Outsourcing Payroll and Accounts Management: COVID19

How a Pandemic highlighted the necessity for remote workers and the benefits of Outsourcing.

When a pandemic hits or disaster strikes…whether it be environmental or business internal. The need for remote and reliable workers becomes vital to the future of the business.

In a pandemic, like other disasters, is where payroll outsourcing becomes a necessity. Many business locations are closed, but the business still needs to operate remotely.

How do people get paid, how does payroll get processed, how do taxes get filed and paid, how do you respond with data to the ATO on a massive number of JobKeeper claims?!

A payroll service provider such as Bilanz for Business can provide solutions to all those problems. We can process payroll remotely. We can distribute the pay via direct deposit, debit cards, or if needed, mail cheques. We, of course, can file and pay all the employment taxes as you would normally…

On top of that, we are always on hand to answer and respond to the various taxing agencies for our clients.

Find out how outsourcing can work for your business today:

As part of our support, we provide recommendations on what to do to help the business continue to thrive despite the peaks and valleys. Business’s receive multiple updates, which is critical because of how quickly things are changing.

But perhaps even more importantly, it means almost the entire internal team is thinking about big picture stuff. No one is caught up in the numbers. Instead, they have right in front of them and can make decisions about them that will help the company make it through this difficult time. If you need all hands-on deck moving forward, you would be wise to consider outsourcing your accounting operation amidst this crisis. Contact us: business@bilanz.com.au to find out more about our services.

Outsourcing is a smart idea even without a crisis.

It does not solve all your growth problems, but it sure frees up a lot of time and energy that can be better spent on things you enjoy doing and can be paid well for.

The Super Guarantee (SG) Amnesty

The Super Guarantee (SG) Amnesty is a one-off opportunity to correct past unpaid SG amounts.

Employers have a six-month window, until 7 September 2020, to disclose, lodge and pay unpaid SG amounts for their employees. …

Payments made during the amnesty can be claimed as tax deductions, and payment plans can be arranged.

Bookkeeping for business and payroll/superannuation management can be very time-consuming – it may be too much to do for a small team and yet not enough to employ a full-time bookkeeper. Bilanz bookkeeping and payroll management service are cost-effective so that business owners can focus on growing their businesses instead of focusing on the paperwork and legalities behind payroll, super and tax. We can assist you onsite or remotely and from as little as a few hours a quarter.

Get in touch which us today via the ‘Contact Us’ Page and we will be in touch with you as soon as possible.

JobKeeper Explained

JobKeeper Payment for Employers:

The Federal Government has released a new subsidy to assist employers to keep their staff employed.

This will help our Bilanz clients retain their apprentices, trainees and other staff through the next 6 month period, as the economy is hit by the impacts of COVID-19.

For the next six months, each worker in hard-hit businesses will be eligible to be paid a wage of $1,500 a fortnight.

  • If your small-medium business (under $1bn turnover) has suffered a revenue hit of 30 per cent due to COVID-19, your business qualifies.
  • If your larger business (over $1bn turnover) has suffered a revenue hit of 50 per cent due to COVID-19, your business qualifies.
  • These losses are self-assessed.
  • Full time, part time and stood-down workers are eligible.
  • Sole traders, not-for-profits, and casuals who have been employed for 12 months are also eligible.
  • The JobKeeper Payment is considered ‘equivalent’ for the purposes of Supporting Apprentices and Trainees, as it is designed to help businesses cover the costs of their employee’s wages.
  • An employer will not be eligible to claim Supporting Apprentices and Trainees for any period where they elect to claim the JobKeeper Payment for the same Australian Apprentice.

An eligible employer may elect to claim the JobKeeper Payment after they have begun claiming the Supporting Apprentices and Trainees. One payment will stop when the other starts. The two cannot be paid simultaneously

If you must lay off staff, help your employees to apply for Centrelink. $550 per fortnight will be paid to individuals who are currently eligible for certain income support payments, including the:
–       Jobseeker Payment;
–       Youth Allowance; and
–       Parenting Payment (Partnered and Single).
Furthermore, it appears that this new (additional) supplement will be paid to eligible individuals as part of their existing income support payments (e.g., Jobseeker Payment and Youth Allowance).

For more Information:

business.gov.au

Australian Government’s Economic Response to the Coronavirus

FOR MORE INFORMATION on the Australian Government’s Economic Response to the Coronavirus visit treasury.gov.au/coronavirus.

Businesses can visit business.gov.au to find out more about how the Economic Response complements the range of support available to small and medium businesses.

We have tried to take the guess work out of what is available to you and have provided a summary below:

please note that the situation is rapidly changing. We will endeavour to keep you updated as it changes.

 The small business relief includes:

  • $17,500 grants for small businesses with a payroll between $1 million and $4 million.
  • The $1 million payroll tax threshold (announced in October 2019) will be brought forward by six months to 1 July 2020.
  • The WA Government will waive rental payments for small businesses and not-for-profit groups in State Government-owned buildings for six months.
  • JobKeeper As well as the following measures announced on 31 March 2020:
  • One-off $2,500 credit on electricity bills for small businesses that consume less than 50MWh per annum. For more information read the statements on the Synergy and Horizon Power websites.
  • Power and water disconnections will not occur and interest will not be charged on deferred payments until 30 September for small businesses facing financial difficulty due to COVID-19. Please note: This applies to Synergy  customers.
  • Payroll tax will be waived for four months for businesses with annual wages under $7.5 million (NB: this replaces the previous payroll deferral measure which was announced).
  • Affected businesses can apply for interest free payment arrangements and for late payment penalties to be waved for a range of taxes and duties, including payroll tax, transfer duty, landholder duty, vehicle licence duty or land tax.
  • A range of business licence fees have been waived, including liquor licence renewal fees for 2020, which will be waived and refunds given to businesses that have already paid
  • Payroll grant payments (updated 30 March) Grants of $17,500 will automatically be paid by cheque to eligible businesses from July, however you should log in to Revenue Online  to ensure your postal address is up to date. There may be delays for those whose tax status changed in 2018-19 or liability for payroll tax changed in 2018-19 or 2019-20.

Rent relief for WA Government commercial tenants (announced 30 March) The WA Government will waive rental payments for small businesses and not-for-profit groups in State Government-owned buildings for six months to help these lease holders respond to the impacts of COVID-19.

The plan will benefit businesses such as convenience stores in train stations, cafés in government buildings, and restaurants in tourism precincts, such as Elizabeth Quay and Yagan Square. It will also benefit eligible small businesses leasing land from the State, such as caravan park and eco-tourism operators.