Author: vishvega

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.

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.

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.

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.

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.