Latest news

Victorian Government launch Sole Trader Support Fund

The Victorian Government have launched a $3,000 grant for sole traders.  The $100 million Sole Trader Support Fund provides support to non-employing Victorian sole traders operating out of commercial premises or locations within specific sectors.

Businesses in the eligible sectors must:

  • Operate a business within Victoria
  • Be a sole trader with no employees
  • Operate from a commercial premises or location (and not a residential premises) for at least six months as a:
  • Tenant, or
  • Licensee, or
  • Owner/occupier of a fixed commercial premises, or
  • Operator of a registered ‘mobile food premises’ (e.g. a food van) with a permit or commercial agreement to operate at specific location(s)
  • Be a participant in the Commonwealth Government’s JobKeeper Payment scheme
  • Be registered for Goods and Services Tax (GST)
  • Hold an Australian Business Number (ABN).

For full details and applications, please visit: 

https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/sole-trader-support-fund

Beware: “Your Subsidy Benefit Allocation” Phishing Scam

A note to all about an attempted phishing scam which we have become aware of.

If you have received the below email from “Services Australia” asking for a host of very personal information as part of a “subsidy benefit allocation”, please do not respond – rather, mark as a phishing scam and report.

A reminder to be vigilant for suspicious communications asking for personal details, especially when relating to finances.  Any clients unsure of messages can always reach out to the Donegan’s office.

 

New Permitted Worker Scheme and further expansion of Business Support Fund

 

Permitted Worker Scheme

From 11:59pm Wednesday 5 August, workplaces in Melbourne must be closed unless:

  • the workplace is part of a permitted activity, or
  • all employees are working from home.

Any employers that require their staff to attend a work site after this time must issue a worker permit to their employees – this is the employer’s responsibility.  Significant fines apply for any breach of scheme requirements to both employers and employees, and includes employees not having a permit on them during their commute, or employers issuing worker permits to employees who do not meet eligibility requirements.

For more information on the permit scheme, and to obtain a template, click here.  

 

Business Support Fund – Expansion

With the introduction of Stage 4 restrictions in Melbourne and Mitchell Shire, and Stage 3 restrictions across the rest of Victoria, the State Government has also announced a number of additional measures either to assist impacted businesses or ensure compliance with regulations.  

In terms of assistance, the Business Support Fund has been further expanded (on from the initial additional grants made available following the previous reintroduction of Stage 3 restrictions).  These are:

  • $10,000 for employing businesses in metropolitan Melbourne and Mitchell Shire in recognition of spending longer under restrictions.
  • $5,000 for employing businesses in regional local government areas (except Mitchell Shire)

Businesses which have already received a Business Support Fund – Expansion grant, or have applied for one, will not need to re-apply. Successful applicants will automatically receive this additional allocation.

Applications for the program will be extended until 14 September 2020.

More details and applications available here.

 

 

 

August Client Alert & Revised Team Operations

Please find enclosed our August 2020 Client Alert, containing the latest tax and super news for your information.

Additionally, please note that from Wednesday 5 August 2020 Donegan’s Edmondson Turner’s city office will be unstaffed for six weeks, with the entire team (including Donegan’s Wealth Advisers) now operating remotely.  Aside from that, business continues as usual.

Our mail will still be collected during this time from Level 2 / 377 Little Lonsdale Street Melbourne VIC 3000 and our PO Box 12439 A’Beckett Street PO Melbourne VIC 8006.

You will still be able to contact us on 0404 577 885 from 9.00am to 12.00pm and then 1.00pm to 5.00pm.

You may choose to forward documents and information to us via email and you can send that information to Ginette McDonald at ginettem@donegans.com.au.  Ginette will ensure that your emails are forwarded to the appropriate person.

Should you be unable to forward documents either via Australia Post or email please contact Ginette on 0404 577 885.

Stay safe.

Phil & Alison

Extension of JobKeeper

Fact Sheet_JobKeeper Payment Extension

The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.  Full details can be found in the fact sheet above.

Support for MASS and Project Gamechanger

 

Will Callaghan’s story captured the hearts of Australia.  Since his incredible rescue, he’s been enjoying time at a farm run by Mansfield Autism Statewide Services (MASS). They have grand plans for the farm, hoping to raise $3.3m in donations alongside government funding towards the creation of a “therapeutic care farm”, a first for Australia.  MASS’s founder, Joan Curtis, is a close family friend of DET Director Philip Bretherton, and is featured in this wonderful article in The Age.  

For more information or to donate, visit: autismmansfield.org.au 

Victorian Government announcement on Business Support Package

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Friday, 10 July 2020

MORE SURVIVAL SUPPORT FOR VICTORIAN BUSINESSES

The Victorian Government will provide more support to help businesses and workers through to the other side of the coronavirus pandemic.

The Government has announced a $534 million Business Support Package – the latest support measures on top of the $6 billion in economic relief already invested since the pandemic began.

The latest measures include cash grants for struggling businesses, mental health support for business owners, relief for tourism operators who can no longer welcome Melbourne-based visitors for holidays, and tailored and targeted advice for businesses to adapt, stay afloat and then bounce back on the other side.

The reinstatement of restrictions across metropolitan Melbourne and Mitchell Shire is necessary to slow the spread of the virus, but we know the impact on businesses and their staff is significant.

That’s why the Government will expand the Business Support Fund and provide more than 80,000 eligible businesses with a new $5,000 grant to support them through the renewed restrictions.

This grant was previously made available to the 12 postcodes linked to outbreaks. It will now apply to all areas under Stage 3 restrictions.
Victoria’s night-time economy is the envy of the nation, but right now, the deadly pandemic means it’s had to do the heavy lifting to keep us all safe. That’s why this package includes a $30 million dedicated fund for the hardest hit businesses in hospitality.

A $26 million investment in mental health support will ensure Victorians dealing with the compounding challenges of running a small business can get the support they need as they navigate their way through the crisis.

Many businesses will need to change the way they do things in order to remain sustainable, while others are dealing with challenges such as cash flow, reduced sales and debt for the very first time. The Government will establish a $10 million business mentoring program, pairing small business owners with experienced professionals who can help them navigate their way through the crisis.

The package also provides a $40 million capped fund for regional tourism businesses to cover the costs of refunds, as well as marketing campaigns to boost region to region visitation while Melbourne is locked down. Eligible operators will be able to claim up to $225 per night for up to five nights for each and every room cancelled due to the return of Stage 3 restrictions, provided they refund the booking in full.

Because we know that small businesess in Melbourne’s CBD are faced with a large and sustained shock to their trading environments, the Government will also establish a $20 million CBD Business Support Fund.

Businesses will also benefit from an extended and expanded payroll tax deferral. Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year.

The package has been designed in close consultation with industry, including the Australian Hotels Association and the Victorian Chamber of Commerce and Industry.

For more information, and to apply, visit: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-package/business-support-fund .

 

A word of caution on Fixed-Term Investment Products

With market uncertainty as it is, there has been a surge in promotions for fixed-term investment products touting themselves as suitable alternatives to term deposits, but with greater returns.  However, as we’ve discussed with a number of clients, this is misleading and ASIC is clamping down.  Here’s a really good article summarising why.  Speak with us if you’d like to know more. 

https://www.nestegg.com.au/invest-money/advice/not-like-a-term-deposit-asic-delivers-risky-investment-warning

JobKeeper at a Glance

Here is a great infographic from Robyn Jacobson of TaxBanter Pty Ltd providing a one-stop break down of the JobKeeper subsidy payment.  Well worth having a look through, though please make sure to contact us for specifics given your own situation.

Government Announcement on new JobKeeper Subsidy

The government has just announced a new JobKeeper subsidy payment to assist those facing hardship as a result of Covid-19 restrictions.

“The JobKeeper Payment is a subsidy to businesses, which will keep more Australians in jobs through the course of the coronavirus outbreak.

The payment will be paid to employers, for up to six months, for each eligible employee that was on their books on 1 March 2020 and is retained or continues to be engaged by that employer.

Where a business has stood down employees since 1 March, the payment will help them maintain connection with their employees.

Employers will receive a payment of $1,500 per fortnight per eligible employee. Every eligible employee must receive at least $1,500 per fortnight from this business, before tax.

For more, see the full press release here.  Registered employers using Single Touch Payroll can register your interest for JobKeeper payments here.

Something different for Easter holidays at home: Lego Challenge

With the Easter holidays having commenced in Victoria, here’s something to keep your kids busy at home, in lieu of normal scheduling…

Donegan’s teams to work remotely (click for link)

In accordance with the latest advice issued from state and federal authorities regarding COVID-19, and in anticipation of further measures, the majority of the Donegan’s Edmondson Turner and Donegan’s Wealth Advisers team will now begin working remotely from Tuesday 24th March, until further notice.

Please see attached for full statement

 

 

Statement on working procedures during Covid-19 outbreak (click for link)

You will all no doubt be following closely the news and evolving government guidelines in response to the COVID-19 outbreak which is impacting individuals, businesses, industries and entire economies globally.

As the situation continues to change, we wanted to let you know Donegan’s current position and how we are responding to ensure that we are able to continue to service you as clients effectively, as well as play our part as responsible citizens in minimising any potential spread and “flattening the curve”. 

At Donegan’s, our priority is the health and wellbeing of our clients and our team.  Please see attached for full statement.

 

A new home for Donegan’s Edmondson Turner

In 2019, Donegan’s Accountants and Edmondson Turner & Co (ETCO) merged into a single practice, Donegan’s Edmondson Turner (DET), with operations split across offices in the City and Brighton.

Having aligned work processes and systems, and familiarised ourselves with a new roster of clients, the time has now come to bring the DET offices all together into a new home. This will enable more efficient collaboration internally and a more streamlined service offering for clients.

From Monday 20th January 2020, we will be consolidating our teams into one single location at our city office at 377 Little Lonsdale Street. The Brighton office space will no longer be in use; operations there will cease at 5pm on Friday 17th 2020.

Donegan’s Edmondson Turner are committed to making this process as smooth as possible. The former ETCO team will continue to use their existing @edmondson.com.au email addresses, while the main line 03-9596-7522 phone number will also remain in operation.

While we encourage all clients and partners to update your records and use the below address for any correspondence as soon as possible, we will also maintain a forwarding service for any mail sent to Bay Street for the indefinite future. This will ensure that anything you have sent or may send to us reaches us as intended.

Meanwhile, our city office has been undergoing renovations in order to better meet the needs of our expanding team and clients. This move concludes some of the opening stages of this new journey for Donegan’s Edmondson Turner, and we are so excited for what’s to come.

 

Phil, Alison, Owen, Bernard, & the DET team
Donegan’s Edmondson Turner

SRO reminder on Vacant Residential Land and Absentee Owner Notifications

Notifications for vacant residential land tax and the absentee owner surcharge are due by 15 January 2020. If you made a notification last year, you only need to make a new one if your circumstances have changed. 

Vacant residential land tax

If you own a property in one of 16 council areas that was unoccupied for six months or more in 2019, you must notify the SRO via their vacant residential land tax portal.

You can use the SRO’s online tool to determine whether you have to pay vacant residential land tax.

Absentee owner surcharge

An absentee owner surcharge applies to Victorian land owned by an absentee individual, corporation or trust. If you are an absentee owner, you must notify the SRO via their absentee owner notification portal.

You can use the SRO’s online tool to determine whether you have to pay absentee owner surcharge.  Please contact us for any enquirers also.

From the 2020 land tax year, the absentee owner surcharge is 2%.

Opening ours during Christmas 2019/New Year 2020
Please note the Donegan’s offices will be closed from:
12:30pm Thursday 19 December 2019 through to 8:30am Monday 6th January 2020.

We look forward to catching up with you in the New Year!

18.12.2019

Market Update – December 2019