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Extension of time to enrol for the JobKeeper scheme The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you can still claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. For the first…  Read more

We have recently communicated with you via a blend of newsletter, email and phone calls across various topics including: Business Continuity Planning – bring structure into your business management across a range of areas Cashflow management and forecasting PAYG instalments – options to pay or vary for March quarter and also an option to reduce previous quarters to nil and receive a refund of tax instalments paid Government Stimulus –…  Read more

Author Peter Farlie Director Knight Financial Advisors Coronavirus concerns continued to dominate markets through March, causing unprecedented volatility in investment markets. The far reaching economic consequences have effectively wiped out all of the progress made over the last three years. We summarise the main indices as at the end of March below which have now turned to a sea of red: In addition to the above, the combined effect of…  Read more

If your business qualifies for JobKeeper support (effectively measured by your actual or forecast turnover reducing by more than 30%), then your business may qualify for commercial rent relief as provided for in the National Cabinet Mandatory Code of Conduct SME Commercial Leasing Principles during COVID-19. The key principles are as follows: Where it can, rent should continue to be paid, and where there is financial distress as a result…  Read more

The legislation and supporting documentation for the first two stages of the stimulus came to more than 200 pages. Our team has been reading the literature and attending training seminars on the application of this new legislation and working out how this legislation applies to your business. PAYG Withholding Stimulus for eligible employers TAX FREE PAYMENTS of up to $50,000 for eligible* small and medium businesses based on their PAYG…  Read more

      The Western Australian Government announced this week, further stimulus actions to help Western Australians The small business relief includes: $17,500 grants for small businesses with a payroll between $1 million and $4 million. The $1 million payroll tax threshold (announced in October 2019) will be brought forward by six months to 1 July 2020. Grants of $17,500 will automatically be paid by cheque to eligible businesses from…  Read more

It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures for the 2019/20 and 2020/21 income years, with most of targeted at helping small to medium-sized businesses. Here to help But…  Read more

Banks and Lending Institutions Specific COVID-19 concessions have been announced by the following banks: i) CBA Deferring repayments on a variety of business loan and overdraft products, for 6-months. Reducing commercial interest rates by 0.25 Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days. Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts). Waiving establishment fees and excess interest on…  Read more

Payroll tax concessions The payroll tax threshold will be increased to $1 million on 1 July 2020. This brings the increase forward from the planned date of 1 January 2021 and will result in approximately an additional 300 businesses no longer being liable for payroll tax. The threshold increase will be reflected in Revenue Online when it comes into effect. Employers, or groups of employers, who pay $7.5 million or less in…  Read more

The Australian Government has announced two Economic Stimulus packages to the sun of $189 billion. The package includes both cash and tax incentive measures including; Real, Cash Money for Small Business Owners 1) 100% Cashback on PAYG Withholding, up to $100,000 in total Eligible small and medium-sized employers will be provided a 100% tax-free ‘cash back’ of up to $50,000 (and a minimum of $10,000) on your PAYG Withholding on…  Read more

GOVERNMENT STIMULUS PACKAGES – OUR TAX PLANNING MEETING WITH YOU THIS YEAR WILL BE VITAL! The Australian Government has just released a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. The key tax and stimulus measures include: Business Investment From Thursday 12 March 2020, the instant asset write-off threshold has been increased from…  Read more

We have drafted a memo with some insights to help you during this difficult time with the Coronavirus (or COVID-19) affecting all of us. So take a moment to make yourself a cup of tea, then read through this memo with an open mind. As a business owner, you need to face the possibility of team members being absent from your workplace, product supply issues and demand for your services…  Read more

Today the Commonwealth government announced a $17.6 billion economic stimulus package to support Australian businesses dealing with the significant challenges posed by the spread of the coronavirus. The package has four components: Supporting business investment Providing cash flow assistance to help businesses Targeted support for the most severely affected sectors, regions and communities Household stimulus package The new measures will be introduced in the Parliament when it returns on 23…  Read more

Small business owners can enjoy diversity and job satisfaction by being involved in all aspects of their business. Involvement in all areas of your business allows you to use a variety of skills which challenge you and keep work interesting. Very few operators however, enjoy doing the books. Many business owners do their own bookkeeping under the assumption they will save money. Time spent on the books is less time delivering…  Read more

In October we held our official Albany office opening. The celebration marked Porters’ return to Albany, with our goal to rebuild a strong local presence in our beautiful new space overlooking Princess Royal Harbour. We believe in supporting local businesses and in our preparing for our official opening we know why. The personal service, attention to detail and commitment to get the job done made the event a resounding success.…  Read more

As part of our pledge to leave a legacy. Porters Director Simon Terry completed the MACA Cancer 200 ride last weekend raising $5364 for Cancer research. Simon attained a position on the honour roll whereby individual entrants committed to raising more than $4000 for Harry Perkins institute instead of the minimum required entry of $2500 funds raised. We are so grateful to all who donated and helped Simon reach his…  Read more

It’s been 18 years since  Jodi Bradley joined Porters Chartered Accountants in Albany in 2001. She has well and truly earned her stripes and this year joins us as a Partner of the firm. Jodi will take on a greater leadership role, the biggest of which is to re-open and expand our offices in Albany. The new partnership brings opportunity for business growth, employment of more staff in Albany and expansion of…  Read more

No one wants to contemplate death, which makes writing or updating a will an unpleasant experience. Having an updated will is vital to ensure your wishes are followed after you die. It makes the process of sorting through your finances less stressful for your family and can prevent disagreements when settling your estate. Your will is a way of dictating who will arrange and settle your estate and how you…  Read more

You would have been hearing a little about Labor’s proposed changes to negative gearing and CGT over the last couple of months. So with the election just a few short weeks away, here’s a summary of what the changes might look like. Currently… Negative gearing of an investment property occurs when the annual costs (interest, management fees, repairs and maintenance, depreciation, etc) are greater than the net rental income. Any…  Read more

Do you have employees? Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your…  Read more