New Year (sort of) resolutions

We’re on the wrong side of mid-February, so everyone has run out of excuses as to why they haven’t implemented the fresh, new accounting habits they’d promised themselves.

You can find out what sort of shape your record-keeping systems are in by using the record-keeping evaluation tool provided by the Australian Tax Office.

Here’s what they say makes bookkeeping easier:

  • Keeping all records (tax invoices, stocktake records, a list of creditors and debtors, wages records, Superfund contributions) that are relevant to your business’s tax and super affairs

  • Safely storing your records in a way that protects them from being changed or damaged

  • Keep records for five years

  • To be able to show the Tax Office your records if we ask for them

  • They must be in English or easily converted to English

 

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JobTrainer

After many changes in light of the ever-evolving COVID-19 situation in Australia, most of us have finally gotten our heads around JobKeeper, JobSeeker, and JobMaker: JobKeeper to help employers subsidise wages and keep their employees in work, JobSeeker to financially support those looking for jobs, and JobMaker to provide financial incentives to employers to create new roles.

However, here’s one you may not have heard about: JobTrainer.

If your business employs apprentices or trainees, this is something that you’ll want to get yourself up to speed with as soon as possible.

JobTrainer refers to the 50% wage subsidy that the Australian government is offering to employers for their apprentices and trainees, providing that you are a small business with fewer than 20 employees and that the employee whose wage is in question was doing their apprenticeship with you on the 1st of July 2020. Some claims may be eligible to back-date, and are valid up until the end of March 2021.

Learn more