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FMA Partners
Further COVID-19 Updates

This newsletter includes updates on the following:

An update from FMA Partners
$10,000 NSW Small Business Government Grant 
ATO Lodgement Extensions
ATO JobKeeper Updates 
An Update from FMA Partners
How FMA Partners Has Assisted Clients 
We would like to thank our clients for their patience and understanding as we continue with great energy and commitment to assist all our clients affected by the COVID-19 pandemic through the application of the various stimulus measures and ensuing deadlines. 

Since the original announcement of the JobKeeper package on 30 March 2020, we have ridden the wave of continuous announcements, speculation, deadlines and extensions as the Government fast tracked one of the most important legislative instruments we have ever seen. 

To put it into numbers, our team has directly assisted our affected business clients secure more than $6.8m of support under the JobKeeper scheme within a couple of weeks with a number of businesses qualifying but choosing not to apply where circumstances allowed.

Our focus now turns to the other stimulus measures which are due to close soon. Please read on below for important details on the NSW Small Business Grant that is due to close on 1 June 2020.
Reminder to Clients
Our focus continues to be the health and well-being of our clients, team and the community. 

Our team remain fully operational with a mix of staff working in the office and from home. The office remains closed to clients for the health and safety of everyone. To ensure we can continue to provide the highest standard of service we remind you of the following options available as an alternate to visiting the office:
  • Meetings are being held via face to face video conferencing or phone calls. You can access our MS Teams Meeting Guide here
  • FMA Partners is a paperless office and we prefer to send and receive documents electronically. If we have requested information from you or you would like to submit documents to our office that are too big for email, please contact our office for a secure OneDrive link to upload documents to.
  • If you do require to drop off or collect hard copy documents, you can do so by placing them in our mailbox or contact our office to arrange a contact-less drop off/collection.
We will continue to provide updates as changes are made. 
$10,000 NSW Small Business Government Grant
There has been so much talk about the JobKeeper and Cash Flow Boost as part of the COVID-19 stimulus measures we wanted to remind our clients of the NSW  Government $10,000 Small Business Support Grant. This was introduced to support small business employers heavily impacted by the pandemic. Broadly it applies to NSW employers that are not registered for payroll tax and have experienced a reduction in turnover by 75% in a two week period.
 
You can click here to apply online and check if your business meets the eligibility criteria. Details were also referenced in our COVID 19 Stimulus Guide which can be accessed here

The support is to be used towards unavoidable business expenses not otherwise currently supported by the Government.

To apply you’ll need to move quickly, as applications close on 1 June 2020.

Please contact our office for any questions on your business’ eligibility or if you require an accountants letter for the application.
ATO Lodgement Extensions
Given the amount of urgent stimulus measures and additional compliance requirements due to COVID-19, the ATO has announced the following automatic lodgment and payment deferrals.
  • Lodgment and payment deferrals will be automatically applied to the following obligations that are due on 15 May 2020:
    • Company 2018-19 income tax returns are now due by 5 June 2020
    • SMSF 2018-19 annual returns are now due by 30 June 2020.
  • 2018-19 income tax returns for individuals, partnerships and trusts can be lodged by the 5 June concessional due date, provided that clients pay any liability by this date.
  • The lodgment and payment due date for 2019-20 FBT annual returns has been automatically deferred to 25 June 2020.
We will contact clients individually if we believe a further special extension is required to be applied for.
ATO JobKeeper Updates
ATO Ruling on Calculating GST Turnover 

LCR 2020/1 was released last week and provides detailed guidance on calculating GST turnover for JobKeeper purposes and its position on cash vs accruals.

ATO Compliance Guidelines on JobKeeper

The ATO released PCG 2020/4 which explains how the ATO will apply compliance resources to assess if there has been a ‘contrived scheme’ to access the JobKeeper Programme or an increased amount of the JobKeeper payments.

Seeking ATO Discretion - Eligible Business Participants

In order to access the JobKeeper rules as an Eligible Business Participant (e.g., sole trader, director of a company etc) there are a number of additional conditions that need to be met. The ATO has now released the circumstances when discretion potentially may be exercised and the application form required.

See Application form for Commissioner's discretion.

Upcoming Deadlines

Last Friday 8 May 2020 was the deadline for employers to have met the ‘wage condition’ for the JobKeeper to be eligible from 30 March 2020. Looking forward, all employers should familiarise themselves of the JobKeeper fortnights to ensure employees are paid on time to be eligible. As advised previously, those paying employees monthly will need to ensure they pay at least the fortnightly equivalent of $3,250 (gross) per month.

If you do not employ staff (e.g. you are a sole trader or self employed company) or you have ensured you have met the ‘wage condition’, there is still time to enrol. To be eligible from the start date of 30 March 2020, you must enrol by the extended date of 31 May 2020. The scheme also remains open for those who have not yet met the turnover test but may do in a future period.

For those that have enrolled, a reminder that step 2 of the enrolment process is to lodge the monthly declaration for April. The extended due date is 31 May 2020, but the ATO will not make any JobKeeper payments until this has been lodged.

Please click here to access a list of the key dates and fortnightly periods

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Caringbah, New South Wales 2229

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FMA Partners Pty Ltd · Suite 5 379 Port Hacking Road · Caringbah, NSW 2229 · Australia

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