August 2021 Update

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TAX TIME 2021
 
The 2021 tax preparation season is well underway. With the current lockdown impacting our ability to work from our office, we are working hard to maintain our usual service standards. In addition, we are currently assisting clients with applications for NSW Government Covid Grants. Given these circumstances, some returns are taking a little longer to process than usual. We thank all of our clients for their patience and understanding during these times.

Service NSW tweaks turnover comparison period
On Monday 9 August 2021, Service NSW expanded the comparison period which is used to determine if a decline in turnover has been experienced for the purposes of the NSW COVID-19 support grants and payments.

Businesses in NSW will now be able to gain access to the COVID-19 business grant (for a annual turnover exceeding $75,000), micro-business grant (for turnovers between $30,000 and $75,000), and the JobSaver payment (turnover greater than $75,000) if they are able to prove a 30% or more decline in turnover over a minimum 2-week period during the Greater Sydney lockdown, compared to the same 2-week period in 2020, or 2019, or the 2-week period immediately before lockdown commenced.

Using the comparison periods
For the micro-business grant & JobSaver payment, a minimum of any 2-week period within the lockdown period (commenced 26 June 2021 and current end date of 28 August 2021), compared to:

  • the same period in 2019, or
  • the same period in 2020, or
  • the 2-week period immediately before the lockdown commenced (12 June to 25 June 2021)

For the business grant (which is a one-off payment to cover business expenses for the first 3 weeks of lockdown), a minimum of any 2-week period from the 26 June 2021 to 17 July 2021, compared to:

  • the same period in 2019, or
  • the same period in 2020, or
  • the 2-week period immediately before the lockdown commenced (12 June to 25 June 2021)

Commonwealth COVID-19 Disaster Payment

The current payment rates for eligible recipients are;

  • $750 each week - if a person has lost 20 hours or more of work a week
  • $450 each week - if a person has lost between 8 and 20 hours of work a week, or a full day of their usual work if less than 8 hours
  • Existing recipients of Federal Government income support payments may receive $200 per week.

Legislation has now been passed for these payments to be tax-free.
  
Can your business stand down staff?
 
Your business may have been impacted by Covid 19 and the related restrictions placed on your business due to Government lockdowns and are contemplating standing down your staff. Business considering standing down staff need to take care to ensure all legal requirements are met. The Fair Work Ombudsman has published guidance on this topic. We recommend that you follow their guidance if you are contemplating standing down staff. Information can be found here:

https://coronavirus.fairwork.gov.au/coronavirus-and-australian-workplace-laws/when-workplaces-shut-quickly-because-of-a-lockdown#enforceable-government-directions-stand-downs

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MILROY ACCOUNTING PROFESSIONALS

Milroy Accounting Professionals has served the Macarthur for over 20 years, including Camden, Narellan, Campbelltown, Liverpool and more recently Smeaton Grange, Gregory Hills and Oran Park. We deliver professional accountancy and compliance, bookkeeping and business advisory services to retail, commercial, industrial and trades firms, whether large or small.

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