Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Bookkeeping

Small Business Late Lodgement Penalty Amnesty Program

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Do you have outstanding Business Activity Statements that need to be lodged?

In the recently handed down Federal Budget, the government announced a small business lodgment penalty amnesty program.

The amnesty gives small businesses an opportunity to get their Business Activity Statement lodgements up-to-date. This applies to BAS’ that were due between 1 December 2019 and 28 February 2022. The amnesty means that penalties for failure to lodge on time will be waived if outstanding activity statements are lodged no later than 31 December 2023. General interest charge will continue to apply.

If you have outstanding Business Activity Statements and wish to take advantage of the amnesty, get in touch with us to see how we can help.

JobSaver Payment

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The JobSaver Payment is made fortnightly to help maintain employee headcount (as at 13 July) and provide cash flow support to businesses for costs incurred due to COVID-19 restrictions.

Click here to see if you are eligible and make your application.

COVID-19 business grant

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The COVID-19 business grant is a one-off payment to help businesses, sole traders or not-for-profit organisations impacted by Greater Sydney COVID-19 restrictions.

Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the first 3 weeks of COVID-19 restrictions (26 June to 17 July 2021).

Click here to see if you are eligible and make your application.

Changes to Super Guarantee

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From today, the super guarantee (SG) rate will rise from 9.5% to 10%.

If your small business has employees, you will need to update your payroll and accounting systems to incorporate the increase.

The super rate is scheduled to progressively increase to 12% by July 2025.