14 May 2020
$310 Million In Emergency Drought Relief Funding Announced
The NSW Government has announced a further $310 million in emergency drought relief in recognition of the on-going drought conditions in regional NSW.
This funding brings the NSW Government’s total drought support and water security commitment to close to $4 billion.
Extended support for drought affected communities and farmers include:
- $116 million to continue the Drought Transport subsidy (including extending the subsidy into 2020/21 with a further $50,000 cap)
- $99 million to continue waiving of Local Land Services rates, bee site permits, Western Lands lease rent, wild dog fence rates and provide assistance for vehicle registration costs for eligible primary producers
- $28.5 million to continue existing water licence fee waivers for stock, domestic, general and high security water users
- Continuation of health and wellbeing programs, including the Farmgate Counsellors program, Aboriginal wellbeing services and Royal Flying Doctors Far West Drought Support programs.
Minister for Agriculture Adam Marshall said the Drought Transport Subsidy would be extended to help farmers reduce the cost of transporting fodder, stock, fertiliser, water and other farm inputs. For more details on the Drought Transport Subsidy, click here.
“We are reducing the cost of doing business to help farmers and their stock endure as we head towards recovery,” Mr Marshall said.
Primary producers and small businesses already receiving support payments, subsidies, waivers and fee relief from the Emergency Drought Relief Package do not have to reapply.
More information can be found at www.droughthub.nsw.gov.au.
Sourced from www.dpi.nsw.gov.au
8 May 2020
Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.
STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.
If you only pay closely held employees, an extension has been granted to 1 July 2021 for you to report.
Closely held employees are:
- Family members of a family business
- Directors or shareholders of a company
- Beneficiaries of a trust.
Micro-employers (1-4 employees) are now able to have their registered tax agent lodge on their behalf until 30 June 2021.
Boyce strongly recommends having a suitable STP-enabled accounting or payroll system as soon as possible.
Reporting information for the JobKeeper payment is extremely easy from your software and is seen as the most efficient way of reporting this to ensure the payments are received as soon as possible.
If you would like to discuss Single Touch Payroll or STP-enabled software, please contact your local Boyce Accountant so we can assist you.
5 May 2020
The next steps in the JobKeeper enrolment process are now open on the business portal. Enrolments (Step 1) need to be completed by 31 May in order to claim JobKeeper payments for the initial JobKeeper periods (the fortnights ending in April and May).
The steps that are now also open are:
- Step 2: Identify and maintain your eligible employees. You can now identify each person that you will claim the JobKeeper payment for on the business portal. This includes the identification of eligible employees and business participants.
- Step 3: Make a business monthly declaration. You are now able to complete the monthly declaration; you will need to provide the business's current and projected GST turnover and reconfirm eligible employees. This is the step that confirms you are entitled to JobKeeper payments for a month.
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)
The software companies are regularly updating these pages as more information becomes available.
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.