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Not For Profits NFP Reporting Requirements

by Alex Fleming, Audit Manager

 

With the end of the financial year, it is the responsibility of the governing body (Board or Committee) of your not-for-profit (NFP), to consider the regulatory reporting obligations that the NFP is required to meet.

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The saying might not be “as busy as an air conditioning service business in Darwin”……but it might as well be.

Luke Young is the Managing Director of Mechanical Building Services NT (MBS), a Darwin headquartered commercial air conditioning service and maintenance business which has seen significant growth in the four years he has been working with Lee Green.

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As the new financial year is about to begin, our minds here at Lee Green turn to tax! Though it may be some time before you have all of the information needed for the preparation of your individual tax return, we have provided below our handy Individual Tax Return Checklist to help you along the way. You can also download the checklist here.

Once you have compiled all of the information required, please get in touch with us to make an appointment.

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By Emma Baird and Saumya Biskudanaruppage, Accountants

 

Tax time is coming! As the end of the financial year approaches, every income earner is reminded of the essential tasks of collecting and submitting all tax related documents to enable the preparation of your tax return.

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by Yvette Goss, Accountant and Superannuation Specialist

 

There were many proposals announced recently in the Federal Budget regarding superannuation but due to the way superannuation law is enacted in Australia, you may not realise that the earliest that they can come into effect is 1 July 2022.  So as the 2020/21 financial year is coming to an end, let’s focus on the changes to superannuation that we do know will apply from 1 July 2021.

Lee Green Content May 21 2

by Mike Sweeney, Director

 

The Australian Federal Budget was handed down on 11th May 2021 and it included a number of new reforms as well as extension of existing tax concessions.  The highlights we have extracted from the budget papers are below.

WEB Client Spotlight

 

Located just under an hour south of Adelaide, the Aldinga township has gone through some exciting changes recently.  Part of that transformation is a new retail development called The Temperance Precinct.

 

Partly new and partly old, the older part is in the development’s namesake, the old Temperance Hotel which was built in 1868. The most well-known tenant in this part is Miss Gladys on Sea.  The new part is two new double-story buildings, one of which houses Maxwell's Organic Grocery and Cafe, while the other houses our great clients, Sage House and Sage Loft.

WEB Blog Post

by Vanessa Sweeney, Practice Manager

 

If you are operating a company, partnership or Trust, you must have a separate bank account for tax purposes.  If you’re a sole trader or setting up your own business, opening new bank accounts for it may seem like one more headache that you don’t need.  But separating your business and personal finances from the start can save you time and money later, here’s 3 reasons why.

Blog Post 1

by Vanessa Sweeney, Practice Manager

 

There are a range of wage subsidies available to business to assist with the cost of hiring new employees.  With many businesses looking to hire new staff but still feeling the effects of the COVID-19 pandemic, any reduction in employment expenses can be helpful.  Some subsidies may only apply to certain employers and employees and all have strict criteria that must be met to ensure existing employees are not displaced or disadvantaged.  We can assist you to determine eligibility for these subsidies and in some cases apply on your behalf, please contact us if you have any queries or would like information specific to your business or circumstances. 

 

See below for information on some of the wage subsidies available:

Job Maker hiring credithttps://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-economic-response-to-coronavirus/JobMaker-Hiring-Credit/

An incentive of up to $200 per week per employee for businesses to employ young job seekers aged 16-35 years old.  The Job Maker hiring credit applies to new employees hired between 7/10/20 and 6/10/21 who were receiving the JobSeeker payment, Parenting Payment or Youth Allowance in the period immediately prior to starting employment.  The employee must work at least 20 hours per week and must increase the employer’s headcount and payroll amount.  The employer must register with the ATO via Online Services, the Business Portal or via their BAS or tax agent before they can claim.  An employer cannot claim the Job Maker hiring credit and the Job Keeper payment for the same period.

 

Apprentices and Trainees - https://www.dese.gov.au/supporting-apprentices-and-trainees a subsidy of 50% of the apprentice or trainee’s wage from 1/7/20 to 31/3/21 for small and medium businesses who had an apprentice or trainee in place as at 1 July 2020.  Application is via an Australian Apprenticeship Support Network provider. https://www.australianapprenticeships.gov.au/search-aasn

 

Jobactive wage subsidies

There are a range of wage subsidies available via employment services providers for new employees registered with jobactive, Transition to Work, ParentsNext, Disability Employment Services or The Community Development Programme.  The job offered must be ongoing, average at least 20 hours per week and cannot displace an existing employee or be for an employer’s immediate family member.  If you need to find an employment services provider you can do so here https://jobsearch.gov.au/service-providers/

Restart –  A subsidy of up to $10,000 to hire workers aged 50 years and older.    

Indigenous Australians – up to $10,000 on commencement with an employment services provider

Youth Bonus – up to $10,000 for employees 15-24 years of age

Youth – up to $6,500 for employees 25-29 years of age

Parents – up to $6,500 for employees who are a principal carer parent

Long Term Unemployed – up to $6,500 for employees registered with an employment services provider for 12 months or more

 

This information is current at the time of publication 25/03/2021 and further updates may have occurred since that date.  Please contact us for the latest information.

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The Lee Green team has services, expertise and experience to help you make the right financial decisions for you or your business. Please contact us:

T: (08) 8333 3666
F: (08) 8333 0666
reception@leegreen.com.au
www.leegreen.com.au

 

190 Fullarton Rd,
Dulwich SA 5065

Postal Address: PO Box 218
Kent Town SA 5071

Lee Green & Co Pty Ltd ACN: 008 215 094 ABN: 76 008 215 094

Liability limited by a scheme approved under Professional Standards Legislation

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