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On 6 October 2020 as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment through a loss carry back regime. Eligible corporate entities that previously paid corporate income taxes in a relevant year and have subsequently made taxable losses can claim a refundable tax offset up to the amount of their previous income tax liabilities.   The measure interacts with the government announcement on Jobmaker Plan – temporary full expensing to support investment measure. This will allow new investment to generate significant tax losses which can then be carried back to generate cash refunds for eligible businesses.   Eligible corporate entities with less than $5 billion turnover in a relevant loss year can carry back losses made in the 2019–20, 2020–21 and 2021–22 financial years to a prior financial year’s income tax liability in the 2018–19, 2019–20 and 2020–21 financial years.   The amount of the r...

Victorian Government declared a third round of the Business Support Fund, through which suitable businesses will get grants. The Victorian Government is investing $3 billion to support businesses impacted by current restrictions and get ready for COVID normal business. $3 billion in cash grants, tax relief, and cash flow support will be provided to Victorian businesses that have been most affected by coronavirus restrictions. The package will service businesses to survive and keep Victorians in employment. Here’s what you need to know about the eligibility standards: • Small and Medium-Sized Business: The Business Support Fund will deliver up to $20,000 for business with a payroll of up to $10 million. • Licensed Hospitality Business: Grants of up to $30,000 for registered bars, clubs, hotels, cafeterias, and reception centre, based on their site and setting • Business Chambers and Trade Groups: A competitive grants program to support urban and local business chambers and t...

Wondering if going remote is a good move for your business? Remote working has been talked about for the last few years but in recent times has come to be a hot subject these past few months. We are in the middle of a flexible workplace revolution. Working remotely or working from home has become one of the major trends in the workplace. More staff than ever before are working remotely due to the pandemic situation. Nowadays, companies are employing and training teams remotely. It is very much probable that remote work will become the new normal in this post-COVID working environment. Here are 5 proven benefits of remote work for businesses. • Lowers Overhead: Do you pay for a water cooler service? Do you supply food to the workplace on Fridays? How much do office birthdays and outings cost to staff, beautify, and catering? How much does your building’s security system cost? Take a look at your expenditures and remove or decrease any of the bills for example workplace rent, ...

Remote learning is certainly not ideal, but neither is a typical education. Teaching requires certain major rearrangements. Is not the current pandemic an opportunity to finally make that occur? Has your kid’s engagement and enthusiasm towards the learning dropped considerably during the entire remote learning thing? We honestly can’t blame the kids as parents are quite tired of all too. There are such techniques for bringing a smile to their face. We have four tips for you. With the help of these, you will hopefully help your kids’ remote teaching go more easily! • Create an Environment: Start with seating. You will be so happy to see the flexible seating has been helping your kids in virtual learning. Put your children in uniforms if your school has them, or dressed in outfits, not PJ’s. Start at the same time and close at the same time, have lunch, recess, breaks, etc. Organize all the things. It helps with learning. They will feel like they are at school and this makes them p...

On Sunday 6th September, Victorian Premier Daniel Andrews publicized the state’s roadmaps. He declared 3 lists that will apply during stage 4. On Sunday, September 13 will mark the first changes in restrictions. Inhabitants will persist in stage 4 for another two weeks, but with certain small additional freedoms. He speaks current restrictions with slight changes will remain in place until September 28. Restrictions on public meetings ease 2 persons or a domestic can meet outside for 2 hours maximum. Retail, childcare centres and hairdressing will reopen. Urban Melbourne: Restrictions in Melbourne will be raised in five stages at different steps, concluding with a COVID-normal step. The journey from here depends on how people obey the rules. A blackout will stay in place in Melbourne until the end of October. The first stage begins at 11.59 pm on 13 September 2020 and is a continuance of stage 4 restrictions. It allows more businesses to safely reopen, or increase their services. Amuse...

  Business Support Fund – Tax Consequences   A government payment to assist a business to continue operating is included in assessable income. This will include assistance provided as a one-off lump sum or a series of payments. For businesses operating on:   an accruals accounting method – the income will be derived when the right to the government payment arises a cash accounting method – the income will be derived when the government payment is received.   Generally, you do not have to pay GST on grant funding unless you provide something of value in return for the payment. Providing something of value for the payment can include entering into a binding legal obligation to do something or refrain from doing something in order to receive the payment.   Example – Cash payment for running business   Bharat operates a local café which employs five full time and 10 casual workers. As a result of COVID-19 the café is closed for two months ...

Reopen responsibly, monitor intelligently, and protect continuously with solutions for a safer work environment. As you move toward bringing employees back, give your teams the tools to help them stay safe and productive on the job with solutions from Microsoft. Strengthen the resilience of your people, teams, and organization to adjust and adapt no matter which stage your organization is currently at. Reopen and manage physical locations Open and operate your locations responsibly to provide employees with a safer environment, while ensuring your organization can quickly respond to—and communicate—changing circumstances. Return while supporting employee safety and wellbeing Protect your employees with new safety protocols and intelligently monitor the health of your entire organization to help make data-driven decisions about who should work where. Engage your teams—remotely and onsite Support the flow of work wherever it happens—remotely, onsite, or a combination of both. Help everyo...

Collaboration and communication are all in today’s competitive business world. Therefore, the most essential tool is a unified communications system. It assists teams to work together, share essential data, and communicates using voice, text, and video. Nowadays, most organizations consider Microsoft Teams as internal communications tools. This Microsoft remote access solution is very much appreciated for small offices without complex phone system requirements. Using Microsoft Phone System, Teams Calling users can now communicate with outside contacts over the Public Switched Telephone Network (PSTN). The current worldwide pandemic has faster the using rate of Microsoft Teams calling . The Benefits of Microsoft Teams: Ultimate output Centralized administration Cost-effective Improve communication Better focus on work Upsurge transparency Unified move to a digital office Why choose ecloudpbx for Microsoft Teams Calling service? You get to make most of the platform via ecloudpbx...

Google is now popping a message that leads to an open letter to Australians drafted by Melanie Silva, Managing Director, on behalf of Google Australia. According to the letter, this would provide a biased gain to media companies over other website owners and small businesses. It proposes that it may no longer be able to offer free services in the nation. Silva complained that the proposed laws would undesirably shake Google’s users. She also warned Australians that their ‘search data may be at risk’ while hurting certain services under the new laws. The free search and YouTube services provide large news publishers confidential info that would provide them an advantage in terms of search rankings on YouTube, meaning content creators would get fewer views and thus make less money. The law also needs platforms to offer news companies nearly a month’s notice of any fluctuations to its algorithms which may affect traffic to news sites. The Australian Consumer and Competition Commissio...

Netherlands may have figured out something about working from home (pandemic or no) that the rest of the world has yet to learn. If you’ve been balancing your laptop on a precarious stack of cookbooks, or lamented VPN speed from your kitchen table, you’re not alone. Ever since restrictions were put in place to slow the spread of Covid-19, companies have been scrambling to enable colleagues to work from home. As we adapt to the much-cited ‘new normal’, some experts are predicting that remote work might be here to stay. This is leaving many nervously eyeing up our makeshift home desk set-ups, and wondering how on earth we can handle the backache. But for some, remote working is just another day at the office. Thousands of workers in the Netherlands benefit from the country’s astonishingly flexible work culture. While the percentage of employed persons usually working remotely before the coronavirus outbreak lingered at around 4.7% in the UK, and 3.6% in the US, 14.1% of the Netherland’s...

The concept of ‘going to work’ has transformed in 2020. The extended remote work setting has shown organisations that staff working remotely are still productive; in fact, it is more productive in many cases. Remote working solutions should be allowed to keep companies active and running even at times of crisis or natural calamities. Why you require remote working solutions? Remote workers deliver advantages to the business. A huge plus point is that the cost savings for the business. It can decrease the costs of building mortgage, leasing, and other expenditures. Organisations across the globe are facing new challenges in securely and quickly connecting work-from-home staffs. People require accurate tools and resources to be successful. They require an extensive range of solutions from video conferencing to project management and collaboration tools. Numerous organisations simply don’t have sufficient VPN licenses or bandwidth to accommodate the workers. How remote working solut...

Coming in at equal sixth in the world as targets of “significant” cyber attacks, Australia has reported 16 major incidents since 2010. The US tops the list with 156 incidents – three times more than the UK which recorded the second-most significant cyber attacks at 47. Created using using data from the Center for Strategic and International Studies (CSIS) – which regularly updates a timeline of major cyber incidents – the list once again highlights Australia’s prevalence as a target for cyber warfare at a time of heightened awareness about cyber risks. The CSIS list of “significant” incidents focuses on times when bad actors have targeted government agencies, defense or high-tech companies, and incidents with an economic cost above US$1 million. Starting in 2010 with a hack attempt on Rio Tinto, the listed Australian incidents show a decade-long pattern of cyber espionage targeting mining companies, Defence contractors, and government agencies. Ten years ago, the Australian Si...

Don’t let these Tax Time myths slow down your return At a time when many people want the tax refund that they are expecting to arrive quickly, the Australian Taxation Office (ATO) is warning people not to get tripped up by tax time myths that slow down returns. Usually, tax returns lodged electronically are processed in less than 2 weeks.   Top tax time myths for 2020   Bank details don’t update themselves   While ATO receive information from banks, this doesn’t extend to updating details for the bank account you nominate to have your refund deposited into. Last year many people in their rush to lodge early forgot to update bank details and delayed their refund.   It’s not okay to double dip   ATO is concerned that some taxpayers may either accidentally or deliberately double dip by claiming their working from home expenses using the all-inclusive shortcut method while also claiming for specific items such as laptops or desks.   It’s important...

Your Medicare levy is reduced if your taxable income is below a certain threshold. In some cases, you may not have to pay the levy at all.   The thresholds are higher for low-income earners, seniors, and pensioners. If your taxable income is above the thresholds, you may still qualify for a reduction based on your family taxable income.   In 2019–20, you do not have to pay the Medicare levy if you are single and your taxable income is equal to or less than $22,801 ($36,056 for seniors and pensioners entitled to the seniors and pensioners tax offset).   You will pay only part of the Medicare levy if you are single and your taxable income is between $22,801 and $28,501 ($36,056 and $45,069 for seniors and pensioners entitled to the seniors and pensioners tax offset).   You may still qualify for a reduction based on your family taxable income.   If you do not qualify for a reduction in the Medicare levy, you may still qualify for a Medicare levy exemption...

Atlassian is building the world’s tallest hybrid timber building in Sydney as its new headquarters. Atlassian has revealed plans to build a 40-storey building as its new headquarters in Sydney. At 180 meters, this will be the tallest hybrid timber building in the world. The building will be located in a new tech precinct in inner Sydney. The building will be around 40 storeys high (180 meters) and will be the base for 4000 Atlassian employees when construction finishes in 2025. It’s part of the New South Wales Government’s plan develop a new tech precinct at Central station, expected to host 25,000 workers. Atlassian is the first anchor tenant to sign up to the plan, with construction of its building set to bring more than $1 billion a year to the Australian economy. The Railway Square YHA will be revamped and incorporated into the lower level of the building. Also working its way into the building is the heritage Parcels Shed at the YHA which was used to dispatch parcels from ...