support small business in Melbourne’s CBD that are facing large changes to their trading environments

Impacted and eligible businesses will also benefit from an extended and expanded payroll tax deferral. Eligible businesses with payrolls of up to $10 millions have the option of deferring their liabilities for the first half of the 2020/21 financial year.

Business Support Fund – Expansion program

Applications for grants of $10,000 for Melbourne and Mitchell shire and $5,000 for regional Victoria are open and close on September 14.

Businesses who have already received a grant or have applied, do not need to reapply. Successful applicants will automatically receive the additional grant.

Accommodation industry grants

The latest restrictions have forced travelling guests to cancel their accommodation. To help with covering the costs of refunds, accommodation businesses in regional Victoria can apply for direct financial support through the Regional Tourism Accommodation Support Program.

Eligible accommodation providers can apply for funding of $225 (ex GST) per night to a maximum of $1,125 (ex GST) per bookable accommodation offering if they receive cancellations subject to the Stay at Home Restrictions – for bookings made prior to the Stay at Home announcements.

Applications to receive this support are open until September 14.

Support for hospitality industry

As part of the Victorian Governments $20 million commitment to help small and medium businesses in Melbourne’s impacted CBD, CBD Small Hospitality Grants have been made available for businesses facing significant impacts for to the changes in their trading environment.

The $10 million CBD Small Hospitality Grant allows for grants of $5,000 and $15,000 to be made available to eligible businesses.

The Hospitality Business Grant Program provides $25,000 grants to eligible businesses, who have a payroll of $3-$10 million, plus an additional $5,000 for each additional premise, capped at $20,000; and a further $20,000 for those with premises located in the Melbourne CBD.

More Information click here

UPDATE: Tuesday, 21 July – Government announces extension of JobKeeper Payment Scheme

The Government today announced that the JobKeeper Payment Scheme will be extended beyond September.

Prime Minister Scott Morrison announced the scheme would be extended until March 2021 however changes to the payment amounts will see a decrease in the fortnightly rates.

The payment subsidy for full-time workers will be reduced to $1,200 per fortnight, and part-time workers will receive a lower rate of $750. The final quarter will see a further reduction in rates with full-time workers receiving $1,000 per fortnight and part-time workers will receive $650.

To continue receiving the JobKeeper scheme, businesses will have to pass a turnover test to ensure eligibility. Businesses with a turnover of up to $1billion are required to show a 30 per cent drop, while businesses with more than $1billion are required to show a 50 per cent decline.

Companies will face a renewed eligibility test of turnover in October.

In addition to changes to the JobKeeper Payment Scheme, those receiving the JobSeeker payments will see their payments cut back to $800 a fortnight from September.

Scott Morrison stated “In the second phase which will be at the end of September, we will be moving to a higher rate of job search”.

“We Will be reintroducing the assets test for eligibility for those payments and we’ll be reintroducing assets waiting period at that time”.

As of August 4, the Government will be requiring those on the dole to to connect with employment services and search for jobs at least four times a month, with penalties kicking in for those who refuse a role.

Extra support announced to help businesses impacted by the latest lockdown

With heightened COVID-19 restrictions continuing to be enforced within Victoria, the Victorian Government have responded by announcing a $534 million support package for businesses impacted by the latest lockdown.

The package includes:

• A $30 million fund for hospitality businesses
• A $26 million mental health support package for small business
• A $40 million fund to help regional tourism businesses to cover refunds and marketing
• $20 million for small businesses in Melbourne’s CBD
• $5,000 grants to be made available for 80,000 eligible businesses in metropolitan Melbourne and the Mitchell Shire.

The new business support package allows businesses to benefit from extended payroll tax deferral, with eligible businesses with payrolls of up to $10 million having the option to defer their liabilities for the first half of the 2020-21 financial year.

Grants available for 80,000 eligible Melbourne businesses

The support fund recently announced by Government includes access to $5,000 for 80,000 eligible businesses in metropolitan Melbourne and the Mitchell Shire.

Businesses can apply if they meet the following criteria:

• operate a business located in metropolitan Melbourne or Mitchell Shire
• be a participant in the Commonwealth Government’s JobKeeper Payment scheme
• employ people
• be registered with WorkSafe on 30 June 2020
• have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis
• be registered for Goods and Services Tax (GST) as at 30 June 2020
• hold an Australian Business Number (ABN) and have held that ABN at 30 June 2020
• be registered with the responsible Federal or State regulator.

The grants can be used to help provide support cover the following:

• meeting business costs, including utilities, salaries or rent
• seeking financial, legal or other advice to support business continuity planning
• developing the business through marketing and communications activities
• any other supporting activities related to the operation of the business.

Applications for the grants close on 19 August 2020. To read more and to see if your business is eligible to apply visit: https://www.business.vic.gov.au/…/bus…/business-support-fund

Government commits $36 million toward mental health

Further to the support package, Treasurer Tim Pallas stated the Government was waiting “with baited breath” to see whether the Federal Government would extend the JobKeeper payments.

He said more information was likely on July 23, which would inform the State Government about what additional support measures were required.

“This is us saying we’re here with you all the way through a very traumatic and distressing time for all Victorians,” Treasurer, Tim Pallas

The Government will also invest $36 million towards mental health support and mentoring for business owners and operators, including sole traders doing it tough because of the pandemic.

Getting your Tax organised this tax time

Strategem Accountants Bendigo understand this tax season looks a little different from previous years. Our staff is still available to help you complete your tax return. To protect the health of our staff, and our clients, we are currently not booking any face-to-face appointments.

We are offering phone and online Zoom appointments to all clients, including for tax appointments.

For clients who need to get documents to our accountants or financial advisors, we are encouraging you to use our Secure Online Client Portal which allows the safe transfer of documents and also allows for electronic signings.

We appreciate your understanding of the above measures and we look forward to being able to support you through this tax season, and through these unprecedented times.

Our staff are continuing to work from home but remain available to provide you with the support you need. To make an appointment with an Accountant to complete your tax return, please phone our office on (03) 5445 4777.

The post Keeping you up to date with COVID-19 support packages appeared first on Strategem.

There are many benefits for business owners who take the time to plan their tax and look at it through the scope of a marathon rather than a sprint.

1. Plan early and maximise your business deductibles, ultimately saving you tax
2. Forward planning helps you to know your tax liabilities, meaning you can reinvest funds that may have been set aside for tax
3. The earlier you start planning, the more strategies you can put in place to maximise the benefits and look into opportunities that present
4. By taking the time to plan throughout the year, you give yourself the opportunity to learn as you go, rather than rushing any decisions
5. Tax planning also allows you to consider superannuation optimisation and look into options such as salary sacrificing or making extra after-tax deductible super contributions to super and self-managed super funds.

Dates you need to be aware of over the coming couple of months

30 June 2020

If you’ve made use of the instant asset write-off, to claim the deduction of a single asset up to the value of $150,000 – the asset must be installed and ready for use by 30 June.

14 July 2020

Employers need to have made their Single Touch Payroll annual finalization declaration by 14 July.

14 July 2020

JobKeeper monthly declaration due – 14^th of each month.

21 July 2020

For business owners who lodge their BAS monthly, your June BAS is due by 21 July.

28 July 2020

Super guarantee contributions for April – June 2020 due by 28 July.

If you would like some assistance, please don’t hesitate to contact Strategem’s Tax Accountants Bendigo team on 03 5445 4777 or contact us via our website.

The post Dates to be aware of this tax season appeared first on Strategem.

It’s no surprise that the past six months have been particularly challenging for businesses and the Australian Taxation Office (ATO) recognize this.

The Australian Taxation Office have identified the top three most common issues found when small businesses lodge their tax returns.

1. Failing to report all of their income
2. Not having the necessary records to prove small business expenses claims
3. Claiming private expenses as business expenses

Assistant Commissioner, Peter Holt, stated there are three golden rules that business owners must remember when claiming deductions.

1. The expense must have been for your business, not yourself
2. If you use something for business and private purposes, you can only claim the portion that is related to your business
3. You need to have records to prove the claim

The top tip for small business operators is to keep your records up to date.

If you are unsure of what deductions you can claim on your business tax return, or need help determining what portions of a deduction you can claim, please contact Strategem an experienced accounting firm in Bendigo and Melbourne. Speak with one of our Accountants.

Contact us and speak with an Accountant, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Following the ATO’s golden rules this tax season appeared first on Strategem.

Despite the unprecedented times, it’s important to be organised this tax time to ensure you receive what you are entitled to.

This year has seen changes to the instant asset write-off for businesses, forced working from home conditions for employees, an increase in access to government stimulus packages and increased access to superannuation.

Taking all of this into account, below are our ‘Top 10 Tips to save you this tax time’.

Strategem’s Top 10 Tax Tips

Our Accountants are here to help you get the most out of your return this tax time. If you have any enquiries or are ready to book your appointment, contact our office today.

Ready to book your tax appointment? Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

Please note: We are currently only booking phone and online Zoom appointments.

RELATED

• How to claim your working from home expenses this tax time
• Tax preparation and rental properties – what you need to know as a landlord
• What to do with unused concessional contributions

The post Here are our top tips to save you this tax time appeared first on Strategem.

The ability to carry forward concessional contributions applies from 1 July 2018, with the 2019-20 financial year the first year an individual can access their unused carry forward concessional amounts.

Concessional contributions include employer contributions (super guarantee and salary sacrifice) and personal contributions that you have claimed a tax deduction for. 

For example, if your total concessional contributions in the 2019-20 financial year were $10,000 and you meet the eligibility criteria, then you can carry forward the unused $15,000. You may then be able to make a higher deductible personal contribution in a later financial year. If you are selling an asset and likely to make a taxable capital gain, a higher deductible personal contribution might assist in reducing your tax liability in the year of sale.

Remember:

• Your total superannuation balance must be below $500,000 on 30 June of the prior year before you utilise any carried forward amount (within the 5 year term); and
• In some cases, an additional 15% tax can apply (30% total) to concessional contributions made to super where income and concessional contributions exceeds the threshold ($250,000 in 2019-20). Your income could be higher than usual in the year when you sell an asset for a capital gain.

This is an excellent concession to help you top up your superannuation, especially where you are out of the workforce at some stage.

Have any questions? Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

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