Updated Lockdown Support for Small Businesses & Individuals

Updated Lockdown Support for Small Businesses & Individuals

On 13 July 2021, the NSW and Federal Governments jointly announced a series of support measures for those impacted by extended lockdowns.

We have updated our client guides with the latest information and outlined where you can access more information on:

  • Extension and increase of the COVID-19 disaster payments for individuals
  • Expansion of the 2021 COVID-19 business grants program – up to $15,000
  • Up to $10,000 cashflow support per week for business
  • $1,500 micro business grants
  • Payroll tax deferrals and a 25% payroll tax waiver
  • Rent moratorium, protections, and grants
  • Support for the arts and accommodation business sectors

There is a lack of clear guidance at present around:

  • What is “appropriate leave” for the disaster payments for individuals
  • How the payment rate rules work for the COVID disaster payment when losing less than 20 hours of work
  • The decline in turnover tests and how staffing levels will be measured.

Read the full update below:

We will bring you further details as soon as they are released.

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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Business Clients – Key Dates to Remember

Business Clients – Key Dates to Remember

The new financial year is here. We have prepared a checklist of action items you might want to glance through. Find out all about:

  • STP Finalisation/ PAYG payment summaries – Due 14 July
  • Processing STP Finalisation
  • STP Now Required for Closely Held Employees
  • Payment of June Quarter Superannuation – Due 28 July
  • Super Guarantee – increase to 10%

Read the full update here – PA Client Alert – Key Dates for Business Clients

How can we help? If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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Lockdown Support for Small Businesses & Individuals

Lockdown Support for Small Businesses & Individuals

On 29 June, the NSW Government announced the business support grant to help small businesses during lockdown. While the finer details of the new business support measures are yet to be released, broadly, the new measures include providing monetary grants to small business, with the amount received being based on the decline in turnover experienced during the “restriction period”. Read the full update here – PA Client Alert July 2021 – Lockdown Support For Business

Find out more about the disaster payments available to individuals during lockdown.  With Sydney in lockdown, some of the media have suggested that a $500 payment is available to “everyone”. But as we know, the devil is always in the detail. Read the full update here – PA Client Alert July 2021 – Lockdown Support For Individuals

Lastly, we bring you Dr. Leanne Josie Wall’s comforting article, “How do you avoid those energy-draining thoughts? By engaging in intellectual humility and curiosity”. Prime Wellness July 2021 – Dr. Leanne Wall

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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Changes to minimum pension drawdown rates

Changes to minimum pension drawdown rates

On the 29th of May, the federal government announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022. Click the link below to read more – PA June 2021 – Changes to minimum pension drawdown rates

How can we help?

If you have any questions or would like further assistance regarding this update, talk to us today on 02 9415 1511 or send an email to your advisor at PrimeAdvisory.

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Superannuation Guarantee (SG) Rate Increases

Superannuation Guarantee (SG) Rate Increases

The Superannuation Guarantee (SG) rate, as currently legislated, will increase from 9.5% to 10%, with effect from 1 July 2021.

Further increases of 0.5% per year are to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards.

From 1 July 2021, employers will need to update their payroll settings to reflect the 0.5% increase in the SG rate. More importantly, both employers and employees will need to consider the potential increased SG costs of these changes going forward.

Our client guide (see link below) covers the financial impact on employers and employees and appropriate action required to be taken in response to the changes.

PA Client Alert June 2021 – Superannuation Guarantee (SG) Rate Increases

How can we help?

If you have any questions or would like further assistance regarding this update, talk to us today on 02 9415 1511 or send an email to your advisor at PrimeAdvisory.

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