Hawkesbury Bookkeeping

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Minimum Wage Increase

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The Fair Work Commission has announced a 1.75% increase to the National Minimum Wage following its 2020 Annual Wage Review.

The increase applies to awards in 3 stages, which start from the first full pay period on or after:

  • 1 July 2020 
  • 1 November 2020
  • 1 February 2021

For anyone not covered by an award or an enterprise agreement, the new national minimum wage will be $753.80 per week or $19.84 per hour. This applies from the first full pay period on or after 1 July 2020.

For further information, please visit the Fair Work website.

Are you eligible for the NSW Small Business COVID-19 Support Grant

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Applications close 11.59pm Tuesday 30 June 2020

The NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19.

If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for a small business support grant of up to $10,000.

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

Motor Vehicles and Instant Asset Write-Off

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Thinking of purchasing a motor vehicle and taking advantage of the instant asset write-off?

Click here to view information provided by the Australian Taxation Office in regards to the purchase of motor vehicles.

Click here to view general information provided by the Australian Taxation Office around the instant asset write-off program.

Purchases need to be made prior to 30 June 2020.

Claim the Small Business Exemption and save Stamp Duty on relevant insurance policies

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Does you business turnover less than $2 million dollars? If so, your business could be exempt from paying stamp duty on the following policies:

  • commercial vehicle insurance
  • occupational indemnity insurance
  • product and public liability insurance

If you’re eligible, you will need to speak to your insurer and complete a declaration.

To find out more, visit https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/small-business-exemption.

Have you lodged your March BAS yet?

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Eligible employers have already received a cash flow boost on their March activity statement account. This is generally $10,000.

If you haven’t lodged your March BAS yet, don’t worry, you’ve still got time. If you’re eligible, the cash flow boost will automatically be credited when the March activity statement is lodged.

The cash flow boost will be credited against anything you owe on that BAS. For example, if you have PAYG withholding and GST payable, the boost will be credited against those amounts and excess credit will be refunded to you.

To find out if you’re eligible, Book a Chat with us or call on 0416 09 33 94. Now is a great time to get your books up-to-date.