Forced closure for South Australian Businesses

James Murphy Tax

Question I have clients that have had to close their business for 6 days due to SA COVID restrictions.  Our question is do they still have to pay their staff under Fairwork, or can they force them to take leave? Most are no longer on JobKeeper payments, therefore Fairwork changes can not apply? Answer Firstly, they need to see if …

Closing of Super Fund

James Murphy Tax

Question Facts of the matter.  We have 2 super funds; both have 2 members myself and my wife. We both are in pension mode.  Super fund 1 has cash only and has concessional contribution part.  Super fund (2) is made of non-concessional contribution only. It has property, cash, and some small number of shares. This is the fund we draw …

JobKeeper Extension Query

James Murphy Tax

Question I have a question about the JobKeeper extension. Can you still get JobKeeper part 2 if you have an actual drop in turnover of 29%? Answer The requirement is 30%. Given you are so close to the required turnover decline carefully consider: The definition is GST turnover, so we are dealing with taxable supplies Carefully peruse for non-assessable deposits …

JobKeep Extension Query

James Murphy Tax

Question I have a client who was operating a gym business as a sole trader when COVID-19 hit. He qualified for JobKeeper as an Eligible Business Participant and we are now looking to see if he will qualify for the Extension to JobKeeper. As his gym business income fell, he found a new type of business to get involved in. …

Taxation Query

James Murphy Tax

Question: Thank you for your latest glossy Tax Essentials Manual. I have some questions regarding tax returns that are now due. Page 2 of Losses Schedule. Do we need to satisfy the ‘business continuity test, what is the test? What is a ‘superannuation income stream’, Item 7 In Tax return for individuals? Are we required to lodge a ‘reportable tax …

Annual Leave Query

James Murphy Tax

Question I have an employee who wishes to be paid out a portion of his annual leave entitlement. Can you please advise if the annual leave payout is part of the annual leave accrual? I am not certain it would be as it is a payment in addition to his ordinary time hours therefore if included, he would exceed his …

THE NEW IR REFORM BILL- YOU NEED TO KNOW ABOUT

James Murphy HR/IR

The new Industrial Relations omnibus Bill introduces reform in key areas, such as a new definition of casual employment and a move to criminalise wage theft. On 9 December 2020, the Federal Government introduced the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Bill 2020 into Federal Parliament. This omnibus industrial relations Bill set out several key industrial relations reforms to …

Celebrating Christmas 2020

Joshua Easton Tax

Season’s greetings from the very merry team at bO2 Corporate Essentials! May Christmas bring a joyful end to the year, bright and filled with promise and be permitted our service bring fulfilment to you and your business in the coming year! Our last day of the year is Friday 18th December.  We will return on Monday 11th January 2021. Celebrating …

Job Keeper and Annual Leave Question

James Murphy Tax

Question I have a company client which is in receipt of the JobKeeper Funding from the Cwlth Government. An employee of the company has taken some Annual Leave whilst in receipt of the JobKeeper allowance which is in excess of their normal weekly wage…under the NSW Hairdressers Award. About $460.00 gross before tax. The question has arisen by my client……is …

bO2 Supplementary Updates Ch 1 Annual Taxation Summary Manual

James Murphy Tax

CHAPTER 1 The Australian Tax System Update JOBMAKER PLAN – BRINGING FORWARD THE PERSONAL INCOME TAX PLAN While the tax scales contained in our annual publication were correct at the date of publication, COVID-19 resulted in the Federal Government delaying its 2020-21 Federal Budget until 6.10.2020. Here are the changes. The Government has announced that stage 2 of its Personal Income …