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Blog Post 1

by Vanessa Sweeney, Practice Manager

 

There are a range of wage subsidies available to business to assist with the cost of hiring new employees.  With many businesses looking to hire new staff but still feeling the effects of the COVID-19 pandemic, any reduction in employment expenses can be helpful.  Some subsidies may only apply to certain employers and employees and all have strict criteria that must be met to ensure existing employees are not displaced or disadvantaged.  We can assist you to determine eligibility for these subsidies and in some cases apply on your behalf, please contact us if you have any queries or would like information specific to your business or circumstances. 

 

See below for information on some of the wage subsidies available:

Job Maker hiring credithttps://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-economic-response-to-coronavirus/JobMaker-Hiring-Credit/

An incentive of up to $200 per week per employee for businesses to employ young job seekers aged 16-35 years old.  The Job Maker hiring credit applies to new employees hired between 7/10/20 and 6/10/21 who were receiving the JobSeeker payment, Parenting Payment or Youth Allowance in the period immediately prior to starting employment.  The employee must work at least 20 hours per week and must increase the employer’s headcount and payroll amount.  The employer must register with the ATO via Online Services, the Business Portal or via their BAS or tax agent before they can claim.  An employer cannot claim the Job Maker hiring credit and the Job Keeper payment for the same period.

 

Apprentices and Trainees - https://www.dese.gov.au/supporting-apprentices-and-trainees a subsidy of 50% of the apprentice or trainee’s wage from 1/7/20 to 31/3/21 for small and medium businesses who had an apprentice or trainee in place as at 1 July 2020.  Application is via an Australian Apprenticeship Support Network provider. https://www.australianapprenticeships.gov.au/search-aasn

 

Jobactive wage subsidies

There are a range of wage subsidies available via employment services providers for new employees registered with jobactive, Transition to Work, ParentsNext, Disability Employment Services or The Community Development Programme.  The job offered must be ongoing, average at least 20 hours per week and cannot displace an existing employee or be for an employer’s immediate family member.  If you need to find an employment services provider you can do so here https://jobsearch.gov.au/service-providers/

Restart –  A subsidy of up to $10,000 to hire workers aged 50 years and older.    

Indigenous Australians – up to $10,000 on commencement with an employment services provider

Youth Bonus – up to $10,000 for employees 15-24 years of age

Youth – up to $6,500 for employees 25-29 years of age

Parents – up to $6,500 for employees who are a principal carer parent

Long Term Unemployed – up to $6,500 for employees registered with an employment services provider for 12 months or more

 

This information is current at the time of publication 25/03/2021 and further updates may have occurred since that date.  Please contact us for the latest information.

Australia RBI Australia Walking Challenge graphic

By Leah Groves, Accountant & Superannuation Specialist

 

To celebrate Russell Bedford’s Taking You Further Day this year, we wanted to do something that would bring together staff from across our Australian member firms and get staff at all levels involved in what it means to be part of the RBI network.

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We are very pleased to announce that the The Australian Financial Review has named the combined Australian Russell Bedford International firms as number 25 in the top 100 accounting firms across the country. Despite the challenging year on multiple fronts, we are very proud of the Russell Bedford firms across Australia who have all quickly adapted and moved forward. The recognition as number 25 in Australia reflects the strength of the firms around Australia and their continued growth and development.

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We have been assisting many of our clients with adoption of the new accounting standards including AASB 15 Revenue from Contracts, AASB 1058 Income for Not-for-Profit Entities, AASB 16 Leases and AASB 9 Financial Instruments. With the release of these new standards, our clients now have to recognise their revenue under entire new frameworks, they have brought in Right of Use Assets and Liabilities on the face of the balance sheets, subsequently have had to update their calculations to reflect the impact of COVID-19 and have had to change the way they account for financial instruments in line with AASB 9. The accounting environment is ever-changing and recently even more so.

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by Ben Spiers

 

The current JobKeeper scheme runs until 27th September 2020, however the Government has extended the JobKeeper payments by a further 6 months, to March 2021, providing additional support for businesses that continue to be impacted by COVID-19.

Whilst many businesses have been able to redesign the delivery of their product or service to their clients, many are still struggling. So, what does this mean for you as an employee or an employer?

Tax Return Checklist

 

As the new financial year is about to begin, our minds here at Lee Green turn to tax! Though it may be some time before you have all of the information needed for the preparation of your individual tax return, we have provided below our handy Individual Tax Return Checklist to help you along the way.  You can also download the checklist here.

Once you have compiled all of the information required, please get in touch with us to make an appointment.

COVID 19 Update Header

The federal government financial stimulus packages in response to COVID-19 have received a lot of publicity (you can see our summary of the 22nd March update here) but state and territory governments have also released their own plans for economic assistance.  Clients may be entitled to further economic support so please see below for a summary of the key points of these packages and check the links attached for further information.  In addition, your local council may be offering their own assistance package so be sure to check their websites or contact our office at This email address is being protected from spambots. You need JavaScript enabled to view it. to discuss your individual circumstances.

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by Ben Spiers

 

The current Coronavirus (COVID-19) pandemic is creating an economic situation that is unprecedented. Businesses and individuals across the country will be significantly impacted by this for many months to come.  The government has now released the second stage of its economic response to the Coronavirus, please see the below summary of the updated package.

 

At Lee Green we are committed to working with you to support you through this difficult time.  Our services will continue, and our staff will be available to provide advice and guidance and answer any questions you may have around the economic assistance packages and any other matters.  We are available and contactable by email and social media channels. 

RBI Sydney conference dinner night 1.4.1

by David Charlesworth

 

The 36th Annual Global Conference for Russell Bedford International was held in Sydney over the 23rd to 27th Oct 2019.  The hosts were the Sydney firm of Camphin Boston.  There were some 79 representatives from across the world attending and with them came 35 non delegates supporting their partners attending.  This made for a broad spectrum of personalities to mix amongst.  There were firms there that had been members of RBI for as long as we have been in business.  It’s wonderful to know that we have all that international expertise and support at our fingertips.

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The Lee Green team has services, expertise and experience to help you make the right financial decisions for you or your business. Please contact us:

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190 Fullarton Rd,
Dulwich SA 5065

Postal Address: PO Box 218
Kent Town SA 5071

Lee Green & Co Pty Ltd ACN: 008 215 094 ABN: 76 008 215 094

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