Factor1 Blog
Articles, posts and other materials that have made its way to clients and the public
R&D Tax Incentives Program
Important notes for those who have or are applying for the R&D Tax Offset claim
• Be aware that AusIndustry and ATO are increasingly conducting reviews of the R&D offset claims.
• Ensure that you have claimed the right expenses.
• Ensure that you have kept proper records to meet the record-keeping requirements.
Published:
Superannuation Payments Reminder 2020/2021
For employers - Due dates for the current financial year
Super is a compulsory employer contribution to eligible employees calculated from the day they start work. Currently, you are required to pay a minimum of 9.5% of your employees’ ordinary time earnings into super. You must make the payments at least four times a year, by the quarterly due dates.
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WorkCover Key Dates Reminder
For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent.
Published:
Federal Budget 2020-21 Summary
5 minutes read on Australia’s Economic Recovery Plan
On 6 October the Treasurer delivered the Federal Budget, which will see big government spending on infrastructure, job creation, asset write-offs and personal tax cuts in the coming year as part of Australia’s economic recovery plan from the unprecedented impacts of COVID-19.
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Vic’s Outdoor Eating and Entertainment Grant & Licensed Hospitality Venue Fund
Two new Government Grants now open
This $58 million program aims to support eligible businesses adapt to outdoor dining and entertainment with $5,000 grants that can be used to pay for practical things like umbrellas, outdoor furniture, screens and other equipment.
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Vic’s Sole Trader Support Fund
$3K grants for non-employing sole traders now open
This $100 million support fund aims to help sole traders who are impacted by the COVID restrictions with a $3000 grant that can be used towards their overhead costs.
Published:
JobKeeper Extension 1 Commences 28 Sep 2020
As the original JobKeeper comes to an end at the end of this week, we welcome JobKeeper Extension 1 on the 28 September, the first of two separate extension periods.
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Round 3 of Business Support Fund Grants
Grants of $20,000, $15,000 or $10,000, depending on size, to around 75,000 eligible businesses with a payroll of up to $10 million. Applications open Friday 18 September 2020.
Published:
How to get a bigger tax return in 2020
Since COVID-19 began, it can be unanimously agreed that the way we work has been impacted one way or another. Working from home, receiving JobSeeker payments or implementing social-distancing and health measures at work are the few results of this pandemic, and it’s no surprise that this also affects how we lodge our tax. Amidst this challenging year, the good news is that you may be able to get more money back during tax time.
Published:
Business Support Fund Expansion Program Upgraded
This updated program will see the $5,000 grant bump up to $10,000 for eligible businesses in metro Melbourne and Mitchell Shire and $5,000 for eligible businesses in regional Victoria.
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JobKeeper now extended beyond September 2020
The Jobkeeper Payment is currently due to end on the 27 September 2020, but the Government has issued a media release extending payments for eligible employers until 28 March 2021. Further guidance will be issued in terms of eligibility.
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Meeting your health and safety obligations during COVID-19
As an employer, you have legal obligations to take care of the health and safety of your staff, clients and any visitors to your workplace, and it is ever so imperative during this health pandemic. Safe Work Australia has specific industry guidelines to address this, stating that you must eliminate the risk of exposure to COVID-19 if reasonably practicable.
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Victoria’s Business Support Package
Initiatives to help businesses and workers get through the coronavirus pandemic
Find out more about the various initiatives to help support Victorian businesses during these difficult times:
- Business Support Fund – Expansion
- Regional Tourism Accommodation Support Program
- CBD Business Support Fund
- Night-time economy support program
Published:
VIC’s Business Support Fund - Expansion
$5,000 grant to help businesses through temporary coronavirus (COVID-19) lockdowns
Formerly known as the Local Lockdown Business Support Program, this $5,000 grant was previously made available to the 12 affected postcodes linked to COVID-19 outbreaks but now applies to all areas across metropolitan Melbourne and Mitchell Shire to support eligible businesses through the renewed restrictions. Applications are now open and close on 19 August 2020.
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Factor1 now a Xero Gold Champion Partner
We are super excited to let everyone know that we are now a Xero Gold Champion Partner.
Factor1 reached this huge milestone just before the outbreak of the health crisis, but it was not the right time to celebrate.
Moving into the new financial year, we are even stronger and better than ever before.
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Instant asset write-off expansion
The $150,000 instant asset write-off has now been extended until the end of the year
As a measure to encourage business investment, the government recently announced it would extend the $150,000 instant asset write-off until 31 December 2020. The extension, which is projected to cost government revenue of $300 million over the forward estimates period, will see around 3.5 million business benefiting from it.
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HomeBuilder Grant
The $688 million program to help boost the home construction industry
On the 4th June, the federal government announced the new $688 million HomeBuilder program that will offer eligible Australians $25,000 grants to build a new home or start a major renovation. This announcement comes in the wake of new figures that revealed the country dipping into recession for the first time in three decades. This program is aimed to boost the economy and act as a lifeline to the home construction industry.
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archive
May 2020
april 2020
NEW SERVICE: BUSINESS RECOVERY – STIMULUS PACKAGE & GRANTS ASSISTANCE
Our accounting firm has an enormous responsibility to support our clients in a time of need.
Over the last week, we have been keeping our clients updated regarding the many Government Stimulus Packages and other applicable grants.
We have been working around the clock to help clients understand the announcements in the context of their own circumstances.
We anticipate further assistance will be required. We will ensure that we get back to every query to help achieve the best possible outcomes for our clients.
We appreciate your understanding that we need to recover costs and ensure the viability of the assistance provided. Therefore we have launched the following service, which will be chargeable based on our current hourly rates:
Business recovery – stimulus package and grants assistance
This service is not included within the scope of any current agreements in place with our firm and will be invoiced as a separate item when applicable.
We thank you for your continued support, and together we will get through this difficult time.
Published:
MARch 2020
Dear clients,
We trust both you and your families are taking the necessary care during these unprecedented times. In response to the current situation and the Authority’s advice, please be informed that as of Monday the 23rd of March, Factor1 has changed it’s working arrangements, and all personnel will be working remotely until further notice. Therefore, the office will also be closed for visits during this time.
With this new arrangement, you may experience some processing delays and also delays from the Australian Tax Office (ATO) are highly probable too. We apologise for any inconveniences caused.
To date, the ATO has not announced any official lodgement extension; however, penalties and interest remissions are very likely.
We believe that with everyone’s assistance to minimise the spread of COVID-19, we will see the light at the end of the tunnel soon. Stay safe.
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JAN & feb 2020
Terrific our trophy has arrived from the most recent Xero Awards – Cloud Champion of the Year Finalist.
#XeroAwards #Factor1 #ProgressiveAccountants
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It’s a New Year for change!
- Is your Accountant up with technology & new work practices?
- Are they using software that automatically transforms receipts and invoices into numbers?
- Are they using electronic signing instead of snail mail post?
If the answer is “No”, then come over to Factor1. We are a Xero 2019 Cloud Champion of the Year finalist.
By using the latest technology, accountants can provide a substantially improved experience and drive efficiency. If your accountant has not adapted to change, then they may be out of touch & slow or charging too much for old work practices.
#TimeForChange #TechnologyDrivenAccountants #NewYearsResolution
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NOV & Dec 2019
From all of us at Factor1, Merry Christmas and a Happy New Year! #Christmas2019 #SeasonsGreetings
Published: December 2019
Thank you for your donations! Your generosity will make this Christmas a very special one for Australian Children living in disadvantage. Now Santa is on his way to make the deliveries! Merry Christmas!
#ChristmasSpirit #ToyBookAppeal #CharityGifts
Published: 10th December, 2019
Factor1 is hosting a gift collection for Australian Children living in disadvantage. If you’d like to help, drop your unwrapped present to us and we’ll match all donations received. Let’s make this Christmas a special one for the kids!
*Donations must be received by Wednesday the 11th of December. Factor1 will match donations to a maximum total value of $1,000.
#ChristmasSpirit #Toy&BookAppeal #CharityGifts
Published: 26th November 2019
October 2019
Xero has announced Factor1 as a Cloud Champion of the Year finalist.
There are several thousand Xero partner accounting firms throughout Australia. We are proud to be one of three finalists.
Thank you to our team and valued clients for their ongoing support. We are continuing to invest in new technology and new practices to deliver a superior client experience.
#xeroawardsfinalist #factor1 #veryexcited
Published: 23rd October 2019
Remuneration includes wages, salaries, superannuation and other benefits you pay to your workers before tax. WorkSafe uses this remuneration amount to calculate your insurance premium.
𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗲𝗱 𝗥𝗲𝗺𝘂𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗗𝘂𝗲 𝗗𝗮𝘁𝗲𝘀:
• 25 October 2019 if your remuneration is more than $200,000
• 27 March 2020 if your remuneration is under $200,000
If you don’t provide your certified remuneration by the due date that applies to you, WorkSafe will estimate your remuneration as 20% more than it was the previous year.
If you need help, give Factor1 a call at 1300 886 309
More key dates from WorkSafe: https://bit.ly/2OsNQR9
#WorkCover #WorkSafe #Factor1Reminders
The Australian Tax Office has significantly increased their audit compliance with Superannuation Payments, and the introduction of Single Touch Payroll has further facilitated this. Employee Superannuation must be paid and received by their super fund within 28th day after the end of a Quarter. Failure to pay on time will be costly in many ways.
𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗱𝘂𝗲 𝗱𝗮𝘁𝗲𝘀 𝗳𝗼𝗿 𝘀𝘂𝗽𝗲𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀
Q1. (1 Jul – 30 Sep) – Due: 28 October
Q2. (1 Oct – 31 Dec) – Due: 28 January
Q3. (1 Jan – 31 Mar) – Due: 28 April
Q4. (1 Apr – 30 Jun) – Due: 28 July
𝗣𝗹𝗲𝗮𝘀𝗲 𝗯𝗲 𝗮𝘄𝗮𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴:
• Allow for processing time. You should pay at least one week before the due date, ideally 15 days after the end of a Quarter. Put this reoccurring task into your calendar so you won’t forget.
• There have been cases where employers receive warning from the ATO for being just 2 days late.
• If you don’t pay on time, you are liable for the Superannuation Guarantee Charge (SGC), even if you make the payment later. This means lodging tedious form to ATO, which will include:
– Super shortfall amounts that are calculated on the full
salary and wage amount which includes overtime,
allowances, etc.
– Interest charge for the late period (currently 10%)
– Administration fee of $20 per employee per quarter
• Furthermore, the ATO has the ability to disallow late payments and impose further penalties, which would result in paying your employees superannuation twice for the same quarter.
• The ATO have investigated in excess of 22,000 employers for late paid superannuation in the first 3 quarters of the 2019 financial year.
• Most importantly, late super payments are non-tax deductible!
September 2019 & Earlier
It’s official. We’ve outgrown our space and have moved next door. Come and visit us at our new space!
New address: Suite 46, Level 3 Building 2, 1 Ricketts Rd, Mount Waverley VIC 3149
#newoffice #Factor1move #biggerbetter
Does your business have employees and you need help implementing the mandatory Single Touch Payroll? Let Factor1 help you with the reporting so you can focus on your bottom line.
#SingleTouch #Factor1