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Latest Updates & Lodgements for July 2020

We bring your attention to a few important topics, including a new $3,000 stimulus application which opened on 1 July.

New Updates

Did you know there is a new NSW State Government Grant?

    • Further $3,000 extended on top of the initial $10,000 grant offered with broader eligibility as compared to the initial $10,000 grant.
    • Only available for businesses in highly impacted industries Listed at “Attachment A: List of highly impacted industries” https://www.service.nsw.gov.au/small-business-covid-19-recovery-grant-guidelines
      • Industries include beauty, hairdressing, cafes, accommodation, entertainment, retail, education, real estate, etc.
    • Applications close 11:59pm Sunday 16 August 2020.
    • To be eligible, You must:
      • be a small business or a not-for-profit organisation based in NSW
      • have an ABN registered in NSW
      • have an annual turnover of more than $75,000
      • employ less than 20 full-time equivalent (FTE) staff (non-employing businesses can apply)
      • be able to report a payroll below $900,000
      • be in a highly impacted industry by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 (see guidelines)
      • have experienced at least 30% decline in turnover from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019
      • have costs associated with safely reopening or up-scaling your business from 1 July 2020.
    • This grant helps small businesses meet the costs of safely reopening or up-scaling operations. These expenses include, but are not limited to:
      • fit-out changes and temporary physical changes (for example, plastic barriers at checkouts)
      • staff training and counselling
      • business advice and continuity planning
      • cleaning products and additional cleaning services
      • additional equipment necessary to comply with social distancing or other public health measures
      • marketing, communications and advertising
      • digital solutions (for example, e-commerce or business websites).
    • Can only be used for purchases of eligible expenses made from 1 July 2020
    • https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-recovery-grant

Are you aware of the new registration system for Directors of companies?

    • Changes commencing 2021
    • Every Director of every Australian company will need to register to receive a unique Director Identification Number (DIN)
    • This includes companies managing SMSF’s, corporate trustees and corporate beneficiaries.
    • As soon as the regime becomes operation, a person who is appointed a director within the first 12 months of the new regime will have 28 days to apply for a DIN. However after this transitional period ends, a director must apply for a DIN prior to being appointed as a director. After receiving an application, the registrar must provide the director with a DIN if the registrar is satisfied that the director’s identity has been established.
    • There will be a 12-month transition period where:
      • existing directors will need to register within the period prescribed on the announcement
      • new directors will need to register within 28 days of their appointment
    • Any directors and companies not complying with the new regime may face criminal and civil penalties
    • Further details will be provided as it becomes available.

Important Actions to do now

Do you have employees eligible for Jobkeeper?

    • Please ensure you submit your June monthly declaration for fortnights 5 & 6 by 14 July or you may miss out on the payment.
    • You would be able to lodge these yourself through the business portal, your bookkeeper or Alliance Accounting can submit on your behalf (normal monthly declaration fees apply)
    • Please ensure:
      • All pay runs for employees are up to date and wages have been paid to 30 June 2020
      • Your online software is reconciled to date for Sales OR those without a software, you have summarised your income for the month
    • If you wish for Alliance Accounting to assist, please get in touch with us by 7 July to ensure all applications are met by the due date as we cannot guarantee on time lodgements if your information is received after this date

Do you lodge BAS?

    • The June 2020 Quarter BAS is Due 25 August if lodging through an agent
    • The June 2020 Monthly BAS is due 21 August
    • If you require Alliance Accounting to prepare and lodge on your behalf, please ensure that your online software is reconciled and up to date and/or your bank statements are sent through to our office by 27 July

 

Do you have employees?

    • Annual Payroll STP Finalisation (Payment Summaries) Lodgement is due by:
      • If you have 20 or more employees, you have until 14 July 2020
      • If you have 19 or fewer employees, you have until 31 July 2020
      • If you have 19 or fewer employees who are closely held, you have until 30 September 2020 if you have registered for STP (Closely held i.e. all employees are associates and related to the company)
    • All paper lodgement is now replaced with Single Touch Payroll
    • Single Touch Payroll (STP) reporting for small employers (those with fewer than 20 employees) began from 1 July 2019.
    • Closely held businesses, i.e. family businesses, have an extension for STP until 30 June 2021 to register for STP
    • STP end of year finalisation for wages can be submitted through your online accounting software
    • Your employees will be able to access their PAYG income summary via their mygov accounts
    • https://www.ato.gov.au/Business/Bus/Finalising-your-Single-Touch-Payroll-data–employer-factsheet/

 

Are you in one of the following industries?

    • All businesses within the following industries need to lodge a Taxable Payment Annual Report (TPAR):
      • building and construction services
      • cleaning services
      • courier services
      • road freight services (NEW for 2020)
      • information technology (IT) services (NEW for 2020)
      • security, investigation or surveillance services (NEW for 2020)
    • Due 28 August
    • TPAR is the annual reporting of payments made to subcontractor within the below industries
    • If you have not paid any contractors in that year, simply go to: https://www.ato.gov.au/TPARnilreport/ and lodge a not “required to lodge” statement.
    • An example of the TPAR form for details on what needs to be reported can be accessed here: https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/BUS00321342n74109.pdf
    • You will be able to lodge via paper form or through your accounting software.
      • You, your bookkeeper or Alliance Accounting can lodge this for you – please enquire for further guidance

Please don’t hesitate to contact us to discuss should you have any questions.

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