Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports. Lodgement deferrals extend the due date for lodgement of a document without incurring a…
Communication is a huge part of business productivity, however, businesses who have made a recent shift from face-to-face work to working remotely can find it difficult to adapt and maintain effective communication. But just because you no longer see your staff face-to-face doesn’t mean that your communication has to suffer. Have a communication plan Whether…
Despite unprecedented circumstances, employers still need to consider the requirements of dismissal under the Fair Work Act when ending employment to avoid legal action against them. When dismissing or standing down employees due to COVID-19 limitations, employers must continue to comply with the applicable award, enterprise agreement, workplace policy or employment contract, as well as…
The Government’s economic response to coronavirus will provide SMSFs and their members with additional support, including reducing minimum drawdown rates and early release of superannuation. The minimum annual payment required for account-based pensions and annuities has been reduced in an initiative to assist retirees. For the 2019-20 and 2020-21 financial years, the minimum annual payment…
The Government has introduced a mandatory code of conduct to help commercial tenants with rent relief during the COVID-19 pandemic. Under the code of conduct for commercial tenancies: Landlords must not terminate leases for non-payment of rent during the COVID-19 pandemic and recovery period. Tenants must stay committed to their lease terms. Landlords must offer…
In emergency situations like the COVID-19 pandemic, there are certain benefits you can provide your employees or their associates which may be exempt from fringe benefits tax (FBT). The fringe benefits tax is a tax which employers must pay on certain benefits they provide for their employees, their employees’ families and associates. However, with emergency…
Amidst the COVID-19 pandemic, it is important for businesses to use the web to communicate effectively with their clients and potential customers in order to retain them during such difficult financial times. While the modern internet provides businesses with many avenues to contact their clients, a few key methods you can consider implementing in your…
The COVID-19 pandemic is proving to be not only a major health concern for the global population, but also a huge financial concern for businesses and individuals alike. In a time of economic uncertainty and risks of unemployment, here are a few ways you can save money during the coronavirus crisis. Consider changing your savings…