Please be advised that due to COVID-19 lockdown restrictions in the Greater Hunter area, our office will be closed from 5pm Thursday 5th August 2021 and will re-open in accordance with NSW Health advice.

We thank you for your business and apologise for any inconvenience caused during this time.

If you are affected by Coronavirus we urge you to seek immediate medical assistance.  Further information can be obtained by contacting:

• National Coronavirus Helpline – 1800 020 080
• New South Wales  - Healthdirect – 1800 022 222  
• Online – healthdirect Coronavirus Symptom Checker 

Visit the following sites for information on caring for mental health:

• Beyond Blue - Coronavirus Mental Wellbeing Support Service
• Australian Psychological Society – Coronavirus Support

If you or your business have been affected by the current lockdown in NSW or Victoria please see the attached guides to determine if any of the new government assistance measures are available to you.  

 What lock down support is available Individuals (updated 29 July 2021)

 What lock down support is available to business in NSW (updated 29 July 2021)

 What lock down support is available in VIC (updated 29 July 2021)

For further details on eligibility please refer to either Services Australia or Service NSW COVID Business Grant Guidelines

If you require our assistance we are here to help, please call 02 65432766 or email admin@dtwservices.com.au for further details.

What lockdown support is available to you?

If you or your business have been affected by the current lockdown in NSW or Victoria please see the attached guides to determine if any of the new government assistance measures are available to you.  

 What lock down support is available Individuals (updated 20 July 2021)

 What lock down support is available to business in NSW (updated 20 July 2021)

 What lock down support is available in VIC (updated 20 July 2021)

For further details on eligibility please refer to either Services Australia or Service NSW COVID Business Grant Guidelines

There have been a raft of different measures introduced to assist business to not just survive, but grow in these unusual times.  Our business and tax update cover a few of the most recent announcements made.

• JobMaker - what we know to now about how you can access money for new employees.
• Instant Asset Deductions -the 2020-21 Budget delivered a range of incentives for business to invest. If you would like us to review your position and the tax impact of any investments you are contemplating, please call us and we can assist you to get the best possible outcome.
• Refunds for Tax Losses - claiming current year losses against prior year profits... are you eligible for a refund?

Read more here and as always please get in touch if you would like to discuss anything further, we are here to help.

 Business and Tax Update November 2020

JobKeeper Version 2 - need to know more?  Please read our update and if you have any queries or need our help we are here to assist.

  Business and Tax Update October 2020

#tax2020 - at Davies, Thompson & Wright

Email: tax2020@dtwservices.com.au

Phone: 02 65 43 2766

Mail Us: PO Box 128 Muswellbrook

We know this year has been difficult.  Your 2020 tax return doesn't need to be. We'll do your 2020 tax return via email/phone/mail – no visit to our office required*.

*New clients must make a time to come into our Muswellbrook office and provide their identification.

3 Simple Steps - tax2020

 tax2020 Checklist for Individuals

Use our tax2020 Individual Tax Return Checklist to determine the extra information we may need to complete your tax return. We will access your information direct from the ATO, however this is not always complete and up-to-date (especially in July and August).  So it's always best to send us your original documents to cross-check with.

2020 What's New

NO PAPER COPY of Your PAYG Payment Summary (Employer Group Certificates):

Most employers report your wages information directly to the ATO - by the end of July 2020 via Single Touch Payroll (STP), so your employer is not obliged to give you an end-of-year payment summary.  When your end-of-year payment summary is finalised by your employer at the ATO it will be identified as 'Tax ready' in your myGov. 

**You should wait until it says 'Tax ready' before asking us to complete your return. 
The ATO should send a notification to your myGov inbox when all your income statements are 'Tax ready'.

NO PAPER COPY of Your Annual Health Fund Statement (NIB, BUPA, HCF etc):

Your health fund will automatically send your private health insurance policy info to the ATO in July 2020.

WORKING FROM HOME:

The ATO have a simplified COVID hourly rate method for home office expenses from 1/3/2020. You must keep a record of the number of hours you have worked from home.

Not surprisingly most of the stories in this month's edition are related to COVID-19 and it's financial impact.

• Funding for the arts - the music and performing arts industries and their workers continue to be some of the hardest hit by COVID-19 restrictions.  Read more about what help is available to both individuals and organisations.

• ATO's fraud warpath - not surprisingly, with so much government assistance available at the moment the ATO has commenced the weeding out of those who have fraudulently taken advantage of any of the Coronavirus Economic Response Package measures, including those  that have entered into schemes to gain access to the stimulus measures.  Do not worry though, if you have made a genuine mistake, the ATO has stated if you work with them, they will give you the support you need without needing to repay money or be penalised.

• Minimum wage increases - 2020 wage increases will be rolled out rather than all commence on 1 July 2020.  Read more to see where your industry sits in the time line.

• New flexible parental leave payment rules - more flexible arrangements commenced 1 July 2020, so if you're expecting a new addition you can read here how these might change how you return to work. 

 Business and Tax Update July 2020

HomeBuilder - what is it and who is eligible? 

The Government has announced the $680m HomeBuilder grant.  Administered through State and Territory governments, grants of $25,000 are available to individual residential home builders and renovators.  There are some quirks to the grant for both individuals and the building and construction industry.  Please read our summary for a quick rundown:

 HomeBuilder 

Further information can be found here:

• Treasury Factsheet
• Media Release - 'HomeBuilder' program to drive economic activity across the residential construction sector

1 June 2020 Restrictions Eased and the End-of-Year Approaching

Firstly - the team here at Davies, Thompson & Wright haven't stopped working!  We are here to service our clients as professionally as always, and we continue to take our client's health and well-being seriously.  Now that restrictions have started to ease we will observe the following:

From 1 June 2020

• Our doors will be open again  for document drop off and document signing only
• Face to face meeting times to sign documents will be limited to 15 minutes
• Maximum two people in reception at any one time in addition to our staff

From 20 July 2020

• Commencement of 2020  Income Tax Returns - documents can be dropped off or sent via email 

Everyday

As always, our staff are happy to assist you via telephone and email every weekday. Please don't hesitate to contact our office on 6543 2766.

The $1,500 JobKeeper Subsidy

Valued clients , JobKeeper Subsidy is here and the time frame to claim for April 2020 is very short and requires your immediate attention.  

Following is a basic summary of the Government's new JobKeeper scheme.  We urge you to consider carefully if this is applicable to your business.  

Both the employer and each employee are responsible for assessing their eligibility before applying, with written supporting evidence.  It is vital that each employee understands they can only claim from one employer as the ATO will not treat double-dipping lightly.  If any overclaim occurs, repayment plus interest and penalties may apply.

The scheme extends to persons actively engaged in a business through a sole trader, partnership, company or trust – but not employed.  This claim is limited to only one working owner in a partnership, company or trust.  The same business revenue reduction test (down 30%) applies.  This area is still being finalised.    

As always we are here to assist you, so please contact us should you wish to discuss your individual situation, including the 30% decline in turnover required to qualify.

Steps required:

1.     Set up a MyGovID to access your ATO Business Portal (if you have not already done so) – this will allow you to electronically register and report.  ATO Setting up your MyGovID and Business Portal

1.     Establish your eligibility as an employer.  You MUST calculate a 30% downturn in your GST reportable turnover for one of the following periods:

• March 2020 compared to March 2019 
• April 2020 compared to April 2019 
• Apr-Jun 2020 quarter compared to Apr-Jun 2019 quarter (projected turnover based on current circumstances)

This is a once-off test, once eligibility is established you will not need to calculate again.  WARNING – you must get this right or risk repaying the ATO plus penalties. ATO Employer Eligibility

3.     Determine eligible employees - ATO Eligible Employees

4.     Provide Nomination Forms to ALL eligible employees and have them signed and returned ASAP – you cannot claim without these. JobKeeper Employee Nomination Form   JobKeeper Employee Nomination Form

5.     REGISTER electronically for JobKeeper via the Business Portal (from 20 April 2020). This is different to the registration of interest you may have already completed.

6.     Ensure all eligible employees (who have accepted nomination) have been paid at least $1,500 for the fortnights ended 12 April 2020 and 26 April 2020.  These payments must have been made NO LATER than 26 April 2020 to qualify for the subsidy.  These payments need to be recorded in your normal payroll system and reported to the ATO via Single Touch Payroll (where applicable).

7.     Apply for the JobKeeper payment on the ATO Business Portal (from 4 May 2020).

8.     Employers MUST then advise all eligible employees IN WRITING that they have been nominated under the JobKeeper scheme.

9.     Ongoing monthly reporting will be required via the Business Portal.

IMPORTANT NOTE: This is a basic summary only.  Each step has rules and regulations, and you are required to keep full documentation and supporting evidence. Links are provided as a reference only and we strongly advise to complete your own review of your individual requirements. 

A full overview is available here: ATO JobKeeper Payment

If you require any assistance with any of the above steps, please contact our office.  It is our intention to assist all our clients as much as possible, so please contact us to discuss your individual situation on 02 65432766.