Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
We have a little more information available – but not very much!
You will need to apply for these support measures yourself – Service NSW is running the program and there is no agent access to their portal.
if you can survive a little longer you may be better to wait – the rules have already changed and we are expecting more info to be released in the coming days.
Applications open on 19 July 2021
close on 13 September 2021 – plenty of time to apply
The decline in turnover over a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in 2019;
You can only claim once per ABN – Your turnover may fall more severely this week (the last of the test period) and your tier may increase.
The grant needs to be spent on costs incurred between 1 June 2021 to 18 July 2021.
Government grants just announced – very little detail available at the moment
New grants program for micro businesses
‘Jobsaver’ employee retention scheme providing cashflow support to businesses to help them retain staff.
An extension to the previously announced business grants
Speak to your licenced expert about your business situation and to keep up with unfolding details
Do several members of your family have the same taste in work clothes because you work together in a family business?
From 1st July 2021 the exemption for businesses to regularly report wages for closely held employees (owners/directors/shareholders & their family members) is being removed.
Single Touch Payroll (STP) reporting for closely held employees must be at least quarterly, declaring a wage as at 30th June each year will no longer be acceptable.
We all tell small white lies, however it is really important to be honest with your advisors so they can do the best possible job for you and your business.
There is no need to be embarrassed, we’ve seen it all before and we know how to keep secrets – its our job!
Remember to tell us the truth, today and every day – don’t be a Pinocchio lookalike!
Don’t forget superannuation paid on behalf of all employees (including owners/directors) has increased to 10% for wages paid (bank transfer) on or after 1st July 2021 (based on payment date not period worked).
Annual concessional super contribution caps have increased to $27,500 for the 2021/22 financial year.
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