CURRENT ISSUES FOR OUR CLIENTS!
7th October 2020 – Federal Budget: The Federal Budget was handed down last night. Please find attached a great infographic summary from CPA Australia. CPA-Federal-Budget-2020-21-Infographic
There are a number of new and good ideas in the budget (incentives for new employees and offsetting losses made in the pandemic against prior year gains), and a number of extensions to existing programs. A budget about confidence for the economy. Unfortunately, you can’t force confidence so we will just have to wait and see how much of a confidence boost it really is.
11 Sept 2020 – 2020 Tax Returns: We are so pleased with how you have all embraced the COVID environment. Appointment numbers are down which means we are available for those that need appointments AND we have time to sanitize the meeting rooms between appointments. On top of that – we have double, yes DOUBLE, the number of returns in for the same period as last year. This is leaving us feeling a little overwhelmed. Most of us are working late and on the weekend to catch up so we appreciate your patience until we get on top of the volume of work that is currently here in the office.
11 Sept 2020 – JobKeeper 2.0: The legislation finally passed last week. We need some training, and some anomalies clarified – there are some huge and glaring errors between the Treasury and Tax Office Websites. At this stage, there is no change to our understanding below and we believe many of you will cease to be eligible for JobKeeper at the end of this month. But we will be in touch later in the month with those that may be eligible.
JobKeeper 2.0 Details released today. Unlike the original JobKeeper, Treasury is giving us time to digest before implementation. The good news is, apart from Childcare Centres, if you are in JobKeeper, you can stay in until the end of September. JobKeeper 2.0 kicks in then for those businesses who still show a decline for June 2020 AND September 2020. It will be extended for 6 months, in 2 x 3 month chunks, for slightly less than $1500 / fortnight, and a significant drop for those working less than 20 hours / week pre COVID. More detail can be found here: JobKeeper 2.0 Update
2019 Lodgements – The ATO has granted our extension. We are pushing through and catching up. We will be in touch if you are still outstanding.
COVID-19 – Please refer to our dedicated page on this. We are being bombarded with information which is changing frequently. Please bookmark our page and keep coming back to it. Our COVID-19 information can be found at:
http://www.kdcaccounting.com.au/COVID19
SGC Amnesty – amidst the current climate, we are unable to pursue this proactively at the moment. We will be in contact with you after the initial pandemic requirements slow down.
2019 Lodgements – There is much speculation around extensions of time to lodge. The ATO is resisting blanket extensions for everyone …yet. At the moment, it is a case-by-case scenario. If you have not provided your information yet, we encourage you to get in touch ASAP. If you are experiencing difficulties, for whatever reason, please get in touch if you can. We are working closely with the ATO to manage everyone’s obligations.
Client Portal – closed for maintenance 28th – 29th March 2020. Unlikely to be for the entire weekend but for portions of it.