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First Australian Recession in three decades set to be confirmed.

JobKeeper 2.0 Extended till March 2021 to support the economy.

Recently announced, the government is extending the Jobkeeper grant till March 2021 to support targeted businesses adversely affected by the COVID.

 

Jobkeeper 28th of September 2020 to 3rd of January 2021

From 28 September 2020, businesses and not-for-profits seeking to claim the Jobkeeper Payment will be required to demonstrate that they have suffered an ongoing significant decline in turnover using actual GST turnover (rather than projected GST turnover).

 

From 28 September 2020, businesses and not-for-profits will be required to reassess their eligibility with reference to their actual GST turnover in the September quarter 2020. They will need to demonstrate that they have met the relevant decline in turnover test in September quarter to be eligible for the Jobkeeper Payment from 28 September 2020 to 3 January 2021.

The Jobkeeper rates for this period are reduced to $1200 per fortnight for full time employees and $750 per fortnight for part time employees.

 

Jobkeeper 4th of January 2021 to 28th March 2021

From 4 January 2021, businesses and not-for-profits will need to further reassess their turnover to be eligible for the Jobkeeper Payment. They will need to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in December quarter 2020 to remain eligible for the Jobkeeper Payment from 4 January 2021 to 28 March 2021.

The Jobkeeper rates for this period have been further reduced to $1000 per fortnight for full time employees and $650 per fortnight for part time employees.

 

Definition of Full time and Part time employees

To determine which employees are eligible for the different rates, the basic rule applied by ATO is:

  • Fulltime- Four weeks of pay periods prior to 1 March 2020 worked on average more than 20 hours / week. Active Business participant in the month of February 2020 worked more than 20 hours / week
  • Partime – Four weeks of pay periods prior to 1 March 2020 worked on average less than 20 hours/week. Active Business participant in the month of February 2020 worked less than 20 hours / week.

 

 

Eligibility tests to be passed:

Eligibility Tests

PeriodActual GST turnover decline (15%/30%/50%)
28 September 2020 to January 2021September 2020 quarter (July, August and September 2020) (Compared to 2019)
4 January 2021 – 28 March 2021• December 2020 quarter (October, November and December 2020) (Compared to 2019)

Amount

The amount of the JOBKEEPER payment from the two tiers are:

PeriodFull Time*Part Time
28 September 2020 to 3 January 2021$1,200$750
4 January 2021 – 28 March 2021$1,000$650
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Small Business Advisor Finalists

Finalists in top finance industry awards

MEDIA RELEASE:

Melbourne entrepreneur Arpana Patel named as finalist for Small Business Advisor of the year 2020

Melbourne business woman and overnight entrepreneur Arpana Patel of Avenue Accounting Services, has been named a finalist in the Small Business Advisor category of the AMP Women in Finance Awards, announced on August 3rd. The Awards are dedicated to recognising the outstanding women shaping and influencing the financial services industry.

“This really is a huge honour for me, as I never expected to be recognised for an award like this,” explains Ms Patel. “My choice to become an entrepreneur and start my own Accounting and Taxation business was really made for me and it happened overnight.  My marriage had ended and with two young children to care for, I had to act fast. I had to shift my mindset and take a leap of faith and start my own business.”

Arpana wants to help lead change and be an example to others who may be facing similar challenges in their lives, she faced some individual challenges including having to care for her child with special needs whilst establishing and managing her business.

“There are a lot of barriers and stereotypes that women experience. I want to help change that. I want to show others who may be facing adversity that you can turn things around, you can create new possibilities and achieve great things if you set your mind to it.”

Although Australia has made significant strides towards equality, women still continue to experience inequality in many aspects of their lives.  Women and mothers who experienced hardship due to marriage breakdown, job loss or health issues are often at a higher risk of financial insecurity and more likely to experience financial distress.  When asked about the importance of financial security, Ms Patel explains that her services help to ensure small business owners can improve their financial literacy and achieve their financial goals.

“Great client service, transparent pricing and tailoring a solution to the unique needs of our small business clients are some of the reasons our business has grown since it was established in 2014,” says Ms Patel. In recent times with the rise of the global pandemic Avenue Accounting Services have continued prosper despite a difficult business environment.

AMP Women in Finance Award Winners will be announced via a live broadcast on Thursday 10th of September 2020 at 6pm.

For more about the AMP Women in Finance Awards, visit: https://www.womeninfinanceawards.com.au/

 

Media Enquiries:  Please contact Small Chilli Marketing

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We have been awarded the ATO lodgement certificate for 3 years in a row.

As a registered tax agent, AveSol Accounting plays an important role in helping taxpayers
meet their tax and superannuation lodgment obligations. To help us manage this workload,
ATO provides a lodgement program that accommodates progressive document lodgment over
a 12-month period.

The lodgment program framework promotes a level playing field among registered agents by
benchmarking lodgment performance.

The framework recognises agents who:

  • have good practice management
  • lodge electronically
  • are consistently on time.

AveSol Accounting Services is proud to be meeting the 85% on-time lodgment performance benchmark for the last 3 years in a row. We are proud that our firm is maintaining the integrity of our clients and actively engaging them with the tax system through education, advice, and assistance.

AveSol accounting services is determined in future to maintain the same level of achievement and assist small businesses in meeting their tax and super obligations.

View Our certificate here

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