With the coronavirus pandemic starting to affect businesses in various ways and with an unprecedented demand for urgent tax relief measures across different sectors, there’s never been more of a time to need professional tax advice.
With government implementing programs like the Job Keeper Payment Plan, and many people working remotely from home, now more than ever, it’s essential to have a qualified accountant for all the new changes on tax.
Here’s a list of some new regulations which could be impacting your business.
2. GST reporting from Quarterly to Monthly
Any small business, which is a business with an annual turnover of less than $20 million, and operating on a quarterly reporting cycle, can elect for a monthly reporting cycle for GST. This will allow businesses to access GST more efficiently, which will allow better cash flow.
4. Remission of interest and penalties
Penalties or interest that have been incurred in respect of tax liabilities from 23 January 2020 onwards may be remitted.
6. Payroll tax
There are different rules and regulations in various states of Australia, so it’s good to check with your tax advisor on what works for your business jurisdiction. New South Wales, Queensland, Tasmania, and Western Australia have all introduced differing measures to defer, waive, or reduce the liability of businesses to payroll tax.
While this pandemic will likely have lasting changes in the world, it will be an opportunity for your business. For the best advice, contact our team on the Sunshine Coast or in Redcliffe today and book a consultation to help your company become stronger and more focused.