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D’Omkara Knowledge February 2021

D’Omkara Knowledge February 2021

2021 has definitely been an interesting year for most. Nevertheless, COVID-19 is still at large, greatly affecting businesses, each in their own way different way. This month's newsletter educates our clients on how to sell their business and explores the final phase of JobKeeper and how it could be accessed.

The topics included in this month’s newsletter are:

  • Selling your business
  • Assessing JobKeeper
  • Debt Restructuring
  • Streamlined insolvency

Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!

Sell your Business

D’Omkara Knowledge – Selling your business

Two key components are at play; structuring the transaction and positioning the business to the market. In order to sell, you need to get an objective assessment of how the business compares in its market, its competitive position, and what, if any, impediments to sale exist.

D’Omkara Knowledge – Accessing JobKeeper & FAQs

If employers have experienced a sufficient downturn (a 30% threshold applies to most entities) in their actual GST turnover in the December 2020 quarter compared to the same period in 2019, they will be eligible for JobKeeper.

Accessing JobKeeper & FAQs
Debt Restructuring

D’Omkara Knowledge – Debt Restructuring

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small businesses.

D’Omkara Knowledge November 2020

Dear Valued Client & Partners,

No doubt 2020 has been a challenging year for many! However, in the recent Federal Budget, the government has announced different incentives that would continue helping Australian businesses & individuals get back up on their feet.

  • The topics included in this month’s newsletter are: JobMaker Hiring Credits
  • Tax deductions for investing in your business
  • Refunds for Tax Losses
  • JobKeeper clawbacks
  • Updated Tax Tables – 2020-21 personal income tax cuts Superannuation Early Release

Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!”

D’Omkara Knowledge – Extended December JobKeeper deadline

The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).

This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.

D’Omkara Knowledge – Extended December JobKeeper deadline

The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).

This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.

D’Omkara Knowledge – Refunds For Tax Losses

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

D’Omkara Knowledge – Tax deductions for investing in your business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.

D’Omkara Knowledge – JobKeeper clawbacks

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

D’Omkara Knowledge – Updated Tax Tables – 2020-21 personal income tax cuts
Superannuation Early Release

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.

D’Omkara Knowledge December 2020

What a year it has been! As Christmas draws near, it also signals a fresh start 2021 can bring. In this month of D'Omkara Knowledge, we bring you a summary of the key information you would need to end the year the best you can:

  • Extended December JobKeeper deadlines
  • Last chance to access Covid-19 early access to super
  • 2021 Risks & Opportunities

Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!

Extended December JobKeeper deadline

The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).

This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.

Last chance to access Covid-19 early access to super

31 December 2020 is the last day you can apply to access your superannuation early under the Covid-19 early access measures. The ATO has warned that those wanting to access their superannuation pre-Christmas will need to complete the application by 11 December 2020.

*Eligibility criteria can be found in the ‘Read more’ section below

2021 Risks & Opportunities Opportunities:

Employers & Job Building

  1. Home Builder & the housing industry
  2. Extended rules for writing off assets: Australian subsidiaries of global companies to benefit

Risks

  1. Covid-19 rules & regulations
  2. Australia’s relationship with China
  3. Cashflow crunch