Inside this edition, we cover some important updates on:
- COVID-19 Relief Payments for Individuals
- Single Touch Payroll Phase 2
- New Guidelines for Professional Firms Allocating Profit
- Consumer Protection Responsibilities for eCommerce Businesses
- Protecting your Business from Cyber Scams
COVID-19 Relief Payments for Individuals
Whilst the COVID-19 Disaster Payment is no longer available from the Federal Government, the Pandemic Leave Disaster Payment (for those directed to self-isolate or quarantine due to having COVID-19, or being a close contact of someone who does) will continue until 30 June 2022.
The Pandemic Leave Disaster Payment – also known as the PLDP – is available in all states and territories. There are the two different rates that have been available since 18 January 2022:
- $750 per seven-day period for those expected to lose 20 hours of work during their isolation, quarantine, or care period, and;
- $450 per seven-day period for those expected to lose at least a whole day’s work or up to 19 hours during their isolation, quarantine, or care period.
In addition to the standard eligibility criteria, from the 18th of January 2022, a financial hardship test also applies. This means individuals with ‘available funds’ of $10,000 or more are not eligible for the PLDP.
For more details regarding eligibility factors, feel free to chat with our team.
Single Touch Payroll Phase 2 is Here!
STP Phase 2 has been in effect since the start of the year, and there are a number of important changes to note:
- Gross amounts now require more detail. This means that instead of a single gross amount, you must separately report gross, paid leave, allowances, overtime, bonuses & commissions, directors’ fees, lump sum W, and salary sacrifice.
- Employment & taxation conditions are now all streamlined in your Single Touch Payroll report, and reporting of income types has changed.
- Country code reporting may now be required along with information about host & home countries when making payments to employees whose income type is foreign employment income, an inbound assignee to Australia, or a working holiday maker.
The ATO will not issue penalties for genuine mistakes made during the first year of Phase 2 reporting, ending on 31 December 2022, and extensions may be available in specific circumstances.
For more information on how STP Phase 2 affects your business, please get in touch with our team.
Protect Your Business from Cyber Scams
Cybercriminals are targeting small businesses by sending fraudulent emails posing as a legitimate business contact or staff member.
These emails typically request a change in bank account details for a deposit, wages, or invoice payment. Victims then unknowingly send money to the cybercriminal. The emails may come from hacked email accounts, or cybercriminals might register domain names similar to legitimate companies.
Protect yourself and your business with a few simple steps:
- Verify payment details – if you hold sensitive financial records, ensure you confirm the identity of anyone who requests changes to their information.
- Alert your staff – train your employees to identify suspicious requests or emails.
- Secure your email account – use multi-factor authentication and a strong, unique password.