No images? Click here 18 August 2020 Synstrat Update - August 2020August 2020 The days in Melbourne are all starting to look remarkably the same. Even our varying weather isn’t enough to distinguish the difference between Thursday and Saturday anymore. What is changing is the sentiment around how long Australia will remain ‘Apart’ in order for us to be back ‘Together’. Humans are social animals and the limits on visits to friends and family around the country is draining our energy supplies. We have to keep focused on the days to come where we can shake hands with people that we meet and swim laps at the local pool; because they will come. We just have to be patient. Is this JobKeeper 1.3, 2.1 or 3.0? The introduction of Stage 4 restrictions to Metropolitan Melbourne, and Stage 3 to the rest of Victoria, has led to additional changes to the JobKeeper system. These changes were registered on 14th August 2020. The main change is that any business currently registered for JobKeeper will now be able to include wages paid to employees who started working with them after 1 March but before 1 July 2020. This will enable newer permanent staff and some more casuals to access JobKeeper entitlements such as Pandemic Leave and utilise the new shutdown directions. Another tweak to the JobKeeper system will allow employees to nominate with a new employer if their circumstances have changed. Employee nomination forms will have to be competed and your Single Touch Payroll records updated as soon as possible. Wages must be paid to the additional staff prior to 31st August to be eligible for the JobKeeper reimbursement. Be mindful that August will have three fortnights ending in your monthly JobKeeper report. Fortnight 10 will be the time where you can bring in additional employees which were employed before 1 July 2020. The main websites to help you navigate the changes are FairWork and the ATO’s COVID-19 page. We will continue to help you in any way we can. Payroll tax reporting Most states have waived Payroll Tax payments for the 2019/20 year. Some level of reporting was still required while payment was not. Currently in Victoria, payments can be deferred until December 2020 for the current year however payment will ultimately be required. The annual reporting cycle for Payroll Tax has just finished and we remind everyone that JobKeeper payments were not taxable in any of the states, even if they were reported. Also, payments such as Parental Leave and Apprentice wages are not taxable. Registration thresholds around the country are as follows: The only states to increase their thresholds in 2021 are New South Wales and Western Australia. The onus is on employers to register when they have exceeded the relevant threshold. Most states are lenient when it comes to penalties if you register shortly after the end of the financial year. Late lodgement penalties and interest will be payable when the relevant Office contacts you to enforce registration. Synstrat Office Closure Our Doncaster office remains closed however head to our website to see the list of direct phone numbers for our main staff. Best wishes, The Synstrat team The Synstrat Group provides Business Advice, Accounting and Financial Services. Prepared by Synstrat Accounting Pty Ltd for clients of Synstrat Group. Liability Limited by a scheme approved under Professional Standards Legislation Synstrat Accounting Pty Ltd P. 03 9843 7777 ACN 053 416 149 If you are not the intended recipient of this communication please delete and destroy all copies of this message and telephone Synstrat on +61 3 9843 7777 immediately. If you are the intended recipient of this communication you should not copy, disclose or distribute this communication without the authority of Synstrat. Any views expressed in this communication are those of the individual sender, except where the sender specifically states them to be the views of Synstrat. If you do not wish to receive this email in future, please reply to the sender requesting termination of service. |