Jobkeeper 2.0 – new eligibility and new rates

On 15 September 2020, the Treasury has released the Amendment Rules in relation to the Jobkeeper extension (Jobkeeper 2.0) that was legislated on 16 September 2020. The new extension rules will apply from 28 September 2020 onwards to 28 March 2021 and it will affect all Jobkeeper participants, including employees and business participants. 

In short: 

  • Businesses need to reassess their eligibility criteria from 28 September 2020 onwards in order to continue to qualify for Jobkeeper, and again on 4 January 2021. 
  • Payment rate will be reduced for both employees and business participants, and be split into tiers, depending on the number of hours worked 
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in Articles / Knowledge Base / News / Tax Advice and Planning  by Emily Yip

5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Running A Business / Starting a New Business / Xero Cloud Accounting / Xero Training  by Emily Yip

Are you spending too much time on admin work in your business?

As a small business owner we wear a lot of hats:

  • generating income to the business (aka the bread winner)
  • issuing invoices and following up on overdue invoices from non-paying customers
  • managing bills and payment of such
  • recording transactions and preparing BAS
  • responding to requests from clients/leads
  • checking the mail/emails
  • keeping up with your industry’s regulations
  • Tidying up the office
  • … the list goes on.

Question to you: on average how many hours of admin work do you do every week?

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting / Xero Training  by Emily Yip

Mythbusting the tax accountant’s industry

The busy season is here, and we are meeting our clients everyday to help with preparing their tax returns, business and tax advisory and bookkeeping queries. Very often during our conversations they raise some interesting questions, let’s have a look at some of them here.

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in Articles / Knowledge Base / News / Personal Tax Returns / Tax Advice and Planning  by Emily Yip

Employers’ PAYG Withholding obligations

Business owners normally are able to claim a tax deduction on their wages paid, regardless of whether they have fulfilled the ATO’s PAYG Withholding and reporting obligations for that payment.

The rules are changing from 1 July 2019…

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in Bookkeeping and Payroll / News  by Emily Yip