Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home.
The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.
This article is a quick summary of what will be changing on 1 July 2020, beginning of the 2021 financial year, regarding the ATO’s JobKeeper audit targets.
The JobKeeper payment is a subsidy of $1,500 per fortnight per eligible employee paid in arrears to the employer by the ATO. It’s for businesses that have suffered a detrimental decline in business because of
COVID 19 to help keep their staff employed.
To receive the JobKeeper payment, there are a series of eligibility criteria and reporting and notification obligations that need to be met. It’s important to talk to your accountant and adviser to make sure you get it right.
Here’s a summary of what you need to do to claim JobKeeper payments for April. If these conditions are not met, you might still qualify for JobKeeper payments later in the year.