Lever Group accounting news and tax updates

Taxation Services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation including payroll tax and GST, our team will identify the best solutions for you.

Our taxation services include:

  • Preparation and lodgement of taxation returns
  • Capital gains taxation planning
  • Fringe benefits tax returns
  • Land tax returns
  • Payroll tax returns compliance
  • Tax planning and minimisation
  • PAYG and superannuation compliance

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Category: JobKeeper Updates

  1. AN UPDATE FROM OUR TEAM

    Posted on

    While 2020 has been challenging and unpredictable, we would like to reflect on the positives as we prepare for a new, and hopefully less eventful year. 

    We are proud of how our team and our clients have responded to this year’s challenges. Your determination to keep pushing forward and reaching your goals has been encouraging to see.

    Giving our staff a much needed break 

    After a long year dealing with the impact of COVID-19, we are giving our hard working staff a well-earned break. As such, our office will be closed from:

    5.00pm Friday 18 December through to Monday 11 January.

    Our staff have worked harder than ever this year and this means they will get a chance to rest and recuperate, ready for a fresh start in 2021. 

    What this means for your services 

    While our office will be closed over this period, we will be well prepared for JobKeeper declarations and preparing for the JobKeeper Ext 2. You will receive further correspondence regarding the second extension prior to the holiday period.

    2021 - What we are doing 

    Next year we are hoping to bring you more services that you need. Whilst we continue to be your trusted accountants, business and wealth advisors, we will also be partnering with Bloom Wealth & Finance to bring you mortgage broking and finance services.

    Thank you for your support 

    Lastly, we would like to sincerely thank you for your support this year. We truly enjoy the work we do and are proud to be able to work with so many wonderful people and businesses.  

    On behalf of everyone here at Lever Group, we wish you a safe and happy Christmas break and look forward to a wonderful 2021. 

  2. JOBKEEPER TO BE EXTENDED

    Posted on

    The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements.

    The new JobKeeper flat-rate payment after September will be reduced from $1500 per fortnight to $1200 a fortnight for eligible employees who were working an average of 20 hours per week in the four weeks before 1 March 2020. The rate for employees who were working less than 20 hours per week for the same period will be reduced to $750 a fortnight. These rates are set to apply until the end of 2020.

    A further reduction in JobKeeper payments will be administered from 4 January 2021. After this date, eligible employees who were working more than 20 hours per week in the four weeks before 1 March 2021 will receive a flat rate of $1000 per fortnight, while employees who were working less than 20 hours per week for the same period will receive $650 per fortnight.

    The JobKeeper extension shares a similar eligibility criteria as the initial JobKeeper program, however, it will be targeting support to businesses and not-for-profit organisations that are facing continual impacts from COVID-19. Those seeking to claim the JobKeeper extension payments must reassess their eligibility by demonstrating that they have met the decline in turnover test for the new required periods. Businesses who have experienced either one of the following will meet the decline in turnover test:

    • A 30% fall in turnover for an aggregated turnover of $1 billion or less.
    • A 50% fall in turnover for an aggregated turnover of more than $1 billion.

    To be eligible for JobKeeper from 28 September to 3 January 2021, the decline in turnover test must be met for the June and September quarters 2020. Businesses must reassess their eligibility again in January 2021 to be eligible for JobKeeper from 4 January to 28 March 2021. To remain eligible for the March 2021 quarter, businesses will need to demonstrate that they have met the decline in turnover test in each of the previous three quarters.

    The extended JobKeeper program is set to end on 28 March 2021.