Entries by ccbookkeepingservice

Decoding JobKeeper for Employers

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 […]

Tax scam warning

The ATO has warned taxpayers and businesses to be extra vigilant to guard against scammers throughout the COVID-19 pandemic, pointing out that scammers often work to steal your money and identity while you’re most vulnerable. “Life’s busier than ever for small business owners. Scammers hope you’re too busy to check what they’re saying so you’ll hand over your […]

Changes to bankruptcy law

Sole traders and businesses operating as a partnership are being offered temporary protection during the COVID-19 pandemic. To reduce the financial stress, the Australian Government has temporarily changed bankruptcy laws to protect people who are facing unmanageable debts to help them stay afloat in this difficult period, rather than face insolvency or mandatory closure. This […]

STP exemption period extended for closely held payees

The ATO has moved the exemption cut-off date for Single-Touch Payroll (STP) reporting back a full year to 1 July 2021 in light of the COVID crisis. This applies to businesses with less than 20 employees. The ATO defines closely held payees as those directly related to the entity from which they receive payments, including family members directors or shareholders […]

If you pay annual salaries, the law has just changed

With close to 100% of Australian businesses paying annualised salaries under 22 modern awards, it’s very likely you’ve been impacted by the changes implemented by the Fair Work Commission on 1 March 2020. Prior to this date, you were obligated to pay salaried employees under all Awards at least the same gross amount they would […]

Managing employees during COVID-19

The Coronavirus has shaken up our economic landscape and many businesses are wondering what their rights, responsibilities and possibilities are for their employees. In addition to several financial benefits for retaining staff, the government has provided some key information on the FairWork website to guide you through the options available to you, including: Arranging flexible work Using paid […]

I don’t like pineapple on my pizza!

A simple statement like ‘I don’t like pineapple on my pizza!’ as a password can take more than one year and costs scammers more than $100,000 to crack. This is a great password because it: is easy to remember has lots of characters includes special characters such as an apostrophe, exclamation mark and spaces. The […]

Less paperwork when hiring

It’s time to say goodbye to the multiple paper forms that have been required when hiring a new employee. Simply ask your new hire to use the pre-filled Tax file number declaration and Super Choice form via the ATO online services account linked through their myGov login. All you need to do is provide the employee with: your ABN […]

Salary sacrifice changes

Many employees choose to forego part of their pay and instead have their employer contribute it to their superannuation fund instead. Prior to 1 January 2020, employers could calculate the amount of superannuation guarantee contributions (SGC) they had to pay based on the reduced salary of an employee after their salary sacrifice had been taken […]