Factor1 Blog
Articles, posts and other materials that have made its way to clients and the public
JobKeeper Reporting now on Business Portal
JobKeeper reporting is now up and running via the Business portal
If you have intended to apply for the JobKeeper Payment subsidy, you can now complete the reporting via the Business Portal. You will need to login to the portal using your myGovID, then click the “View” button within the COVID-19 screen.
Published:5th May, 2020
JobKeeper employee nomination & key dates
Attention all employers who plan or anticipate they will claim the Job Keeper Payments.
Please provide the attached nomination form to all employees for them to complete as soon as possible.
We suggest making it clear to your employees that this does not guarantee your business will be eligible for JobKeeper payments; rather, completing the form will help in claiming should your business be eligible.
Key dates:
- The online formal registration portal is expected to open on 20 April 2020.
- Registrations must be made directly or via us by the 30 April 2020.
- Your business GST income for the month of April must be reported by the 7 of May 2020.
Click here to download the Employee Nomination Form:
https://www.ato.gov.au/uploadedfiles/content/cr/d1aab7f2-fbe8-44b8-9ec1-4885ded1088e.pdf
Navigating this difficult crisis
These are indeed unprecedented times with a health crisis which has significantly impacted our economy and way of life.
As you know the information, announcements and all sort of stimulus packages etc are being released fast – the amount of information to process and understand is as unprecedented as the COVID-19 crisis itself.
The cost of the packages is massive, the need is great, the legislative drafting task is complex, the timeframe for rollout is short, and there will no doubt be challenges in implementation.
Click below to read some key tips & facts.
Published:
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:
When can employees be stood down without pay?
Employees who are stood down without pay remain employed for the period of the stand down. So when can an employee be stood down?
Published:
NEW FACTOR1 WORKING ARRANGEMENTS
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.
Published:
2nd Economic Stimulus Package Announced
On Sunday, 22nd of March 2020, the Federal Government announced further economic stimulus measures for individuals, business and the banking sector to support Australia through the unprecedented societal and economic impact of COVID-19 (coronavirus).
| Support for Businesses |
Support for Individuals |
Published:
Scott Morrison announces Economic Stimulus Package
Late last week, the Federal Government announced a stimulus package worth $17.6 billion to help our economy during these difficult times. Australian businesses will be some of the biggest beneficiaries in an effort to boost the economy and save jobs. Here is an outline of how the government plans to assist businesses in the short term.
Published:
archive
JAN & feb 2020
Terrific our trophy has arrived from the most recent Xero Awards – Cloud Champion of the Year Finalist.
#XeroAwards #Factor1 #ProgressiveAccountants
Published:
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
Published:
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