Quality Accounting would like everyone to follow COVID-19 guidelines to help keep staff and clients safe:
Please do not visit the office if you are feeling unwell, or if a close associate has recently suffered from illness.
Encourage you to phone before visiting so we know to expect you and can limit the number of visitors at any one time.
Limit visitors to 2 in the reception area at one time.
Please maintain an appropriate social distance within the building.
Please do not be offended if we don’t shake your hand, we would like everyone to stay healthy!
Please use the hand sanitisers provided.
We will be cleaning office surfaces regularly.
Please be understanding.
With these measures in place, Quality Accounting looks forward to receiving you!
Extension of the National Cabinet Mandatory Code of Conduct – SME Commercial Leasing Principles During COVID-19
On 1 January 2021 the Retail and Other Commercial Leases (COVID-19) Regulation (No 3) 2020 commenced, but only for retail businesses with less than a $5 million turnover (previously $50 million). At present, the regulations are due to expire in New South Wales on 28 March 2021.
Retail businesses that have experienced a 30% (or more) decline in turnover in the December quarter 2020 compared to the December quarter in 2019 are eligible.
By the New South Wales regulation, landlords and tenants were obligated to negotiate in good faith the operation of the lease during the pandemic period and in doing so, take into account the leasing principles under the code. The regulations also provide that while negotiations are underway, landlords are restrained from terminating leases.
For more information on the Code extension follow the link below:
If this raises concerns for you, please contact Quality Accounting on 02-66581655 and arrange to speak to an accountant.
JobKeeper Extension Period 2 starts today, 4th January 2021.
The second JobKeeper Payment extension covers the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021. It means:
- if you are eligible for JobKeeper extension two, you will need to complete a new decline in turnover test.
- the payment rates for your JobKeeper eligible employees will change from today.
- if you now satisfy the decline in turnover test for JobKeeper you can enrol in the program to participate in the remaining fortnights.
Decline in JobKeeper Tier payments
Changes to JobKeeper rates from Monday 4th of January 2021
- Tier 1 drops to $1,000 per fortnight (before tax) – down from $1200
- Tier 2 drops to $650 per fortnight (before tax) – down from $750.
Decline in turnover
The actual decline in turnover test is satisfied for JobKeeper extension 2 when your current GST turnover for the quarter ending 31 December 2020 (October, November and December) has declined by the specified shortfall percentage (30%, 50% or 15%) in comparison to your current GST turnover for the quarter ending 31 December 2019.
Find more JobKeeper information by following the links on this webpage:
Due to the Christmas/New Year period the ATO have extended reporting dates for JobKeeper fortnights 20, 21 and 22.
JobKeeper fortnight 20 (Monday 21 December 2020 to Sunday 3 January 2021)
- You will have until Monday 4 January 2021 to meet the wage condition for your eligible employees.
- Business monthly declarations for JobKeeper fortnights 18, 19 and 20 are now due 28 January 2021.
JobKeeper fortnights 21 and 22 (starting Monday 4 January 2021 and Monday 18 January 2021)
You will have until Sunday 31 January 2021 to meet the wage condition for your eligible employees. This is to make sure that you have paid your eligible employees before claiming JobKeeper payments in your February monthly business declarations.
JobMaker registrations are now open
If you are planning to hire new employees under the JobMaker scheme you can now register. Please find attached links to:
Key Dates of the JobMaker scheme
JobMaker eligibility requirements for employers and employees
JobMaker documents that will be required by your tax or BAS agent
As always if you would like to book an appointment with one of our QA accountants to discuss JobMaker please call (02) 6658 1655, or contact us through firstname.lastname@example.org.
The ATO has begun auditing business recipients of JobKeeper support payments and have relayed their intentions to the accounting community. The ATO is hoping to audit 1 in 3 businesses that have received the JobKeeper payment.
Businesses should try to address or repay any JobKeeper overpayment. There will be penalties for JobKeeper overpayments that have been knowingly ignored. The ATO will show leniency towards businesses that have been proactive in addressing overpayments.
As with all audit processes, it pays to be prepared. Make sure you have clear records relating to your JobKeeper applications, receipts and related employee payments in case you are subject to audit.
If you require more information about preparing for JobKeeper audits, please arrange to speak with one of our accountants on 02-6658 1655 or message us through the website.
Australian Tax Office JobKeeper home page
JobKeeper Key Dates
Other COVID-19 related links
Rental Code of Conduct for commercial tenancies effective from 3rd April 2020