Organisation is key to running a profitable business. Having everything in order from backend administration to systemising you workflow ensures that your business is running smoothly and with maximum efficiency. Having your ABN details up to date is no exception.
Key details to keep up to date at all times for your ABN are your physical and postal addresses, email addresses and phone numbers. These details can be easily updated with the Australian Business Register through MyGov.
Why is it so important to keep your ABN details up to date?
- ABN details are used by authorities to contact your business in times of emergencies. Incorrect details supplied to these authorities leaves your business at risk of missing out on critical correspondence.
- ABN details are used to qualify your business for access to updates and grants.
- Correct and up to date ABN details make the processing of funds in and out of your business accounts easier to manage.
Visit myGov to update your details now
The government’s hasty answer to the financial strain of COVID-19 has puzzled many businesses regarding their responsibilities to their employees. Considering that COVID-19 has taken the nation by surprise, it’s fitting that the same can be said for the financial support the Australian government has formulated.
Here are few decoded facts about JobKeeper:
- JobKeeper is different to JobSeeker. JobSeeker is paid directly by Centrelink to individuals who are unemployed. JobSeeker has been known in the past as ‘government benefits’ for individuals.
- JobKeeper is paid to employers to subsidise employee wages, allowing many workers to remain in their jobs.
- JobKeeper currently subsidies each employeeup to $1,500 to employers per fortnight per employee before taxes, and an employer must then only pay the difference between the $1,500 and an employee’s usual wage.
- On 21 July the government announced proposed changes to JobKeeper including an extension through to 28 March 2021.
- JobKeeper payments are treated as a regular wage in terms of tax. When paid to the employee, income tax is still withheld, making the amount receivable less than $1,500.
- JobKeeper is not included in BAS as it is not considered sales income.
To find out more about JobKeeper, visit:
For help with making monthly business declarations, contact us.
Visit ATO website for more info.