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: COVID-19

  1. JOBKEEPER TO BE EXTENDED

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    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.

  2. HOW TO KEEP EMPLOYEES SAFE AS THEY RETURN TO THE WORKPLACE

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    Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into the office after the easing of lockdown restrictions should implement safeguards to ensure their workplace is a safe one.

    Conduct a COVID-19 risk assessment

    Before opening your office to employees, conduct a COVID-19 risk assessment with Safe Work Australia. A risk assessment will include an evaluation from Safe Work Australia regarding your business’:

    • responsibilities and leadership
    • worker engagement, alternative means of communication and participation levels
    • COVID-19 hygiene principles (such as the 4 metre square requirement)
    • hierarchy of controls, and
    • employee health and safety plan

    The progression of additional business activities will also be assessed. For example, the safety of business trips when travel restrictions are lifted.

    Implement cleaning processes

    Invest in frequent cleaning services and processes to lower transmission risk and give your employees peace of mind. In addition to hiring a cleaning service, you can also keep your workplace safe by providing employees with disinfectant solutions for door handles, light switches and keyboards.

    Other cleaning and hygiene processes to implement include:

    • Distributing hand-sanitizer
    • Reminding employees to wash their hands
    • Providing PPE wherever necessary
    • Minimising physical interaction between your employees (e.g. using disposable condiments, laminating documents for easy cleaning)

    Support your employees’ mental health

    Supporting your employees’ mental health is just as important as their physical health. To create an environment that your employees feel comfortable and safe to work in, provide aid in the form of workplace flexibility, therapy and counselling services, home-to-business transportation options and financial advice. Additional services such as child-care can also be helpful to supporting your employees’ mental health.