Late last year, legislation passed that provided that certain grant payments in response to COVID-19 would be made non-assessable non exempt income. The legislation requires the Treasurer to declare that a grant program is eligible by legislative instrument if he is satisfied that it was in response to the economic impacts of the coronavirus pandemic […]
Read moreAt the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes. Mr Hirschhorn went on to say that there did not appear to be widespread fraud across the […]
Read moreWe’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll let you know as soon […]
Read moreOn Sunday 13 September 2020, the Victorian Government has announced a new support package of $3 billion, in “cash grants, tax relief and cashflow support delivered to Victorian Businesses.”Read the Victorian Government Announcement here. While there are almost no details on the support package for Businesses as yet, we wanted to put together what we […]
Read moreThe Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can […]
Read moreThe first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. As we have discussed, we will be contacting you to discuss JobKeeper 2.1. If you do not hear from us by next Friday, […]
Read moreWith the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights. Employers need to ensure that they identify all additional employees who could […]
Read moreNow, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption is subject to change? Understand […]
Read moreUpdate: A must read, action required The Treasurer, with powers available under the JobKeeper legislation, has brought in a change that would see employees employed at 1 July, now eligible for JobKeeper. This is an extension on the previous 1 March 2020 reference date. If you are currently enrolled for Jobkeeper 1.0 ending 30th September […]
Read moreServices Australia has an online payment guide that guides you through the payments available if you are impacted by COVID-19 and what you might be able to access. Pandemic Leave Disaster Payment for Victoria If you have to self-isolate or quarantine at home because of COVID-19 or are caring for someone who is, and cannot […]
Read moreDuring lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs? In general, home office […]
Read moreIn addition to general waivers, reductions or rebates on some Government licensing and fees, each State and Territory has some form of support accessible to certain businesses impacted by COVID-19. Australian Capital Territory Support Description Closes Rate deferrals Rate deferrals for commercial property owners affected by COVID-19. 1 April 2021 Payroll tax deferral All ACT […]
Read moreA number of the states of Australia have announced a range of tax measures to provide relief to businesses in response to COVID-19. These include payroll tax relief, interest free loans and other such cash flow stimuli for the business community. Victoria Payroll Tax Relief Businesses with annual taxable wages up to $3m will […]
Read moreThe Australian Government has announced a $66.1 Billion stimulus package to support businesses, boost income support payments, provide targeted changes to superannuation rules and relax corporate insolvency laws. What this means for businesses: Tax-free payments up to $100,000 for small business and not-for-profit employers. An increase in the previously announced initial tax-free payments for employers […]
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