Category: Newsletter

[vc_row][vc_column][vc_single_image image=”178″ img_size=”full” alignment=”center”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_column_text]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 team@domkara.com.au for any questions you may have![/vc_column_text][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”181″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”Fund Accountants for The Australian Fuel Fund (AFF)” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_column_text]To find out more, please refer to the pitch deck available here.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”Why are some businesses returning JobKeeper?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”182″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”183″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”COVID-19 Vaccinations and the Workplace” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”FBT2021: Tax & Employee Benefits” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”187″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”188″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”The 1 July 2021 superannuation changes” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”Professional servicesfirmprofits under fire” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”189″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”190″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”JobMaker fails to boost employment” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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. ” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”READ MORE” style=”flat” color=”primary” align=”center” i_icon_fontawesome=”fa fa-book” add_icon=”true” link=”url:https%3A%2F%2Fcdn.domkara.com.au%2Fwebapp%2Fdocuments%2Fdom_mar_apr_newsletter_merged.pdf%3Futm_campaign%3DDomkara_News_letter_MAR_APR_PART1%26utm_medium%3Demail%26utm_source%3Dautopilot|title:D%E2%80%99Omkara%20Knowledge%20March%2C%20April%202021|target:%20_blank|”][/vc_column][/vc_row]

[vc_row][vc_column][vc_single_image image=”124″ img_size=”full” alignment=”center”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_column_text]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![/vc_column_text][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”118″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Selling your business” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Accessing JobKeeper & FAQs” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”128″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”127″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Debt Restructuring” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small businesses.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”READ MORE” style=”flat” color=”primary” align=”center” i_icon_fontawesome=”fa fa-book” add_icon=”true” link=”url:https%3A%2F%2Fcdn.domkara.com.au%2Fwebapp%2F2021%2F02%2Fdomfeb21.pdf|title:D%E2%80%99Omkara%20Knowledge%20February%202021|target:%20_blank|”][/vc_column][/vc_row]

[vc_row][vc_column][vc_single_image image=”65″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Dear Valued Client & Partners,” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_column_text]

• 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

[/vc_column_text][vc_custom_heading text=”Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!”” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”65″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Extended December JobKeeper deadline” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_custom_heading text=”This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Extended December JobKeeper deadline” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_custom_heading text=”This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”68″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”69″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Refunds For Tax Losses” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Tax deductions for investing in your business” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”70″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”72″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – JobKeeper clawbacks” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”D’Omkara Knowledge – Updated Tax Tables – 2020-21 personal income tax cuts
Superannuation Early Release” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column][vc_column width=”1/2″][vc_single_image image=”73″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”READ MORE” style=”flat” color=”primary” align=”center” i_icon_fontawesome=”fa fa-download” add_icon=”true” link=”url:https%3A%2F%2Fcdn.domkara.com.au%2Fwebapp%2Fdocuments%2Fdomkara-knowledge-november.pdf%3Futm_source%3Dkc%26utm_medium%3Dkc_blog%26utm_campaign%3Dkc_newletterdec2020|||”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row]

[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_single_image image=”47″ img_size=”full” alignment=”center”][vc_custom_heading text=”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:” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][vc_column_text]

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

[/vc_column_text][vc_custom_heading text=”Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!” font_container=”tag:p|text_align:justify” use_theme_fonts=”yes”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”50″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”Extended December JobKeeper deadline” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”Last chance to access Covid-19 early access to super” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”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.” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”*Eligibility criteria can be found in the ‘Read more’ section below” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”55″ img_size=”full” alignment=”center”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”59″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”2021 Risks & Opportunities Opportunities:” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_custom_heading text=”Employers & Job Building” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][vc_column_text]

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

[/vc_column_text][vc_custom_heading text=”Risks” font_container=”tag:p|text_align:left” use_theme_fonts=”yes”][vc_column_text]

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

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”READ MORE” style=”flat” color=”primary” align=”center” i_icon_fontawesome=”fa fa-download” add_icon=”true” link=”url:https%3A%2F%2Fcdn.domkara.com.au%2Fwebapp%2Fdocuments%2Fdomkaraknowledgedecember2020.pdf%3Futm_source%3Dkc%26utm_medium%3Dkc_blog%26utm_campaign%3Dkc_newletterdec2020|||”][/vc_column][/vc_row][vc_row][vc_column][vc_separator color=”black”][/vc_column][/vc_row]