Harris Black, Author at Harris Black

Lower Corporate Tax Rates And Franking Rates From 1 July 2020

26 August, 2020 by Harris Black

The corporate tax rate for companies that are base rate entities will be reduced from the current rate of 27.5% to:

-26% from 1 July 2020
-25% from 1 July 2021

What is a base rate entity?

A company is a base rate entity (and subject to the lower tax rate) if it satisfies the following conditions:

-no more than 80 per cent of the company’s assessable income for the income year is passive income (BREPI); and
-the company’s aggregated turnover for the income year (worked out at the end of the year) is less than $50 million

Maximum franking rates

A company’s maximum franking rate is equal to the income tax rate that would apply to the company in the income year in which the distribution is made (the current year), assuming that the company’s aggregated turnover, BREPI and assessable income for the current year are equal to those of the immediate prior income year.

Summary of Tax Rates / Maximum Franking Rates

Government Stimulus Measure Fact Sheets

11 August, 202012 July, 2021 by Harris Black

In response to the COVID-19 pandemic, both Federal and State Governments have released stimulus packages to support individuals and businesses.

This page collates these announcements in a single location for your convenience.

Return to this page as Harris Black is regularly updating this information as it is released by the different levels of Government.

Survive.Pivot.Adapt

29 June, 2020 by Harris Black

by Renee Bettenay

On 2nd June 2020, Harris Black Director, Renee Bettenay, presented a webinar for MJS Floorcoverings Partners in Business Webinar Series.

Here’s a video from Renee’s presentation discussing how to survive, pivot and adapt in this current business environment.

Returning To The Workplace – COVID-19 Update

12 May, 2020 by Harris Black

Many workplaces have had employees working from home as requested by the government during the Covid-19 pandemic. However with the relaxing of social distancing rules in many states and the return of children to schools, it is now time to start preparing for your employees to return to the workplace. Here are some tips to help you on your way:

Click here to view our Surviving COVID-19 Resources.

JobKeeper – Next Steps

7 May, 2020 by Harris Black

Many businesses have now established if they are eligible to receive JobKeeper Payments and if eligible have enrolled, however this is just the first step.

Click here to view a pdf summary of all the steps involved to get registered and keep receiving payments.

A summary of the key dates are:

-8 May 2020 – Date you need to have paid the minimum April amount to all eligible employees (this has been extended from 30 April);
-31 May 2020 – Enrol for JobKeeper with the ATO to qualify for the initial fortnights of JobKeeper but you can enrol for later months at a later date (this has been extended from 30 April); and
-31 May 2020 – report April 2020 actual GST turnover, projected May GST turnover and confirm employees eligible for April (going forward this step needs to be reported within 7 days of end of month).

The ongoing reporting requirements need to be completed each month for businesses to remain eligible to receive JobKeeper Payments. Monthly reporting needs to be completed through the business portal, MyGov for Sole Traders or Harris Black can be engaged to complete the reporting on your behalf through the ATO Tax Agent Portal.

For those who have not setup the business portal access with a myGovID, click here to view our procedure. If you have any concerns or queries regarding Relationship Authorisation Manager (RAM) or myGovID setup please call 1300 287 539 or click here to visit the website .

We’re here to help…

If you would like to discuss JobKeeper payments, we are here to help so please do not hesitate to contact your Harris Black team member.

Click here to view our surviving COVID-19 resources.

JobKeeper Update

17 April, 2020 by Harris Black

The ATO has released a step-by-step guide for business owners looking to enrol and apply for the JobKeeper payment.

Businesses can enrol for the JobKeeper from 20 April 2020 using the Business Portal.

See the following steps in order to get ready:

How do employers make a claim?

1. Click here to apply and register intention.

2. Click here to check if you and your employees meet the eligibility requirements.

3. From 20 April 2020, you can enrol with the ATO for the JobKeeper payment using the Business Portal and authenticate with myGovID. You must do this by the end of April to claim JobKeeper payments for April.

4. Obtain a notification from each employee, confirming the employee’s consent to being included in the employer’s JobKeeper application. Click here to download form.

5. Notify the ATO that it wants to participate by 26 April 2020 if it wants to participate from the commencement of the scheme on 30 March 2020. Otherwise businesses must notify its participation before the end of the first JobKeeper fortnight for which it wants to participate.

6. Provide details of eligible employees for each fortnight to the ATO in the approved form. The ATO will use Single Touch Payroll data.

7. Notify eligible employees within 7 days of each fortnightly claim for the subsidy.

8. Report monthly to the ATO by the 7th of each month on its GST turnover for the previous month, and its projected GST turnover for the coming month

Click here to view our latest fact sheet on JobKeeper payments.

For all non business and business incentives please click here to see our summary of fact sheets released to date.

Please contact your Harris Black team member if you require any assistance.

Harris Black

Author: Harris Black