Yesterday, the Government announced the $130 billion JobKeeper Payment.
The subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).
The payments are made by the ATO in arrears to the employer with payments starting in May.
The Fringe Benefits Tax (FBT) year ends on 31 March. Therefore, in this article, we’ve outlined the hot spots for employers and employees.
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
The Government has announced a $17.6 billion stimulus package to support the economy as we brace for the impact of the Coronavirus.
With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.
If you are impacted by bushfires, we can help. Many will need to lodge economic loss claims to ensure that the true value of what they have lost is recognised. We will help with these claims pro-bono. And, of course, to work with the Australian Tax Office (ATO) on disaster relief requirements.