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Wow, what a year 2020 was, and now 2021 has given us a little touch up to kick start the year - but Brisbane has responded well and seems to have things under control. For an economic review of 2020, see the latest snapshot from PRFA. 

Greater Brisbane lockdowns

Please note: in line with current Government directives, the Perrier Ryan offices will be closed on Monday 11/1/2021 pending further advice.

We have been receiving enquiries from clients confused about refunds and correspondence being issued from the ATO. Unfortunately, the ATO is not only not explaining the reason behind the refund or the revised notional tax notices, but correspondence also refers to it as a "client initiated amendment" to the BAS - when actually it is the ATO making the amendments. Essentially, there is a correction to the company tax rate.

For more information about the situation, see the ATO newsroom.

Cara Williams from Perrier Ryan Financial Advisors is excited to be co-hosting a free webinar specifically for young people looking to make wise financial and legal choices.

Cara will be joined by Naomi Williams from Mitchells Solicitors - and both understand the important of their generation receiving proper advice to set up for the future.

They will speak in plain language to demystify financial and legal jargon.

Cara and Naomi both aim to educate those in their early stages of their future building so they can:

  • achieve financial goals
  • understand and manage cash flow
  • buy their first home
  • have plans in place should tragedy strike.

The webinar is running on Wednesday 18 November 2020 at 6.30pm AEST.

Please pass this on to anyone you know who may benefit from attending the webinar.

The Governor of the RBA has revealed that the cash rate is not expected to increase until 2023, at the earliest.

So, what does this mean for you?

Well, it does present an opportunity to review your Home Loan but take your time and carefully consider your circumstances. Using a mortgage broker is one way to ensure that you get the best advice for those circumstances. A mortgage broking service saves you time and effort as the advisor will run the figures for you, anticipate what the banks will want to consider in any application proposal and find the most suitable lender for you. 

See here for more on what the Governor had to say - and contact Andrew Forsyth (andrewf@perrierryan.com.au) if you're wondering what might be possible and beneficial for you.

Budget notes

For Key points and assessment of the Federal Government's COVID-delayed budget, please read our Budget Notes -  at least the Budget and its analysis nudged COVID off the headlines of newspapers ... for a little bit anyway. 

2020 has been a long, hard year for many, and the long weekend seemed to have come at a good time for a lot of people - a time when we usually find ourselves starting to look forward to the end of the year and the Summer break, but especially so this year. 

When we stop and think about about it though, a lot still lies ahead:

  • the Queensland State election
  • decisions around border restrictions - will they or won't they lift them ... and when?
  • how will JobKeeper R2 and other economic measures impact conditions and confidence
  • the US Presidential election - not to mention the debates!
  • Term 4 for schools - always a busy and challenging time for kids and parents alike
  • NRL and AFL finals - with the AFL Grand Final being historically hosted here in Brisbane (go the Lions)
  • Melbourne Cup Carnival - although this year, perhaps not as we know and love it

And of course the imminent countdown to Christmas and the New Year ... what will 2021 bring? Dare we imagine!

Nonetheless, in the meantime, let's see what Budget measures get over the line.

 

Apprentice subsidy continues - and expands

The Australian Government has announced the extension and expansion of the Supporting Apprentices and Trainees wage subsidy, to include medium-sized businesses who had an apprentice in place on 1 July 2020.

Eligible employers can apply for a wage subsidy of 50% of an eligible apprentice or trainee's wages paid until 31 March 2021. In addition to the existing support for small businesses, medium-sized businesses will now be eligible for the subsidy, for wages paid from 1 July 2020 to 31 March 2021.

Further information about eligibility can be found on the government website for Employment or at the Employment Department newsroom.

For information on how to apply for the subsidy, contact an Australian Apprenticeship Support Network Provider.


Wage theft is now criminal

The Wage Theft Act commenced on 14/9/2020 and amends the Queensland Criminal Code to provide that employee entitlements are a thing capable of being stolen and the QPS has been given jurisdiction to investigate claims of wage theft. Penalties include imprisonment. It might be time to consider reviewing employment agreements and conducting annual internal payroll reviews. For more, see our announcement.

What is cyber protection insurance?

Interesting question isn't it.

In short, it's insurance that's designed to help protect your business from the financial impact of computer hacking or a data breach - incidences of which are increasing at an alarming rate and malicious actors are rapidly evolving. There's a range of policy types, but they include: business interruption losses; Cyber Extortion; Defence costs; Electronic Data Replacement; and Regulatory Breach Liability - as well as coverage to help with the extra expenses involved in Crisis Management and Notification & Monitoring expenses.  The issue of compromises by cyber attack is real and the associated financial and reputational damage costs are high.  Call Sean Kenny at Perrier Ryan General Insurance today to talk about your circumstances and he'll work with you to tailor a solution that fits. Call the office on 3391 7566 in the first instance.

WorkCover Queensland today released important information on legislative amendments that came into effect 1 July 2020.

The Queensland Government's five year review identified a number of recommendations to ensure the WorkCover scheme is "well placed to respond to emerging issues into the future".

Matters identified are:

  • Reporting of injuries and payments even if a claim is not made
  • unpaid interns are now covered under workers' compensation
  • Details, qualifications and training of your RRTWC are now required

The information they've prepared about the changes that you may need to make to ensure you have up-to-date practices, can be found here.

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Ph. 07 3391 7566
Fax. 07 3391 7726

E. contact@perrierryan.com.au

Level 1, 30 Lisburn Street
East Brisbane Qld 4169
PO Box 1420
Coorparoo DC Qld 4151

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