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Boyce Financial Services Pty Limited
is an Authorised Representative of 
Lonsdale Financial Group Limited
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Looking After Your Mental Health During The Coronavirus Outbreak

20 May 2020

Mental health not-for-profit organisation Beyond Blue says it's received a rapid rise in inquiries related to the coronavirus pandemic.

Beyond Blue says one-in-four people have contacted the organisation with mental health concerns related to COVID-19.

In the same way that we’re taking careful steps to manage our physical health, we can actively look after our mental health and Beyond Blue is developing resources to support people to do that.

Beyond Blue has set up an online forum where users can talk about their experience, which is moderated by Beyond Blue staff.

Anyone can contact the organisation's mental health professionals 24/7 on the phone and online.

It is expected that there will be more demand for mental health support as the health, social and economic consequences of COVID-19 play out and Beyond Blue encourages everyone to reach out early.

Here are some tips to take care of your mental health:

  • If you're working from home, keep things balanced by blocking out specific hours you will work. 
  • Staying connected with family and friends through video calls or telephone calls, social media or email.
  • Stick to a regular sleep routines and eat healthy foods.
  • Stay physically active, even just going for a walk.
  • Avoid misinformation, which can fuel anxiety, by reading information from credible sources such as government and health department websites.
  • Set a limit on how much time you spend on social media and news you find distressing.

Mental health professionals are available on the Beyond Blue Support Service via phone 24/7 on 1300 22 4636 or via via their online chat service.

For more information or to access support, please visit Beyond Blue.

Sourced from afr.com

Single Touch Payroll - Compulsory from 1 July 2020

8 May 2020

Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.

STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.

If you only pay closely held employees, an extension has been granted to 1 July 2021 for you to report.

Closely held employees are:

  • Family members of a family business
  • Directors or shareholders of a company
  • Beneficiaries of a trust.

Micro-employers (1-4 employees) are now able to have their registered tax agent lodge on their behalf until 30 June 2021.

Boyce strongly recommends having a suitable STP-enabled accounting or payroll system as soon as possible.

Reporting information for the JobKeeper payment is extremely easy from your software and is seen as the most efficient way of reporting this to ensure the payments are received as soon as possible.

If you would like to discuss Single Touch Payroll or STP-enabled software, please contact your local Boyce Accountant so we can assist you.

JobKeeper Updates: Next Steps In The JobKeeper Enrolment Process Are Now Open

5 May 2020

The next steps in the JobKeeper enrolment process are now open on the business portal. Enrolments (Step 1) need to be completed by 31 May in order to claim JobKeeper payments for the initial JobKeeper periods (the fortnights ending in April and May).

The steps that are now also open are:

  • Step 2: Identify and maintain your eligible employees. You can now identify each person that you will claim the JobKeeper payment for on the business portal.  This includes the identification of eligible employees and business participants. 

Step 3: Make a business monthly declaration. You are now able to complete the monthly declaration; you will need to provide the business's current and projected GST turnover and reconfirm eligible employees. This is the step that confirms you are entitled to JobKeeper payments for a month.

Read more >

Light At The End Of The Coronavirus Tunnel - What Does It Mean For Investors?

30 April 2020

Sourced with thanks from Dr Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital.

Key Points

  • From their high in February to their low around 23 March, global shares fell 34% and Australian shares lost 37% as all the news was bleak.
  • After a strong 20% rally recently, in the short-term shares are vulnerable to soft economic and earnings news.
  • However, positive news on the coronavirus outbreak is starting to get the upper hand – with evidence of curve flattening, an easing in lockdowns and massive policy stimulus pointing to a possible return to growth in the second half, which should ultimately underpin a rising trend in share markets beyond short-term uncertainties.
  • This is all very different to five or six weeks ago when there was talk of six-month lockdowns, no confidence as to whether they would work and the policy response was seen as inadequate.

The blanket coverage of coronavirus and its impact on the economy has lead to a lot of confusion. So first the bad news and then the good.

The Bad News

  • The reported number of coronavirus cases globally is still rising and is now approaching 3 million.
  • Many worry about a “second wave” of cases as occurred in the 1918 Spanish flu outbreak.
  • Most medical experts still say a vaccine may be a year or more away.
  • In the absence of a vaccine some worry about coronavirus outbreaks every winter as it migrates around the world.
  • Economic activity data is literally falling off a cliff. This was highlighted last week by the IMF’s forecast for a contraction in the global economy of 3% this year and in advanced economies of around 6%.
  • We are constantly hearing forecasts of unemployment going to 10%, 15% and maybe even 30% in the US (which does not have the benefit of Australian JobKeeper wage subsidies).

This in turn is creating much consternation around whether there will be an economy left once the shutdowns end and/or how governments will get their debt down. 

Read more >

JobKeeper Software Updates

29 April 2020

  • Payroll & Accounting Software Setup  

  • Xero - Changes & Tools to Assist with JobKeeper

Payroll & Accounting Software Setup

With registrations for the JobKeeper payment having opened on 20 April 2020, payroll and accounting software companies have released guidance on how you should process these payments.

Below are the links to the instructions on how to setup and process for each system.

Xero (see more below)

MYOB AccountRight Live

MYOB Essentials

Keypay (Phoenix & Quickbooks Online)

E-PayDay

The software companies are regularly updating these pages as more information becomes available.

Read more >

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