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JobKeeper Software Updates

29 April 2020

Payroll & Accounting Software Setup

With registrations for the JobKeeper payment having opened on 20 April 2020, payroll and accounting software companies have released guidance on how you should process these payments.

Below are the links to the instructions on how to setup and process for each system.

Xero (see more below)

MYOB AccountRight Live

MYOB Essentials

Keypay (Phoenix & Quickbooks Online)

E-PayDay

The software companies are regularly updating these pages as more information becomes available.

Read more >

JobKeeper Updates

27 April 2020

As outlined in our e-Alert last week, applications for the Federal Government’s JobKeeper program are now open.

Under the program the Government will reimburse eligible employers a fixed amount of $1,500 per fortnight for each eligible employee. 

The basic requirement (for businesses with turnover less than $1 billion) is that your business turnover has dropped or is projected to drop by more than 30% in comparison to the corresponding month or quarter in 2019.

For some businesses, the corresponding period in 2019 was not an appropriate comparison and therefore the Government had advised that the ATO would provide for alternative tests for decline in turnover.

 

Extension of time to enrol for JobKeeper

The ATO has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees a minimum of $1,500 per fortnight by 30April 2020.

Read more >

Automating Your Accounts Payable With Hubdoc And ReceiptBank

24 April 2020

Automating your accounts payable and associated coding of expenses in your cashbook sound too good to be true?  This is now a reality with Hubdoc and ReceiptBank.

Hubdoc (Xero Only)

Hubdoc will be included in Xero plans Starter and above from 18 March 2020.

Hubdoc helps you capture receipts and documents seamlessly with Xero and moves away from manual data entry. 

With Hubdoc’s data capture technology you can:

  • Easily capture bills and receipts – Hubdoc makes it easy to upload documents using your desktop, mobile device, email or scanner
  • Let Xero do your data entry – Once documents are uploaded to Hubdoc, the key data is automatically extracted and synced to Xero as accurately coded transactions
  • Enjoy one-click bank reconciliation – Xero then matches these transactions to the bank feed for one-click reconciliation
  • Go paperless – All your documents are searchable and easy to access from anywhere

Please click here for more information.

Receipt Bank (MYOB, Quickbooks Online & Xero)

Receipt Bank is a separate application and subscription cost from the cashbook you are using.

Receipt Bank also helps you capture receipts and documents and integrates with MYOB, Quickbooks Online and Xero to help automate data entry.

With Receipt Bank you can:

  • Easily capture bills and receipts – You can upload documents using your desktop, mobile device, email or scanner
  • Automate data entry within your cashbook – When the document is uploaded to Receipt Bank it extracts the key information and syncs it to your cashbook as coded transactions and matches it to transactions in the cashbook
  • Go paperless – All your documents are searchable and easy to access from anywhere
  • Extract other information from PDFs such as bank statements – Instead of manually entering bank transactions that bank feeds may have missed, the statements can be extracted and imported into the cashbook

For more information have a look at the Receipt Bank site here.

This software is a great opportunity to save time.

If you would like to explore how they may help you, please contact your local Boyce accountant.

JobKeeper Applications Now Open and Scheduled to Close 30 April 2020 - Apply Now to Receive April Payments as Early as Possible

20 April 2020

Applications opened yesterday for the Federal Government’s JobKeeper program. The $130 billion program is designed to support businesses and workers. Under the program, the Government will reimburse eligible employers a fixed amount of $1,500 per fortnight for each eligible employee.

The basic requirement (for businesses with turnover less than $1 billion) is that your business turnover has dropped by more than 30% in comparison to the corresponding month or quarter in 2019.

If your turnover hasn’t dropped by 30% in March or April compared to last year, your business may become eligible if the turnover drops or is projected to drop by more than 30% in future periods.

Please contact your Boyce Accountant if you require assistance to determine your eligibility or require assistance to apply for the JobKeeper Payment.

Key dates for initial payments:

20 April   

  • Applications opened

30 April   

  • Pay your eligible employees at least $3,000 for the first two fortnights
  • Have received the completed JobKeeper nomination notices back from employees
  • Applications close to receive April JobKeeper Payments as early as possible

4 May      

  • JobKeeper Payments for April commence this week

Read more >

NSW Government Announces Land Tax Relief Measures

16 April 2020

The NSW Government has announced a $440 million land tax relief package to support landlords and tenants during COVID-19.  Under the package commercial and residential landlords will be offered a land tax concession if they pass the savings on to tenants through a rent reduction.  The package is expected to be divided approximately 50/50 with around $220 million going to the commercial sector and a further $220 million expected to benefit the residential sector.

Eligible landlords will be able to apply for a land tax concession of 25 per cent of the land tax payable on relevant properties in the 2020 calendar year. A further land tax deferral for any outstanding amounts for a three-month period will also be offered to landlords who claim the land tax concession.

Landlords will be eligible where:

  • Their land is used for business or residential purposes
  • It is leased to a residential tenant or business tenant with annual turnover of up to $50 million - who can demonstrate financial distress resulting from the COVID-19 outbreak
  • The rent is reduced by at least as much as the tax reduction
  • The land tax is directly related to the property for which rent has been reduced

Read more >

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