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What will happen in 2021 when it comes to Bookkeeping?

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Like anyone here, I don’t have a crystal ball, I wish I did.

But after what has been a turbulent year for so many in 2020, I think the Government will be assisting businesses, both large and small during 2021.

We must get the economy going and with multiple Grants on offer and assistance through construction, building, low interest rates, Job keeper payments, Job Seeker payments and now Job Maker, I feel that we are heading in the right direction.

One thing I would like to mention is to make sure that when it comes to Bookkeeping, if you decide to do it all yourself, is to keep yourself updated with all the changes and keep your records up to date and accurate.

Of course, I would rather you come to me, because I feel 2021 will be a year of many changes in our industry and across the board.

With that, comes challenges.

Let me know if I can help you in any way as I look forward to looking after you and your business.

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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Job Keeper Tiers and Testing Eligibility

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Without going into the nitty gritty of the new changes to the Job Keeper tiers from 1st October 2020, here is a great link that explains it in layman terms.

https://www.mybusiness.com.au/tax-accounting/7473-ato-addresses-jobkeeper-tiers-and-what-it-expects-of-employers?utm_source=MyBusiness&utm_campaign=25_09_20&utm_medium=email&utm_content=7&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

Though if you are totally confused by it all, give me a call 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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

1st October 2020 marks the start of the Job Keeper Extension

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From 1st October, Job keeper 2 or the extension to Job Keeper has started, this link here provides a little bit more information.

I have received a number of calls from clients not sure how to determine not only if there are eligible but also what tier their employees or even themselves as business owner will be on.

People will need to total what their September Quarter sales were for 2020 and the same with 2019,.

If you have had a reduction of 30% or more, you will definitely be entitled to the Job Keeper extension.

Then you just need to use the reference period of Feb 2020 to determine if you or your staff worked more or less then the 80 hours in the month to determine the Tier.

If, you are still stuck and don’t have any idea what to do, please give me a call on
0429 363 047.

https://www.mybusiness.com.au/tax-accounting/7398-ato-releases-jobkeeper-extension-guidance-setting-out-post-september-procedures?utm_source=MyBusiness&utm_campaign=07_09_20&utm_medium=email&utm_content=1&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

Will you still be eligible for JobKeeper after September 2020?

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Recently the Prime Minister and the Treasurer have indicated what the JobKeeper program will look like moving forward after September 2020 through to 20th March 2021.

For those that are currently on JobKeeper, the current arrangements will be staying in place to September 25th, that’s when things are changing.

Beyond September 25th 2020 until March 20th 2021, the Government has brought out the new two tier system at a lower rate for businesses who may be eligible. The reason they are doing this as they know many businesses are doing it tough, but not to completely cut off funding, they have reduced and brought in this system, which personally I feel is extremely generous, as the Government could have stopped the payments after September 2020.

1. But who is eligible?

If you need assistance and not sure, this is where I can assist and help you.

To apply for JobKeeper 2.0 support for the quarter ending 27th December 2020, a business will need to meet the required downturn (30% or more) for both the June 2020 and September 2020 quarters.

To apply for the following quarter, ending 28th March 2021, a business will need to meet the downturn (30% or more) for each of the June 2020, September 2020 and December 2020 quarters.

2. So will the JobKeeper payments be reduced?

The answer is YES.

After September 25th 2020, the current rate of $1500.00 per employee payments will no longer apply. In the next phases there will be two tiers of payments and reductions each quarter.
The first level will be for people working 20 hours or more a week.

The payments for these employees will be reduced to $1200 per fortnight for the Dec 2020 quarter and further reduced to $1000 per fortnight for the Mar 2021 quarter
The second level will be for people working less than 20 hours a week.

The payments for these employees will be reduced to $750 per fortnight for the Dec 2020 quarter and further reduced to $650 per fortnight for the Mar 2021 quarter.

This is in line with new changes to the JobSeeker payments.

The exact details around these changes are of course still to be legislated, and as a result subject to change, but this is what we know now.

Of course, if you have any questions, please don’t hesitate to contact us.

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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!