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Have you learnt how to live smarter thanks to COVID 19?

Tips for saving money post Covid-19.

If there is a silver lining to coronavirus it’s that we’ve all learnt to live smarter. And by “live smarter” we mean more frugally. Warren Buffet, worth $80 billion, still drives his Cadillac DTS (worth about $45 000), proving that disposable income does not have to be spent. It’s not uncommon to fall into the “earn more, spend more” trap. 

Here are some tips for saving money and living post Covid 19. 

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Renters and Landlords rights during Covid-19

Renters and Landlords rights during Covid-19.

Here’s what you need to know about the Renters and Landlords rights during Covid-19.

Commercial and Residential Mortgages during Covid-19

Banks are offering a 6-month moratorium on mortgage repayments for commercial and residential tenants. Unfortunately, it’s important to note interest will still accrue and your loan will be pushed out as a result. The pandemic has outlined the importance of holding 6 months of mortgage payments in an offset account.

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JobKeeper declaration due 14 June

Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.

The monthly declaration must be made by the 14th day of each month to claim JobKeeper payments for the previous month.  

As part of the declaration, businesses will need to:

  • ensure they have paid their eligible employees at least $1,500 (before tax) in each JobKeeper fortnight they are claiming for;
  • re-confirm their eligible employees, including notifying if an eligible employee has changed or left employment; and
  • provide the current and projected GST turnover of the business – note, this is not a retest of the eligibility of the business.

For example, to claim JobKeeper payments for the May 2020 JobKeeper fortnights, businesses must report their GST turnover for the month of May 2020 as well as their projected GST turnover for the month of June 2020 by 14 June 2020.

The monthly declaration can be lodged through the ATO business portal or through STP-enabled software.  Alternatively, tax agents can assist clients by lodging the monthly declaration on behalf of registered clients.

Please contact our office if you require assistance with making the JobKeeper declaration.