No images? Click here 16 July 2021 BUSINESS NEWSLETTER - JULY 2021Synstrat Update - July 2021 The last few weeks has seen significant change to business operations of many of our clients, and for us too. We seem to be experts in shutting down schools, businesses and community events at short notice these days. Not a skill we anticipated would be necessary in our careers! Our phone lines and emails at Synstrat are still being attended to so do contact us if you need assistance. NSW Grant Applications The latest shut down in NSW has resulted in weekly payments and grants of up to $15,000 are being made available to businesses and individuals via Service NSW. Applications open on 19th July 2021 and will be available via your MyServiceNSW Account. You are encouraged to check your business’ details on the Australian Business Register (ABR) to ensure that your contact and business details are current and your application is processed quickly. Please contact us if you are having trouble updating your details on the ABR. Once your application is lodged it could be a few weeks before the payment hits your bank account. The taxable nature of the grant has not been determined as yet. Government grants are taxable unless specifically legislated otherwise. For example, the first two grants for Victoria last year were taxable and the third was not. We expect that this will be confirmed in the coming weeks. Further relief is expected from the NSW Government by way of reductions in payroll tax and land tax, grants for landlords who reduce commercial rents, and residential tenant eviction protection. The practical application of these measures will be fleshed out soon. Don’t forget the rebate of small business fees and charges of up to $1,500 is available for fees from 1 March 2021 and applications can be made via the Service NSW website. While this is helpful, it is only offered as a digital credit to offset any unpaid or future charges payable. Seems we’re all going to be kept busy applying for grants and rebates over the coming weeks... Victorian Lockdown #5 There has been nothing reported in relation to grants or business support for the latest lockdown in Victoria but it is early days yet. Our fear is that the succession of lockdowns will be too much for some small businesses and they will finally break. We’re crossing our fingers that the five day proposal becomes a reality. National Cabinet is meeting today and one of the topics of discussion is lockdown payments. Watch this space. 2021 Tax Time For those in a position to plough through some tax admin, remember that your Single Touch Payroll (STP) reporting for the 2021 year is due to be finalized and lodged with the Australian Taxation Office (ATO) by 21st July 2021. Your staff are probably bugging you for their Income Statements already so that they can lodge their tax returns. Payroll Tax annual declarations for each state are due now too, and your June 2021 quarter superannuation guarantee amounts need to be paid before 28th July. Remember that while the 10% SGC rate applies from 1 July 2021, it only applies to wages paid from this date. If you have any questions in relation to your STP, superannuation of government grants, please contact our office on 03 9843 7777. 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. |