On the road again…
The Lincolns Rural Tour is back! We will be on the road throughout February and March. Visiting 13 towns to deliver FREE seminars outlining Tax Planning + Asset write-off, Farm Succession and Human Resource compliance.
We are heading to:
Scaddan • Cascade • Ravensthorpe • Borden • Jerramungup • Nyabing • Lake Grace • Frankland • Gnowangerup • Dumbleyung • Hyden • Wickepin • Green Range
Attendance is free and open to all, with tea and coffee on arrival and a light lunch provided. For all tour information visit our Events Page.
JobMaker Hiring Credit
As part of the 2020-21 Federal budget, the government announced a new incentive for businesses to employ additional young job seekers. This new incentive is called the JobMaker Hiring Credit.
The JobMaker Hiring Credit allows for eligible employers to access a cash backed credit payment for new eligible additional employees who are hired between 7 October 2020 and 6 October 2021 for a period of 12 months.
JobMaker is quite different to JobKeeper in that the credit is paid to the employer to assist with wages costs, and is not passed onto the employee.
What are the incentives?
The JobMaker Hiring Credit provides the following incentives to employers:
$200 per week for new employees aged between 16 and 29; and
$100 per week for new employees aged between 30 and 35.
What is the eligibility criteria?
To be eligible for the JobMaker Hiring Credit, there are various eligibility criteria to be met by both the employer and employee. Some of these include:
The employer’s total headcount and payroll must have increased in comparison to a period in time as specified by the ATO (e.g. With the four JobMaker periods up until 6 October 21, the employer’s total headcount must have increased compared to the employer’s total headcount at 30 September 2020).
The employer cannot be receiving JobKeeper or claiming Australian Government wage subsidies (e.g. Apprentices & Trainees Wage subsidy)
The employer’s Income Tax and GST Returns must be up to date,
The employee must be aged between 16 and 35 years at the time of starting employment
The employee must be working or have been paid for an average of at least 20 hours per week while they were employed in the JobMaker period
The employee must have received JobSeeker Payment, Youth Allowance (except where they were undertaking full-time study or were a new apprentice), or Parenting Payment for at least 28 consecutive days in the 84 days prior to commencing employment.
How do you get on board?
Employers will need to register with the ATO, then make quarterly claims from 1 February 2021. Of course, we will be able to assist you with the registration and processing of the claims.
What next?
The first claim (for the period 7 October 2020 to 6 January 2021), can be made from 1 February 2021 until 30 April 2021. Registration for JobMaker will need to be done first before a claim can be made – both of which can be submitted up until 30 April 2021.
We have setup a dedicated JobMaker team to assist with any queries. If you have any questions, please contact our team at any time to discuss.
Employee Super Payments
Are you paying your employee super on time?
If not, be warned, the Tax Office are looking at non-compliance in this area with the Superannuation Guarantee Charge (SGC).
With all of the real-time reporting of wages and super via STP and in turn the super funds reporting super payments to the Tax Office as they are received, late payments are now identified by the Tax Office very quickly.
The super amnesty ceased on October 6 and there are an increasing number of employers receiving a letter advising of late payments – these may be a week or two or a few months late, it doesn’t matter.
The impact for the employer is that a superannuation guarantee charge statement needs to be completed for each employee, for each quarter that the payment is late. There is an interest charge on these amounts (currently 10%) and also an administration fee of $20 per employee, per quarter, payable and none of this is tax-deductible!
Super payment due dates across the year are:
Sept quarter - 28 October
December quarter - 28 January
March quarter - 28 April
June quarter - 28 July
If you have any questions, please contact our team at any time to discuss.
