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Your Knowledge

 
JobKeeper 2.0, JobSeeker, JobTrainer
and the July 2020 Round Up 

There has been plenty of media attention with Tuesday's announcements on JobKeeper 2.0 and JobSeeker. We have pulled together all the detail for our valued clients inside this month's July newsletter:

  • JobKeeper 2.0 - The new payment rates and eligibility criteria
  • Changes to JobSeeker and other income support
  • Details on the JobTrainer package
  • The ATO on COVID-19 fraud warpath 
  • JobKeeper & termination payments
  • Minimum award wage increases by 1.75% 
  • The new flexible parental leave pay rules

Click the blue button below to access this highly anticipated Federal Government update.

If you know someone that would be interested in our content, please feel free to pass it on.

As always, please get in touch with our office should you wish to discuss any of the content further.

Read More Here

Payroll End of Financial Year Finalisation

A reminder to all businesses that the STP End of Financial Year Finalisation is a process you must do to ensure your employees are marked as 'Tax Ready'.

For those businesses with 19 or fewer employees, you have until 31 July 2020 to make the finalisation declaration.

Businesses with 20 or more employees were due on the 14 July 2020.

You will need to tell your employees:

  • you are no longer required to provide them with a payment summary for the information you’ve reported and finalised through STP
  • they can access their year-to-date and end-of-year income statement online through myGov or through their registered tax agent
  • 'income statement' is the new term for their payment summary
  • to wait until their income statement is 'Tax ready' before lodging their tax return
  • to check their personal details and if necessary update both you and the ATO (incorrect personal details may prevent them from seeing their STP information)
Payment summaries are still required to be issued for those businesses not yet reporting through STP.

If you require assistance with the STP End of Financial Year Finalisation process, please contact our office.

FMA Recruitment

We are strengthening the FMA team to help support our clients at a time when they need us the most.

Do you know an experienced and qualified accountant who would thrive at FMA? How about an enthusiastic, fast learner to help out as a Junior in our administration team?
 
If so, please forward their details to careers@fmapartners.com.au.
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