All We Want for Xmas is a Good Vaccine
After a year like no other, 2020 Christmas wish lists are likely to include a lot of non-material requests for Santa to fulfill.
The usual wish-list of bright shiny new things could be replaced by hopes for:
- an effective COVID-19 vaccine,
- a safe environment for my friends and family,
- the opportunity for every person to use their abilities and make a genuine contribution to the greater good, and
- a return to the days when leadership was about the capacity to bring people together and push forward rather than conquer and divide.
This Christmas list is reflective of 2020 – the year has taught us resilience and patience.
We have all had a stark reminder of what is really important in life. We have learned some painful lessons that life is not always a constant, consistent path.
Maybe the takeout from 2020 is to approach life like an optimist, but plan like a pessimist – personally and professionally.
Planning like a pessimist does not mean succumbing to disaster, but rather the opposite. Planning like a pessimist is about always making sure you have capital, capacity and personal reserves to get through an unexpected shock.
So, here is to a fresh start with renewed energy and vigour in 2021. Stay safe, stay well and we will look forward to working with you again in the New Year to make the most of the opportunities available to you on your pathway.
To read more about some of the opportunities and challenges for 2021, click on the following link:
Our office will be closed for Christmas from 5pm Tuesday, 22 December and will reopen from 8am on Wednesday 6 January 2021.
Meanwhile, a few reminders about things you might wish to attend to before you start your Christmas break.
Extended dates for December JobKeeper figures
The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021). This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.
The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.
NB: Remember, even if you have not qualified for JobKeeper in the past, you may still be able to qualify based on your latest business results.
First JobMaker Deadlines Looms
Currently, 6 January 2021 is the final day of the first JobMaker Hiring Credit period and the deadline for enrolling in the scheme to access payments for this period.
While the ATO has the ability to extend this deadline, there has not been any advice on this to date. Enrolments are not open as yet, but because of the tight turnaround times, if your business would like to access JobMaker for the first period, it will be important to assess eligibility.
NB: If you think there is any chance whatsoever that you might qualify for JobMaker, make sure to register online for the scheme by 6 January 2021. There are no penalties if you register, but do not end up using the scheme.
Also, it is worth noting that Federal Government incentives generally do not overlap.
That is, your business cannot receive incentives for BOTH JobKeeper and JobMaker, or BOTH JobMaker and an apprenticeship subsidy.
Last Chance to Access: COVID-19 Early Access to Super
For anyone still considering accessing superannuation early under the COVID-19 early access measures, 31 December 2020 is the last day you can apply. Those wanting to access their superannuation pre-Christmas needed to have completed the application by 11 December 2020.
The ability to access up to $10,000 of your super is available to those that have been made redundant, have had their working hours reduced by more than 20%, and have been adversely financially impacted by COVID-19.
If you are not in financial hardship you should not access your superannuation. The application process through myGov is a self-assessment process that you are responsible for. Penalties of up to $12,000 may apply for providing false or misleading information.
Source; Knowledge Shop Newsletter Dec 2020. NB: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
Contact Us If you Need Help
For help with tax debt payment plans and JobKeeper, contact 07 3359 5244 or email
Our office will be closed for Christmas from 5 pm Tuesday, 22 December and will reopen from 8 am on Wednesday 6 January 2021.