Douglas & Harrison News
Local Lockdowns Business Support Program – Victorian State Government
Local Lockdowns Business Support Program
Local Lockdowns Business Support Program – Victorian State Government
$5,000 grant to help businesses through temporary coronavirus (COVID-19) lockdowns.
As announced on Tuesday 30 June 2020, specific postcodes in Victoria will return to Stage 3 Stay at Home restrictions to help slow the spread of coronavirus (COVID-19).
- What support is available?
Businesses that are operating within a postcode affected by the return to Stage 3 restrictions are eligible for a one-off, $5,000 grant to help them get through to the other side of the local lockdown.
- What type of business can apply for this grant?
Businesses can apply if they:
- are operating in a postcode that is affected by the return to Stage 3 restrictions (not necessarily their registered address); and
- are an employing business; […]
July Newsletter Published 02.07.2020
July Newsletter Published 02.07.2020
Our July Newsletter was sent out today – Did you receive yours?
July 2020 Issue Covered
- POINTS TO REMEMBER
- DEDUCTIONS
- OFF THE DEDUCTION MENU
- INSTANT ASSET WRITE OFF EXTENDED TO 31 DECEMBER
-
THE REALITIES OF INSURING AGAINST CYBER CRIME
– Proactive IT management and response plan
– What does proactive IT management look like?
– A big risk
– Cybercrime statistics -
Remote AGMs and document signing allowed
– ANNUAL GENERAL MEETINGS
– EXECUTING OF DOCUMENTS -
VARYING PAYG INSTALMENTS BECAUSE OF COVID-19
– IF YOU ARE AN AMOUNT PAYER
– IF YOU ARE A RATE PAYER
– HOW TO CLAIM A CREDIT ON PAYG INSTALMENTS ALREADY PAID
DON’T MISS OUT ON VITAL INFORMATION
FOR YOUR BUSINESS / ORGANISATION
Sign up to […]
Government $25,000 HomeBuilder Scheme
Government $25,000 HomeBuilder Scheme
HomeBuilder package unveiled;
The Federal Government has unveiled its HomeBuilder package, offering $25,000 for people to upgrade or build their homes.
From 4 June 2020 until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
Construction must be contracted to commence within three months of the contract date.
On a basic level:
- You need to be an adult Australian citizen with a taxable income less than $125,000 a year. If you live with your partner, your combined income has to be less than $200,000 per year. The income is based on your 2018-19 or later tax […]
June Newsletter Published 02.06.2020
June Newsletter Published 02.06.2020
Our June Newsletter was sent out today – Did you receive yours?
June 2020 Issue Covered
- INVESTMENT PROPERTY
- PRE-PAY INVESTMENT LOAN INTEREST
- BRING FORWARD EXPENSES OR DEFER INCOME
- USE THE CGT RULES TO YOUR ADVANTAGE
- FINAL REMINDERS
-
Expatriates: Part-year resident or non-resident for tax purposes?
– Topics included;
– Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility - COVID-19 and residential rental property claims
- Concerns on property development and SMSFs
-
Laws on bankruptcy changed to help cope with COVID-19
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[…]
Coronavirus Land Tax Relief for Landlords
Coronavirus Land Tax Relief for Landlords 
These landlords can also defer payment of their remaining 2020 land tax up to 31 March 2021 via My Land Tax, an online application that enables people to manage their land tax information quickly and easily.
For commercial landlords to be eligible, the property must be rented to a tenant with an annual turnover of up to $50 million who is also eligible for […]
May Newsletter Published 01.05.2020
May Newsletter Published 01.05.2020
Our May Newsletter was sent out today – Did you receive yours?
May 2020 Issue Covered
-
CAPITAL GAINS – Topics included;
– CLAIMING COVID WORK-AT-HOME DEDUCTIONS
– EXPENSES THAT CAN BE CLAIMED
– EXPENSES NOT WITHIN THE COVID-19 AMBIT
– CALCULATING RUNNING EXPENSES
– SHORTCUT METHOD -
Your Business and the JobKeeper Scheme – Topics included;
– Eligibility
– Steps to Enrol - Alternative Turnover Test for JobKeeper Released
- COVID-19 instant asset write off and accelerated depreciation
-
Early Release from Super a Relief, but comes with risks – Topics included;
– TEMPORARY EARLY RELEASE OF SUPER
– TEMPORARILY REDUCING MINIMUM DRAWDOWN
-
Here’s what attracts the ATO’s Attention About Luxury Car Tax – Topics included;
– Common errors
– What attracts ATO attention
DON’T MISS OUT ON VITAL INFORMATION
FOR YOUR BUSINESS / […]
JobKeeper Payment for Employers – Enrol Now
JobKeeper Payment for Employers – Enrol Now
Eligible businesses can now enrol with the ATO for the JobKeeper subsidy.
https://www.ato.gov.au/general/jobkeeper-payment/employers/enrol-for-the-jobkeeper-payment/
Key Dates:
- From 20 April: enrol for JobKeeper payment.
- By 30 April: enrol and pay your employees to claim JobKeeper payments for April if eligible.
- 4 May onwards: identify your employees.
- Each month: reconfirm eligibility.
- If you need more time, you have until the end of May to enrol and identify your employees.
How to Enrol
Enrolment opened on 20 April 2020. If you wish to make a JobKeeper Payment ‘claim’ […]
JobKeeper Update Action Now Needed
Jobkeeper Update – Action Now Needed
We understand these are challenging times and it is difficult to keep abreast of all the changes and information being provided around the Government COVID-19 stimulus packages.
We have attempted to summarise below important items that you need to be aware of right now that need your attention for registration and becoming entitled to the JobKeeper Payment. Should this be all too much, please reach out to our team to help you through the registration and payment process and help determining your eligibility.
Explanatory Statement
Treasury has released an Explanatory Statement regarding the new JobKeeper payment for entities that have been significantly affected by the economic […]
Mandatory Industry Code for Commercial and Retail Leases
Mandatory Industry Code for Commercial and Retail Leases
SME commercial leasing principles during COVID-19.
The Code will be legislated and managed by the States and Territories and will be subject to binding mediation.
The two core principles underpinning the Code will be good faith and proportionality, with landlords and tenants urged to work together on how to best manage rent relief going forward.
Landlords and tenants share a common interest in working together, to ensure business continuity, and to facilitate the resumption of normal trading activities at the end of the COVID-19 pandemic during a reasonable recovery period.
Who does the code apply to?
- The code will apply to tenants with a turnover of $50m or less.
- Tenants that have experienced a […]
Superannuation Changes 7 April 2020
Superannuation Changes 7 April 2020
Superannuation Changes 7 April 2020 was sent out today – Did you receive yours?
Superannuation Changes 7th April 2020 Issue Covered
- Reduction to Minimum Super Pensions by 50%
-
Access to Superannuation up to $10,000 Before and After 1 July 2020
Eligibility - Re Contribution Strategies
- Temporary Reduction in Rent for SMSF Property
- Investment Strategy Changes Due to Covid-19
- In-house Assets
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April Newsletter Published 03.04.2020
April Newsletter Published 03.04.2020
Our April Newsletter was sent out today – Did you receive yours?
April 2020 Issue Covered
- 17 Key points: The JobKeeper package – Jobkeeper package completely explained, point by point.
-
Coronavirus Stimulus Package – Topics included;
INSTANT ASSET WRITE-OFF
ACCELERATED DEPRECIATION
BOOSTING CASH FLOW FOR EMPLOYERS
THE ANTI-AVOIDANCE PROVISION
SUPERANNUATION CONTRIBUTIONS
SGC AMNESTY
STIMULUS PAYMENTS TO HOUSEHOLDS
ADDITIONAL SUPPLEMENT FOR INCOME SUPPORT RECIPIENTS
SUPERANNUATION DRAWDOWNS
EARLY RELEASE OF SUPERANNUATION - e-bikes, FBT and Salary Sacrificing
-
Employers get an Amnesty for Missed Super Payments – Topic Addressed;
SUPERANNUATION GUARANTEE AMNESTY BENEFITS -
Individual or corporate trustee for your SMSF? – Topics included;
ELIGIBILITY
COSTS
ASSET OWNERSHIP
SEPARATION OF ASSETS
REQUIREMENTS
PENALTY DIFFERENCES
SUCCESSION
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FOR YOUR BUSINESS / ORGANISATION
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JobKeeper Package for Employers/Employees
JobKeeper Package for Employers/Employees
Dear Clients
JobKeeper Package for Employers/Employees (FACT Sheets Below)
The Australian Government yesterday released a further measure to support businesses and employees.
This package will provide a flat minimum payment of $1,500 per employee per fortnight over the next 6 months to businesses affected by coronavirus COVID-19. This amount is equivalent to 70% of the median wage and represents 100% of the median wage for those industries most affected, such as tourism, hospitality and retail.
Employee eligibility
Full-time and part-time employees and casuals that have been with their employers for at least 12 months are all eligible for this payment, subject to them being at least 16 years of age. It will also be available to New Zealanders in Australia on 444 Visas.
Only currently engaged employees, including […]
Business Victoria Economic Survival Package Fact Sheet
Business Victoria Economic Survival Package Fact Sheet
We would encourage you to register with Business Victoria who have a Business Support Fund available to assist businesses from the hardest hit sectors.
This may assist with cash flow issues.
You can do that here: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/economic-survival-and-jobs-package
PDF Version
COVID-19 2nd Stimulus Package – Stage 1 Restrictions
COVID-19 2nd Stimulus Package – Stage 1 Restrictions
2nd Stimulus Package Information
The Australian Government yesterday released a second stimulus package in response to the Coronavirus which included an increased cash boost for employers of between $20,000-$100,000, access to new short-term unsecured loans, increased income support to social welfare recipients, halving of the minimum pension requirement, early access to superannuation and many more measures. In addition, the Victorian State Government has waived payroll tax for the 2019-20 financial year if your payroll is less than $3 million dollars, they are offering grants, waiving licence fees, offering rent relief etc. The Australian Taxation Office is also providing a range of support.
We hope the attached information is of assistance to work out what support is available to you in […]
Coronavirus and Australian Workplace Laws
Coronavirus and Australian Workplace Laws
PDF Version