D’Omkara Knowledge March & April 2021
In a blink of an eye, the first three months of 2021 have gone by, and the 2021 Financial Year is quickly coming to an end. While the economy is bouncing back from the pandemic, businesses continue to find their footing to propel themselves forward into the ‘new normal.
This month’s newsletter discusses the most recent issues of:
- Why some businesses are voluntarily returning JobKeeper
- Covid-19 vaccinations and the workplace
- A review of Fringe Benefit Tax (FBT)
- The productivity gap between top-performing companies and others
- The 1 July 2021 superannuation changes
- Professional services firm profits under fire
- JobMaker fails to boost employment; and
- Tax treatment of JobKeeper payments handed back to ATO
Contact our office at (03) 9579 4450 or email us at email@example.com for any questions you may have!
Fund Accountants for The Australian Fuel Fund (AFF)
An opportunity has presented itself, allowing a partnership to be formed with D’Omkara Accountants, as Australian Fuel Fund’s fund administrator. With the new appointment, we will oversee all the accounting needs for Australian Fuel Fund.
To find out more, please refer to the pitch deck available here.
Why are some businesses returning JobKeeper?
D’OmkaraKnowledge –March20211Why are some businesses returning JobKeeper?Super Retail Group -owner of the Supercheap Auto, Rebel, BCF and Macpac brands -handed back $1.7 million in JobKeeper payments in January after releasing a trading update showing sales growth of 23% to December 2020. Toyota announced that it will return $18 million in JobKeeper payments after a record fourth quarter. And, Domino’s Pizza has also handed back $792,000 of JobKeeper payments.
COVID-19 Vaccinations and the Workplace
The first COVID-19 vaccination in Australia rolled out on 21 February 2021 preceded by a wave of protests. With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement.
FBT2021: Tax & Employee Benefits
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed
The 1 July 2021 superannuation changes
Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account
Professional servicesfirmprofits under fire
The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured –specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.
JobMaker fails to boost employment
D’OmkaraKnowledge –April20216JobMaker fails to boost employmentThe Government’s JobMakerscheme has created 609 new jobs since registrations opened on 1 February 2021, despite around 15,000 businesses registering their interest in the scheme.