Cyber security attacks are a very real threat to your business. Not only can cyber breaches cost your business a significant amount of money, if sensitive customer data is stolen - this can ruin your brand’s reputation and cause devastating long-term effects to your business.

However, there are measures you can put in place to protect your business – and Cyber Health is here to help.

An employee can 'sacrifice' part of their salary or wages into super contributions under an agreement with you. You then pay the sacrificed amount to your employee's super fund on their behalf.

There may be benefits to both of you in that:

• for your employee

  • salary sacrificing is a tax effective way of increasing their super, provided they stay within their contribution caps

• for you

  • salary sacrificed super contributions aren't subject to fringe benefits tax the contributions are tax deductible.

The economic, financial, physical, mental and emotional issues that have arisen due to the COVID-19 pandemic—which immediately followed the devastating bushfires and drought—have undoubtedly been felt by many of us. Importantly, during this difficult time, the Government has provided, and continues to provide, much-needed support to many Australian individuals, households and businesses. The Government’s recently delivered 2020-21 Federal Budget is no exception and aims to extend upon this support.

On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 2020–21 Budget. These tax cuts bring forward legislated personal income tax cuts from 1 July 2022 to 1 July 2020.

Find out about the tax consequences of government stimulus measures to assist Australians impacted by COVID-19.

The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.

You must lodge and pay your payroll tax returns on time to avoid unpaid tax interest (UTI) and penalties. You can lodge your returns online through OSR Online.

Periodic returns and payments are due 7 days after the end of the return period (i.e. monthly or half-yearly). If a due date is on a weekend or a public holiday, the due date is the next business day.

Annual returns and payments are due by 21 July each year.

Final returns and payments are due within 21 days of a change of status.

A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).

To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below.

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.

The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.

As the issues associated with COVID-19 develop, our number one priority is the health and safety of our clients and team. We would like to reassure our clients, as well as the wider community, that Brown and Bird are following guidance from the department of health regarding hygiene. Even though we follow these procedures at normal times, extra precautions are now in place.

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.

The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy.

The partners and staff of Brown & Bird would like to thank you for your business during the past year and wish you a Merry Christmas and a prosperous New Year.

We wish to advise that our office will close at 2:00pm on Friday 20th December 2019 and will re-open at 8:00am on Monday 6th January 2020.

Fuel tax credit rates increased on 5 August, so don't forget to use the new rates when you calculate your claim on your next business activity statement (BAS).

It's tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim "other" work-related expense deductions at label D5 on individual tax returns.

Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use. This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.

Have you previously claimed work-related clothing expenses and laundry expenses in your tax return? You should beware this tax time because the ATO is cracking down on clothing and laundry expenses. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totalling nearly $1.8bn. In addition, around a quarter of all clothing and laundry claims were exactly $150, which is the threshold that requires taxpayers to keep detailed records.

Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply. With the rise of the gig economy, employment conditions such as minimum wages and conditions, entitlement to annual, sick and long service leave, superannuation, and protection from unfair dismissal and unlawful termination could all be threatened.

Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.

Why socialise?

With only a third of Australian businesses currently adopting a social media presence, many are missing out on business opportunities – including unparalleled market reach – and financial incentives. We may not be marketing specialists, but when it comes to the advantages of social media for business, the numbers speak for themselves – and we do know numbers!

Let's take a look at how you can make the most of social media marketing tools to engage with your customers, increase your profit margins and reap tax benefits.