stethoscope

Notch Above Medical and Healthcare bookkeeping

/in /by

Bookkeeping solutions for medical and healthcare practices

Transform your clinic’s bookkeeping and free up your time

Running a medical practice or health centre can be busy and demanding. With Notch Above Bookkeeping powered by Xero, you can free up time so you can focus more on your clinic. With Notch Above working as your bookkeeping advisors you can more easily:

  • Keep track of expenses
  • Ensure all claims are progressing and maximised
  • Manage working hours, approve leave and pay staff more easily with Xero’s online payroll
  • Work from your practice, remotely or on the go with a suite of mobile apps
  • Synchronise Xero with third-party healthcare apps for appointment scheduling, practice management and more.

Practical and streamlined solutions for medical and health clinics

Notch Above’s cloud bookkeeping clients include Dentists, Opticians, Anaesthetists, Acupuncturists, Pharmacists, Medical Clinics, Ophthalmologists, Specialists Surgeons and General Practitioners.

Our bookkeepers work with your Practice Manager to allow you, as the medical specialist, to concentrate on running your clinic. Doing so allows your Practice Manager to manage your practice rather than taking away focus to attend to bookkeeping tasks.

The Notch Above Bookkeeping team is experienced using medical software platforms such as Genie Solutions and Gentu.

What our clients say about working with Notch Above Bookkeeping

“Excellent service, highly professional, thorough and very friendly as well.” — Dr Khaled Shahin, Lakeside Dental Spa

 

“The friendly, professional team at Notch Above provide me with the confidence to know my bookkeeping is under control, allowing me more time for my patients and ultimately, my family.” – Dr Sunil Warrier, Ophthalmic Surgeon & Ocular Oncologist

 

“We have been with Notch Above and Xero for several years now and the combination is the best thing we ever did to tidy up our pre-existing bookkeeping/accounting arrangements. The service they provide is not only consistent and reliable, but also friendly and reassuring – things which are so important in these still unsettled times. Notch Above certainly lives up to the name.” – Eric Woodford, CC Oates Pty Ltd

Hassle-free Bookkeeping Packages

AAA20_seal_finalists_Bookkeeping Firm of the YearNotch Above Bookkeeping are certified Xero bookkeepers offering agreed-price monthly fees so you know exactly where you stand. No hidden extras and no ticking clock.

Browse our range of Xero bookkeeping services and get in touch with our team on 1300 015 130.

Free factsheets

Copyright 2021. Notch Above Bookkeeping @NotchAboveBAS

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers

panicked man; bookkeeping woman

Cost control measures

/in /by

7 Steps to Finesse your Finances

Effective cost control measures are crucial to cash flow for running a sustainable business at any time, especially during periods of economic uncertainty.

Rethinking your cost management strategy could make the difference in seeing your business thrive in 2021. Here’s how to get started.

1. Identify your major cost centres

Although you probably have a rough idea of your business costs, understanding exactly where your biggest expenses lie is an important first step in cost management. Review your main cost centres, including:

  • employee wages and benefits
  • rent
  • equipment and vehicles
  • utilities
  • products and materials
  • marketing and advertising
  • insurance and other professional fees
  • business loans and debts
  • other overhead costs such as repairs and maintenance.

Make sure you have a clear picture of how much you’re spending in each category over a specific period, such as the last quarter. Some expenses may be seasonal, so it’s also a good idea to look at how these costs vary during different times of the year.

2. Update business finance statements

Financial statements provide valuable information about how your costs are impacting the financial health of your business. To help you assess your business costs, consult your bookkeeper or if you’d like to take control, now may be a good time to invest in an accounting software program.  At a minimum, you need to be able to produce:

  • A profit and loss (P&L) statement: this summarises your revenue and expenses over a period. It’s useful for seeing how business costs are impacting your profit margin.
  • A cash flow forecast: this provides an estimate of how much money will be flowing in and out of your business over a future period, such as a month or quarter. Cash flow statements help you to assess how your upcoming expenses will impact your cash flow.

3. Sort the ‘good’ costs from the ‘bad’

Although it’s good practice to keep overheads low, some expenses are essential for long-term growth. Before you start looking at ways to slash costs, consider which areas help drive revenue and profitability for your business, and which are more likely to drain your resources.

For example, if your employees work remotely, rent and utilities might now be considered ‘bad’ costs because they’re no longer contributing to your bottom line.

On the other hand, marketing and advertising expenses that help grow your customer base might be considered ‘good’ costs.

Sorting the ‘good’ expenses from the ‘bad’ can help you identify which areas to target when it comes to cost-cutting.

4. Look for ways to reduce expenses

Once you’ve worked out the difference between helpful and harmful costs, consider how you can consolidate or reduce your ongoing expenses. This could include:

  • negotiating new terms with your landlord or suppliers
  • switching energy providers, banks or insurance companies to get a better deal
  • reducing stock levels and warehousing costs
  • reducing payroll costs by changing shift patterns
  • cancelling subscriptions you no longer need
  • automating business processes using technology
  • refinancing business loans
  • reducing discretionary spending such as entertainment costs.

Focus on cost-saving in areas where you’re most likely to see the smallest impact on your essential operational activities.

5. Determine your financial goals

If one of your goals is to grow your profit, it’s important to forecast costs and opportunities to ensure your growth is sustainable. For example:

  • Landscaping or pool building businesses looking to diversify into outdoor pizza ovens: costs may include additional equipment, upskilling and training employees, updating your website and investing in some initial marketing and advertising.
  • Cafes and restaurants looking to expand operations with mobile coffee carts or food trucks: costs may include an additional vehicle and it’s running costs, commercial hospitality equipment, insurance and permits.
  • Web designer looking to win more work from existing clients: costs may include hiring freelance support staff, automating or outsourcing tasks such as bookkeeping and invoicing to free up time for meeting with clients.

6. Identify the funding you need

Do you have the means to comfortably grow or sustain your business? We are fortunate to have both government and private business grants available to help support Australian businesses. Many are state or territory-specific and apply to different business stages including small business grants and startups, categories and industries.

Eligibility criteria and application periods vary but if successful a cash injection can make the difference to the future of your business and the Australian economy.

7. Reconcile: business plans vs life goals

Running a small business can consume a great deal of your life. Weighing up profitability and the time you personally invest in your business is an ongoing equation to balance.

If you want to step back from the day-to-day in your business, consider what the biggest time overheads are and the possible solutions. You might be surprised at how a small investment can recoup a lot of time back in your day.

Customer service

Enhancing your website with clearer product information, FAQs or even a chatbot will reduce non-sales oriented phone calls.

Marketing and advertising

Working with a professional marketing agency can help ensure that your advertising is both cost-effective and efficient. You can then apply data and insights to make informed decisions about how you spend your marketing budget.

Bookkeeping

If you haven’t already, make the call whether to bring on a bookkeeper or invest in some accounting software and automated invoicing.

Payroll and HR

Managing employee paperwork can be a headache and it’s an important item to keep on top of to protect yourself legally and ensure you’re getting the most out of your employees. Considering a cloud-based solution that integrates with your accounting software is an affordable way to remain compliant.

Notch Above Bookkeeping are Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners across Australia (especially medical specialists such as dentists, orthodontists, optometrists and anaesthetists) to prepare BAS returns and streamline their bookkeeping processes, payroll and accounting records using cloud technology.

Source: Business Australia

#remotebusinessbookkeepers #cloudbusinessbookkeeping #xeroplatinumbookkeepers

Xero Payroll

Making the move online

/in , /by

Having an online presence has gone from a nice-to-have to a must-have.

If ever we doubted the power of the internet, the pandemic has confirmed it once and for all.

Not only have we seen an increasing number of people looking online in search of accurate information, but they’re also embracing the convenience and comfort of online shopping as never before.

While this was already a growing trend, having an online presence has become essential for all businesses.

Matching your customer expectations

Now is the time to ramp up your online presence and give your customers the ultra-helpful information they seek. Things like having products on hand and immediately available, easy online bookings and speedy payment options all help to make for a smooth and enjoyable user experience.

To make this work, you may need to boost your back-of-house technology as well. Replacing manual counting of stock with more automated inventory management, for example, is an essential step to providing real-time product information.

The benefits to your business also include quicker order processing, less time wasted on back-end administrative tasks, and cheaper fulfilment costs. A win for your customers, but also a win for you.

Making it social

Taking your business into the virtual world can open you up to a wider audience, far beyond the foot traffic in your local neighbourhood, into interstate and international markets. A good social media strategy can also help you target your marketing more accurately.

Customers increasingly see social media as a customer service desk – an easy place for them to send a query by instant message instead of making a phone call. Resolving queries online is usually simpler for them, and often quicker for you too. As more and more businesses make the switch online, growth in at-home purchasing is set to keep increasing. Rather than fearing your customers’ growing hunger for faster, easier ways to buy online, you can fuel it. Making the move will not only help you to sell in their world, it’s likely to see your business grow in turn.

Consider your customer

How will you stand out from your competitors in an online environment?

Can you personalise your customers’ online experience by tailoring special offers based on their purchase history?

Do you need fewer staff on the shop floor and more online, answering customer queries or reaching out on social media?

Consider your business

Can you modify or remove some of your paper-based systems and use cloud services instead to provide a faster experience for your customers?

Can you use digital tools, such as workflow and collaboration apps, to help your staff work together and plan more efficiently?

If online traffic increases, will you need as much shop floor space? Can you repurpose some of your real estate?

Tips for moving your bricks-and-mortar store online

1. Choose the right platform for you

Rather than looking to a third-party site to sell your product, create a brand and business asset that you have full control over. We recommend going with a self-hosted e-commerce website platform like Shopify – it’s user friendly, so even a novice can set up their own site.

2. Replicate your in-store sales assistant, online

When shopping online, people only have what you give them through their screen. That’s why you need to replicate the in-store experience as best as you can by providing quality images, great product headlines and detailed descriptions. Be sure to answer any frequently asked questions people may have in an easy-to-find FAQ section.

3. Have a follow-up strategy in place

Although people may not buy from you straight away, not only do you have the opportunity to build a relationship with them, you can also retarget them later when they may be ready to buy. Make sure you have automated email sequences and Facebook retargeting ads set up ready to follow people up.

4. Don’t forget about your existing customers

Getting someone to purchase from you again is much cheaper and easier than getting a new customer. Thanks to the customer relationship management system (CRM) within Xero, you can reach out to your entire customer database directly. Connect with your audience by producing engaging, unique and magnetic content.

Four apps to help move your business online

These tools from Xero’s app marketplace have everything you need to streamline and simplify your businesses’ move online.

Hubdoc

With Hubdoc and Xero, manual tasks like document collection and data entry are automated, making bank reconciliation and financial document management a breeze. We outline 2 easy ways to do that in this instructional video. Talk with your Notch Above consultant for specific advice about setting up Hubdoc in your business, which is free for most Xero users.

Shopify

This global commerce company enables you to begin selling online easily. Better yet, it easily connects with Xero via popular app A2X and comes complete with a bunch of handy resources to help you get started.

Deputy

Say goodbye to clumsy spreadsheets and make paying your staff a seamless process thanks to this clever app that also takes care of scheduling, rostering and processing leave requests.

Stripe

Thanks to the Stripe and Xero integration, your customers can pay your online invoices using their preferred credit or debit card. This means you get paid easily and on time.

Notch Above Bookkeeping is a team of Platinum Certified Xero bookkeepers and BAS Agents. We help small business owners right across Australia prepare their BAS returns and streamline their bookkeeping processes, payroll and accounting records. Call us to find out how on 1300 015 130 today.

Source: Xero Stronger and smarter: a small business handbook. (2020). Retrieved from https://www.xero.com/content/dam/xero/pdf/stronger-and-smarter-a-small-business-handbook.pdf

KEM Carpentry & Maintenance logo

Property maintenance business bookkeeping case study

/in /by

Online bookkeeping well in hand for property maintenance business

Powered by Notch Above’s Peace of Mind bookkeeping package

Any dutiful tradie knows that the last place they want to be is sitting behind a desk! And that goes for Notch Above client and property fixit guru Keith Mulhall at KEM Carpentry and Building Services in Sydney.

When Keith first came to us he was, like many small business owners, invoicing his customers using a Word document.

Keith could never be certain who owed him what and he is the first to admit that using the ‘Word invoicing system’ didn’t lend itself to properly collecting payments, so he often lost track (and hard-earned money). It is a word processing system after all.

On top of that, business expenses may have been missed and therefore underclaimed at tax time due to Keith paying for work costs from separate accounts and not recording each one correctly.

Keith is not unique and the team at Notch Above soon saw the familiar flaws in his set up. Once he bought his bookkeeping across to us, the first thing we did was introduce him to Xero and got him onto a Xero file.

The benefits of doing so were immediate.

Real-time bank feeds could be seen in the business Xero file online so all income and expenses were accounted for.

Keith could raise invoices as each job was done so cash started coming into his business much quicker than the old paper-and-payment way whenever he got around to it.

Keith now reconciles every two or three days so, at any given time, he knows exactly who owes him what.

And, as Keith’s offsite bookkeeping team, Notch Above provides peace of mind with financial support so he can get on with doing his small building repairs and keeping his property management customers happy.

“When I started my business, bookkeeping was my biggest worry,” admits Keith.

“Bookkeeping used to terrify me but now I can focus on my day to day work because Notch Above makes sure that things are correct and they are only a call or email away.”

To maintain your residential or commercial property with professional care and upkeep in Eastern Sydney, call Keith on 0415 442 959 or email him at kemcarpentry@gmail.com.

To find out more about how Notch Above Bookkeeping can help your trade services business, call us on 1300 015 130 or check out all our bookkeeping packages at https://notchabove.com.au/services/packages/.

Copyright 2020. @NotchAboveBAS Xero Remote Business Bookkeeping

Federal Audio Brisbane

Online bookkeeping change saves time… and trees

/in /by

Powered by Notch Above’s Time Saver bookkeeping package

Notch Above Bookkeeping client, Federal Audio, is the Australian distributor for ADAM Audio professional monitors, supplying tools for the discerning audio craftsman.

Based in Brisbane since 2010, they supply studio monitoring solutions, headphones, racks, modules, microphones and cables to many of the industry’s renowned recording studios, audio engineers and producers.

When we first started keeping the books for owner Cris Stevens, he was diligently printing and posting his paperwork to us each quarter which took an inordinate amount of time and wasn’t doing the trees any favours either!

Cris tells his customers that if their audio monitoring is compromised in any way, that information can be unreliable. The same message rings true for business. As Federal Audio runs an online business powered by Shopify, it made sense to consider the online options when it came to the business’ bookkeeping not only to streamline the process but to provide accurate data to assist decision making.

Accordingly, we introduced Cris to ‘cloud bookkeeping’ and helped him to implement an electronic submission method so that, as invoices came in, he could forward those to us and use an app to submit sundry spend receipts as they happened.

Rather than Cris’ bookkeeping being a quarterly affair, it is now processed more regularly, which saves time each quarter plus provides him with real-time reporting if needed for business decision making.

Apart from saving reams of paper, Cris has also experienced the time saving of not having to block his time out each quarter to prepare the paperwork for us.

“I did actually print my paperwork for one final quarter before fully changing over, just to double-check that everything was running smoothly,” Cris admits.

“The team at Notch Above handles any queries we have and I’m very comfortable with the new set up, so I won’t be printing out any hardcopy bookkeeping paperwork anymore.”

Federal Audio believes the choice of monitoring is the most important pro audio decisions you’ll make. Read more or purchase equipment from their website at https://federalaudio.com.au/.

To find out more about how Notch Above Bookkeeping can help your professional business, call us on 1300 015 130 or peruse all our bookkeeping service packages at https://notchabove.com.au/services/packages/.

Copyright 2020. @NotchAboveBAS Taking Your Business a Notch Above with Remote Xero Business Bookkeeping

insurance broker in meeting

Insurance broker’s bookkeeping now a breeze

/in /by

Powered by Notch Above’s Time Saver bookkeeping package

Client-focused insurance professionals who are busy servicing clients have precious other time to focus on their bookkeeping.

According to our client who is an insurance broker, managing her own bookkeeping before handing it over to Notch Above was a very laborious process!

“I would enter my income and expense items onto a manual spreadsheet, which was time-consuming and not always 100 per cent accurate,” she said.

“Payroll was the same each week so paying my two staff members was relatively easy, but when it came to SuperStream and Single Touch Payroll I wasn’t fully across the requirements of how we needed to comply.”

This opened up to her business to potential Fair Work claims and Tax Office fines for non-compliance.

In frustration, she reached out to Notch Above Bookkeeping Consultant Annie Caulfield who assessed her needs and recommended our Time Saver bookkeeping package.

The first thing we did was get Xero Payroll up and running to take care of the compliance requirements for the business. Not only that, but it suddenly became quick and easy to supply each employee with a compliant payslip every fortnight.

“Holiday calculations are now accurate and always up to date so each employee is aware of how much leave they are entitled to,” said Annie.

“Each month income statements are emailed directly to us so we can code up the income monthly when it hits the bank account. This income does need splitting as costs are deducted directly from this with different GST treatments, so it’s essential to get it right so that the GST claim is maximised.”

Enhancements to capture bills and receipts

We also set up Hubdoc for our insurance client. Hubdoc is like an electronic inbox which sits behind Xero where we as bookkeepers can get the information on how to code her expenses correctly, ensuring the maximum claims are made.

Now, as our client spends money or receives a bill to pay, she can either photograph it with the Hubdoc app on her smartphone or email the bill directly to Hubdoc. (Watch more about this feature on our YouTube Channel here »)

This insurance broker now has peace of mind knowing that Notch Above’s bookkeeping processes produce accurate monthly data which is available to her whenever she needs it. It not only helps her in her business decision-making but it also makes for easy end-of-financial-year processing.

To find out more about how Notch Above Bookkeeping can help your professional business, call us on 1300 015 130 or peruse our bookkeeping service packages at notchabove.com.au/services/packages/.

Copyright 2020. Notch Above Bookkeeping Remote Xero Business Bookkeeping @NotchAboveBAS

AAA20_seal_finalists_Bookkeeping Firm of the Year

Notch Above revealed as Accounting Awards Finalist

/in /by

Notch Above shortlisted for the Australian Accounting Awards 2020

Notch Above Bookkeeping has been named as a finalist in the Australian Accounting Awards for Bookkeeping Firm of the Year.  

The AccountantsDaily Australian Accounting Awards showcases the industry’s most prestigious accolades recognising excellence across the entire accounting industry. The awards pinpoint professional development and innovation, showcasing both the individuals and firms which are leading the way in the industry.

Award recipients represent a true cross-section of the accounting and bookkeeping industry, recognising the contributions of the profession’s most senior ranks through to its rising stars.

The finalists, announced over several weeks throughout May, feature over 260 high-achieving accounting and bookkeeping professionals across 33 submission-based categories.

“It’s been an extremely challenging time for the profession and I want to thank each and every one of you who have been burning the midnight oil to deliver the best outcomes for your clients,” said AccountantsDaily Editor Jotham Lian.

“To the finalists of this year’s awards, a sincere congratulations for consistently bringing your best to the table over the last 12 months.

“The work you do is vital, and we look forward to celebrating your achievements on the night.”

The team at Notch Above Bookkeeping is humbled to be recognised and proud to be named as a finalist in the Australian Accounting Awards 2020.

“Our recognition for our excellent contribution to the business bookkeeping industry reinforces the strength of our service and dedication to connecting with our community and engaging with our clients.”

The winners of the awards will be announced at our first-ever live broadcast awards on Friday, 19 June. With MC Vince Sorrenti, this live talk-show-style event will include live interviews with finalists and winners direct from their homes, and a newly developed app will keep contestants connected with peers, industry leaders, colleagues and friends. AccountantsDaily will continue to recognise the achievements of Accountants and Bookkeepers in 2020 despite not being able to gather physically.

To see the full list of awards finalists, visit the AccountantsDaily website here.

cloud accounting Notch Above Bookkeeping Brisbane

Has COVID-19 changed bookkeeping as we know it?

/in , /by

Digital Disconnection

Not putting too strong a point on it, the crisis triggered by coronavirus is an undisputed economic and business disaster.

What happened to businesses that rallied to set up their workforces safely offsite? And when bookkeepers were part of that headcount, how effective did the bookkeeping function remain?

Or how ineffective did bookkeeping become?

Conventionally in small and medium businesses, bookkeeping software is typically installed on a dedicated computer drive, only accessible by a licensed user through a desktop application on a designated machine.

So how is COVID disconnection affecting business performance during a time when we’re all talking about business sustainability and, hopefully, business recovery?

Currently we can’t just leave paper receipts or invoices on your bookkeeper’s desk to process.

Similarly, with that reliance on paper trails, some of us can no longer chase payments accurately, because who knows with any certainty who has paid, or not.

Fortunately, business technology was actively evolving before all this happened to a point that cloud accounting software had solutions for many of these accessibility issues. Bookkeeping software has, in most instances, also been moved to the cloud, and what a relief for those cloud users during these unprecedented times.

Playing catch up

The global spread of COVID-19 contributed enormously to the panicked surge of businesses moving over to cloud-based bookkeeping software. It’s an industry that had been seeing robust growth anyway, but the need to change in order to continue functioning finally pushed many stalwart business owners off the fence of indecision.

But what are the differences between cloud and traditional accounting software? As we see it, there are three:

  1. Accessibility
  2. Business scalability and growth, and
  3. Affordability

Accessing bookkeeping during lockdown

Cloud-based software essentially means that your bookkeeping data is stored on a remote server, and accessed through a highly secure online interface, anywhere with an internet connection. Unlike traditional accounting software, users are not restricted to a single machine from which to access what they need, so access doesn’t stop when the office closes.

It means that financial information is no longer stored locally and, instead, provides multiple authorised users with 24-7 access to real-time data. Managers, accountants, clients and bookkeepers can all be in different locations and time zones and yet continue to monitor and control a business’ financial position.

Growing bookkeeping with the business

Growing a business can be an expensive exercise for business owners who rely on traditional accounting software. Hiring an additional bookkeeper? Better purchase additional computer storage, upgrade the local server, and increase bandwidth access to it as well. If you don’t, things can slow down and suddenly two bookkeepers are working at the rate of one.

The impact of COVID-19 on bookkeeping practices has forcefully demonstrated the sheer versatile scalability of cloud accounting. It’s up to each software provider to manage server space, speed and performance which, usually for the cost of a monthly subscription, is much more financially flexible.

And that brings us to cost

Fewer local servers mean less office area is required to house them. That’s certainly one way to reduce the expenses that come with a larger property footprint.

Most cloud accounting software providers offer access on the basis of a monthly or annual subscription fee, usually including all the server storage you could need.

The software is online and updates itself at the source. No more paying for IT Support to come in and install updates on everyone’s individual machines.

At times like these, businesses either flourish or are incapacitated, whether that’s long or short term, who knows? Monthly subscriptions offer flexibility to businesses that need to respond to COVID-19 by standing down employees onto JobKeeper and then reinstate them on a rapid turnaround.

Notch Above Bookkeeping can help your business during COVID-19. We can review your existing bookkeeping system and then help you install updated software, configure your security settings, import your business data (chart of accounts/suppliers/debtors/employees) as well as setup your invoicing, payroll and taxation requirements so that your team can access financial data and operate remotely.

The team at Notch also provides advice on the best Xero package for your business needs. Contact us during COVID-19 restrictions to get your bookkeeping system up to date and working more efficiently whilst your employees are making the best of working offsite.

Back to more coronavirus updates
Source: Has coronavirus changed bookkeeping forever? (2020). Available at: https://www.accountingtoday.com/opinion/has-coronavirus-changed-bookkeeping-forever

Support measures to assist those affected by COVID-19

/in , /by

Options available to assist businesses impacted by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options.

“We know that many businesses and communities are being heavily affected by the challenging economic conditions created by the outbreak of COVID-19,” he said.

“The ATO will work shoulder-to-shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure.

“Once you contact us, we’ll tailor a support plan for your needs and circumstances.”

“Support measures could include deferral of some payments, quicker access to GST refunds, and options to enter low-interest payment plans for existing or future tax debts.”

We understand this is a time of significant uncertainty and that we will need to be flexible in how we help businesses.

Options available to assist businesses impacted by COVID-19 include:

  • Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
  • Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to
  • Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters
  • Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities
  • Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low-interest payment plans.

Employers will still need to meet their ongoing super guarantee obligations for their employees.

To make it easier for people to apply for relief we will be increasing our presence in the areas of highest impact. A temporary shopfront with staff specialising in assisting small business will be established in Cairns within the next few weeks. In addition, we will consider ways to enhance our presence in other significantly affected regions, making it easier for people to apply for relief. Additional temporary shopfronts and face-to-face options are currently under consideration.

We will also continue to work with the tax profession, other government agencies and local organisations to make sure other impacted communities are also supported during this time. We will ensure our services are tailored to the needs of the community and will work with taxpayers and their tax agents to tailor support to their individual circumstances.

Outside of business, the ATO will also work with individuals experiencing financial hardship, and their tax agents, and will apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation.

Unlike the bushfire relief measures, which applied automatically to particular geographic areas, assistance measures for those impacted by COVID-19 will not be automatically implemented.

Anyone impacted by COVID-19 is advised to contact the ATO to request assistance on our Emergency Support Infoline 1800 806 218, when they are ready, to discuss their situation.

Source ATO