Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Record Keeping

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.

Is your business eligible for the JobKeeper subsidy?

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The Government has introduced the JobKeeper Payment scheme as a temporary subsidy for businesses significantly affected by coronavirus (COVID-19). Eligible employers, sole traders and other entities can apply to receive $1,500 per eligible employee per fortnight.

General eligibility for small business to receive the JobKeeper payment is as follows:

  • You carried on a business in Australia on 1 March 2020
  • You employed at least one eligible employee on 1 March 2020
  • Your eligible employees are currently employed by your business for the fortnights you claim for (including those who are stood down or re-hired)
  • Your business has faced a 30% fall in turnover

Once you have established eligibility, you must enrol for the JobKeeper payment. You must also determine if your employees are eligible to receive the JobKeeper payment.

Sole traders and eligible business participants may also qualify.

Need a hand with everything JobKeeper? Book a Chat with us to see if you are eligible. Don’t delay. Get this done by 31 May 2020.

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.

AUSKey will no longer work from tonight

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Don’t forget that from midnight tonight you won’t be able to use AUSkey to login to the ATO Business Portal.

AUSkey will be replaced with:

  • myGovID – the Australian Government’s digital identity provider and a new way to prove your identity online. Establish your identity once and use your myGovID to access government services online.
  • Relationship Authorisation Manager (RAM) – a new Australian Government authorisation service that allows you to link your myGovID to your ABN and manage who can act on behalf of your business online.

Get started today by downloading the myGovID app and setting up your digital identity. Then using RAM; link your ABN to your myGovID so you can work on behalf of your business online.

For more information on accessing online services with myGovID and RAM, please click here or for some tips and tricks please click here.