A message from our Director:
Welcome to our October e-news.
It's been a busy few weeks at RoachMorgan-Jones with the launch our brand new Business Health Check program. The 8-week business advisory course officially kicked off this week and I'd like to thank everyone who signed up for the program. I look forward to helping you achieve your business goals! We're also excited to announce that the Business Health Check program will be coming to Narrabri in early 2021. We will be announcing dates later in the year, so keep an eye on our Facebook page for the announcement.
JobKeeper 2.0 is now in effect. If you are receiving the wage subsidy and reporting your monthly income yourself it is important you understand all of the changes. Don't forget you can download the RoachMorgan-Jones Guide to JobKeeper 2.0 from our website, which breaks down all the important information for you. If you think you may be eligible for the JobKeeper wage subsidy and need assistance with your application, please give the office a call (02) 6766 3777.
I'd like to remind clients of the personal income tax cuts announced by the Federal Government. It is important employers ensure tax tables in their payroll software have been updated so the right amount of tax is being withheld from wages and salaries.
With many of our clients, particularly our primary producers, travelling across the region for work, it is important to remember what can and can't be claimed as a business expense. The Australian Taxation Office has information to help you, which we've detailed in this newsletter. And a reminder the Australian Taxation Office is allowing business owners to vary their pay as you go (PAYG) instalments if they think they'll pay too much compared with estimated tax for the year.
Trips to our Narrabri office will continue fortnightly until Tuesday, 8 December. We will also be in Coonabarabran on Tuesday, 1 December. If you'd like to make an appointment, please call the office.
Yours in business,
Coming to Narrabri in early 2021!
With the success of our NEW Business Health Check program, we'd like to announce that the 8-week business advisory course will be coming to Narrabri in early 2021! The in-depth program is designed to engage, motivate and inspire small business owners and delves into the everyday issues that many struggle with:
Dates for the program will be announced later in the year, so please keep an eye on our website and social media pages for the announcement.
The Australian Government has introduced personal income tax cuts that apply from 1 July 2020. Employers must ensure they are withholding the correct amount of tax from salary or wages paid to employees for pay runs processed from 16 November onwards. Updated tax tables are now available from the ATO to help business owners reflect the tax cuts in employee’s take-home pay.
Payroll software providers will be updating software to implement these tax rate changes, however this can take time. Software providers should keep business owners updated on the software changes, so please contact your provider if you need to.
Any ‘over-withholding’ that occurred prior to updating payroll software or processes will be included in employee’s income tax assessment at the end of the year.
It is important to work out travel expenses before a tax return is lodged. If you travel or have travelled for your business, you may be wondering which expenses you can claim in your tax return; for example car hire fees, meals for overnight travel, sight seeing and entertainment.
The ATO's Small Business Travel Expenses fact sheet will help answer common questions about which expenses you can and can't claim, how to separate the private and business portions of expenses, detail the records you need to keep and how to keep a travel diary.
A very big THANK YOU to those clients who took the time to review RoachMorgan-Jones on Google.
We've loved reading your feedback and it will help us promote our business to new clients across the region.
Leaving a Google review only takes a couple of minutes, so if you are happy with our work we would love you to share this by leaving a review.
Your feedback is greatly appreciated.
Did you know you can vary your PAYG instalments if you think you will pay too much compared with your estimated tax for the year.
To assist businesses affected by COVID-19, the ATO won't apply penalties or interest for the 2020-21 income year for excessive variations when you make your best attempt to estimate your end of year tax.
You can find more information here.
Please call the office on (02) 6766 3777
to make an appointment!