Jobkeeper payment reduced

From 4 January 2021 the Jobkeeper rates are reduced to $1,000 per fortnight for Tier 1, and $650 for Tier 2. These rates are in place until 28 March 2021.

Jobkeeper is earmarked to finish on 28 March 2021. With that change comes the opportunity to have a good look at your financial statements, so that you can plan strategically to increase profits and minimize tax in the financial year ending June 2022.

April and May are the ideal months to get your tax planning for the coming financial year. While we never know what is happening for the future, taking the time to ensure you know where your business is financially, puts you in a great place to take advantage of any government incentives that come along.

If you have put your bookkeeping as a low priority during Covid-19, because you wanted to spend the time to create new products and services for later in the year, now is the time to get that bookkeeping up to date. Even though it has been a tough year, a strategic look at the profit and loss as it stands now will give you a true picture of the state of your tax liability and help you plan to look at how you are going to finance those new products and services.

More than ever, tax planning is vital. If you are behind with your bookkeeping, don’t fret. We’re here to help get you up to date. Your December 2020 BAS is due for lodgement and payable on 2 March 2020. All businesses that sign up online with us during January 2021 receive a 20% discount on all bookkeeping services. Places are filling quickly, so don’t delay!

A gentle reminder that employee superannuation is due for reporting and payment no later than 28 January 2021. If you are using accounting software to lodge, I suggest you lodge the reports and pay no later than 21 January 2020 to ensure your payment reaches the Super Clearing House before 28 January 2020. The Tax Office doesn’t look favorably on late reporting and payment of super.