Updated: Aug 17
A message from our Director:
Welcome to our May e-news.
There seems to be light at the end of tunnel with COVID-19 restrictions beginning to ease and many businesses now reopening their doors.
As we move towards a more profitable future and into the recovery phase of COVID-19, I cannot stress enough how critical it is for employers to have a solid plan in place to navigate this tricky period. Making the right financial decisions NOW will be pivotal to surviving the current economic climate and coming out the other side. To assist our clients through this difficult time we've created a dedicated COVID-19 RECOVERY package.
This package will assess monthly operating costs and provide a budget and cashflow forecast, business health check and include one on one meetings. It will be available for a fixed price and will be cheaper for those who accessed the basic COVID-19 Advisory Package. If you have received the $10,000 state government grant, this advice is classed as an eligible expense.
With restrictions easing it's hoped that I, along with RMJ's senior accountant Andrew Shiels, will soon be able to resume regular trips out to our Narrabri office. It's anticipated that we'll be able to schedule appointments in from July. We'll be in touch with clients, once a final date has been locked in.
It's also great to see some rain fall across the region. While the drought is far from over, the recent falls will allow many primary producers to plant a winter crop, bringing with it a fresh sense of hope and a nice tinge of green. The NSW government has announced more stimulus for drought affected farmers. More than $310-million will go towards extending existing stimulus measures, like the Drought Transport subsidy.
I'd like to remind clients of the superannuation guarantee amnesty. Any employer wishing to participate in the amnesty must, by law, apply by September 7, 2020. And for those that are not yet reporting through Single Touch Payroll - now is the time to get set up. We can help you through the process, get in touch at the office (02) 6766 3777.
Lastly, there's been some staff changes at Roach Morgan-Jones. In April we farwelled our Officer Manager, Amanda Bennett. Amanda will be taking some time to spend with her family. After working alongside Amanda for the past 15 years I'd like to thank her for her loyalty and dedication, and I wish her all the best for the future.
I'd also like to welcome Madeline Kulk to Roach Morgan-Jones. Maddie will be looking after marketing and admin. She'll be working on a Monday and Tuesday.
Yours in business,
This package is designed to help and support small business through the easing of COVID-19 trading restrictions. It's your toolkit of information to help you understand your current position and how you're trading during the recovery phase. It will give you the confidence to understand your numbers and focus on what you do best… Running your business. So what does this package include? For a fixed price of $1,750 we'll;
Review monthly operating costs
Budget & cashflow forecast
Business Health Check
Review of Industry Benchmarks
One on One meetings
If you have received the $10,000 state government grant, this advice is classed as an eligible expense.
Any client that took up the basic COVID-19 Advisory Package can access the Recovery Package for just $500.
In the midst of coronavirus, the NSW Government has announced a further $310-million in drought assistance. This money will go towards extending existing stimulus measures and providing more mental health support to those impacted by drought.
The extended support for drought affected communities and farmers includes;
$116 million to continue the Drought Transport subsidy
$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.
You can read more about the Drought Assistance here.
A reminder to Primary Producers, that you may now be eligible for the JobKeeper payment. The federal government has released a set of alternative rules for business owners to calculate their reduction in turnover.
If you'd like more information about eligibility, please give the office a call on (02) 6766 3777.
And the deadline to enrol for the first two fortnights of the JobKeeper payment is coming up. Those wishing to claim JobKeeper payments from April 1, must enrol by May 31.
If you wish to participate in the Superannuation Guarantee Amnesty, the law requires business owners to apply by September 7, 2020.
The amnesty allows employers to disclose and pay previously unpaid super guarantee charge, including nominal interest, that they owe their employees, for quarters starting from 1 July 1992 to 31 March 2018.
The Australian Taxation Office has stated if a business owner has applied for the amnesty, but is now impacted by COVID-19 a payment plan can be arranged.
Most business owners should now be set up for Single Touch Payroll (STP). If you're not, now is the time to do it!
STP works by sending tax and super information from your STP-enabled payroll or accounting software to the ATO as you run your payroll. Your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly.
You can read the Australian Taxation Office's Single Touch Payroll guidelines here.