Bookkeeping Blog

Advice and tips for Australian Businesses

The Prime Minister has removed the $10,000 liquid asset test from the COVID-19 Disaster payment

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Did you know before Thursday last week, eligible applicants for the COVID disaster payment were subjected to a liquid asset means test to prove they had less than $10,000 worth of liquid assets, like shares & savings?

Now the Prime Minister said the liquid asset test applied to payments of $325 or $500 would be lifted for those who apply for the payment as a result of having missed work in NSW, and residents of other states, should any lockdowns persist.

NSW Premier Gladys Berejiklian has asked the state for the Job Keeper to be reinstated on Thursday, ongoing discussions and options are on the table.

‘In addition to the asset test changes, the Morrison government suspended mutual obligation requirements for Greater Sydney residents receiving welfare payments, like JobSeeker’
‘The announcements from both Premier Berejiklian and Prime Minister Morrison come less than 24 hours after Treasurer Josh Frydenberg knocked back the state’s request for a return of JobKeeper’
It will be interesting to see what happens.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Reminder that Superannuation is now 10% commencing 1st July 2021

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Also don’t forget that STP (Single Touch Payroll) is compulsory, this has been a legal requirement for 2 years.

‘The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected by the 2021-22 Federal Budget’

Are you up to date for all your employees?

Do you need help?

If so, please do not hesitate to call me direct on 0429 363 047

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Did you know there has been an Annual Wage Review starting 1st July 2021?

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Check out this link for more information.

https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/annual-wage-review-2021?fbclid=IwAR20Iq3Ay5_uV8rRZW9lSeYY1aiiNmH5L2nxvQ4B3PfmhrJsUveax3ReREg

I’m sure you want to know who does the increase apply to?

Well, it applies to anyone who is paid minimum award wages or the national minimum wage. If you are a business with staff, the awards have changed. For anyone that is not covered by an award or an agreement, the new national minimum wage is $772.60 per week or $20.33 per hour.

When does the increase start you may ask?

The new national minimum wage applies from your first full pay period on or after 1st July 2021.

There is also an increase to the Super guarantee for all eligible employees from 1st July 2021.

If you are confused and need a helping hand, please contact me direct.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID