Small Business All Figured Out

With the first tranche of JobKeeper due to end on 28 September, find out whether you qualify for the extension and what steps you need to take next. Registered Tax Agents and CPA's Sheryl Cole & Corine Cole discuss Jobkeeper 2.0 and answer questions such as:
 

• Do you qualify for JobKeeper 2.0
• What you need to do to meet the additional turnover test 
• How to identify eligible employees following the employee eligibility date change 
• The new JobKeeper amounts 
• The availability of alternative tests 
• Key JobKeeper dates, and more. 

In this Tax Bite Update, we’re talking about claiming working from home using the new 80 Cents Per Hour Method recently announced by the Australian Taxation Office in response to the COVID-19 pandemic.

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this Tax Bite Update, we talk about:

• What expenses are covered by the 80 Cents Per Hour Method; 
• The period for which the 80 Cents Per Hour Method can be used;
• The benefits of using the 80 Cents Per Hour Method;
• The disadvantages of using the 80 Cents Per Hour Method (versus the Fixed-Rate Method and the Actual Method);
• The records required to be kept to claim home office expenses using this method.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this Tax Bite episode, we’re talking about working from home and the home office expenses that you may be able to claim as a tax deduction. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this Tax Bite, we talk about:

• The conditions that must be met in order to claim home office expenses
• The difference between home office running expenses and home office occupancy expenses
• The records and receipts you need to keep to claim home office expenses
• The fixed-rate method versus the actual expenses method; and
• We briefly chat about capital gains tax implications and claims for car and travel expenses when working from home

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole dive deeper into the JobKeeper Payment Scheme and what it means for employers, self-employed people, and individuals by default.

We clarify for you:

• The details of how you, as an employer, will determine your eligibility for the JobKeeper Payment 
• The need for $1,500 physical wage payments that must be made to your employees in the two fortnights of April 2020 - and all fortnights beyond - in order for your employees to be eligible for JobKeeper Payment
• The registration process and the documentation to be completed by you and your employees 
• How to assess whether you have satisfied the decline in turnover test (the basic test and the alternative test)
• Your monthly reporting obligations to the ATO for the next 6 months 
• How sole traders, and other self-employed type individuals can go about registering for the JobKeeper payment; and 
• The integrity measures that will ensure fair access to the JobKeeper scheme.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne provide further details regarding the Government's Stimulus Packages and other subsidies, grants and relief that may be available to your business in response to COVID-19.

We clarify for you:

1. Job Keeper Payments and the eligibility of employers, employees and self-employed.
2. Business Grants of up to 10k in Victoria
3. Tax-free payments up to $100,000 for employers; a closer look.
4. Moratorium on evictions and rent relief for commercial tenants
5. Instant asset write off and Accelerated depreciation; a closer look
6. ATO assistance and support that is available during this pandemic

We referenced the National Cabinet's Mandatory Code of Conduct regarding SME Commercial Leasing Principles during COVID-19. 

Further updates will follow as more information becomes available. Be sure to follow us on Facebook for the latest information.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

A tax agent can provide you with much more value than you may realise. In this episode, Corinne and Sheryl talk about the reasons why you should use a Registered Tax Agent to prepare your individual tax return in tax time 2020.

We outline the 6 ways that working with a Registered Tax Agent will benefit you:

1. Knowledge and experience
2. Valuable relationships and timely advice
3. Expertise in occupation-specific tax deductions
4. Convenience and time-saving
5. Extended tax lodgement deadlines
6. Tax agent fees - they pay for themselves.

You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this episode, Accountants, Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole outline the key 8 measures announced in the Government’s 2nd $66.1 bn Stimulus Package.

We clarify for you:

• Tax-free payments up to $100,000 for employers
• Sole traders and self-employed - what’s available for these taxpayers
• Support available for businesses who employ Apprentices and Trainees
• Increased Centrelink Supplements
• Early release of superannuation
• Loans for small and medium businesses up to $250,000
• Solvency Safety Net
• Solvency & Bankruptcy

In this episode we mentioned where you can find more information about the support available for businesses who employ Apprentices and Trainees:

• The Department of Education, Skills and Employment website at: www.dese.gov.au  
• Australian Apprenticeships website at: www.australianapprenticeships.gov.au  

For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network (AASN) provider.

We also noted that the Government is now providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders residing in Australia. You can access the full list here.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this episode, Sheryl and Corinne discuss how to maintain Business Continuity in the face of the COVID-19 Coronavirus Pandemic, to give you guidance on the strategies that you can implement for your staff to facilitate them to work remotely if required. We also discuss other business considerations that you should be thinking about at this time.

We talk about:

1. What a Business Continuity Plan is;
2. Things you can do to facilitate your staff to work remotely if needed; and
3. Other business considerations to ensure that your business can outlast this health crisis.

If you'd like help with your Business Continuity Plan or you need budgeting and cashflow help at this time, then please get in touch with us at platinumaccounting.com.au


You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we talk about how to use the Cents Per Kilometre Method to claim your car as a tax deduction.

In this episode, we cover:

1. What the definition of a car is, as per the ATO;
2. What trips qualify as work-related travel;
3. How the cents per kilometre method actually works and the details you need to record for work-related travel

You can learn more about the show's hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

In this episode, Sheryl and Corinne discuss Marketing Strategy versus Marketing Tactics, to help you understand the difference and how to effectively implement in your business to give your business a competitive edge.

We talk about:

1. What marketing is;
2. Why your business needs marketing; and
3. Understanding the difference between Marketing Strategy and Marketing Tactics.

If you'd like help with your marketing strategy or assistance with the best tactics to implement that will work best for your small business, then please get in touch with us at platinumaccounting.com.au


You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au