Corona Virus

JobKeeper clawback begins

At 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. Read more ….

JobMaker Hiring Credits: What We Know So Far

We’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 as we have some certainty.

Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020.

The Latest Changes to JobKeeper 2.0 from 28 September 2020

The updated rules and explanatory statement clarify a number of common issues that have been raised by accountants since the JobKeeper extension was announced, including:

Carrying on an entity from 1 March 2020
Eligibility for December if failed previous decline in turnover test periods
Applying the two tier payment rates
The power of the Tax Commissioner
GST reporting method
Current GST turnover
Jobkeeper payment rates – alternative tests for the 80 hour requirement
Employees not tied to hours worked
Wage condition extended to 31 October 2020

2021 Risks & Opportunities

Dec 7, 2020 | Business, Compliance, Personal

With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’; sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.

However, the Reserve Bank of Australia cautions that the recovery will be uneven and drawn out and GDP is not expected to return to pre-pandemic levels until the end of 2021. The risks are not limited to the pandemic but Australia’s geopolitical relationships, notably with our largest trading partner, China.

Here’s our key risks and opportunities as we head into 2021 …

JobKeeper clawback begins

Nov 23, 2020 | Business, Compliance

JobMaker Hiring Credits: What We Know So Far

Nov 2, 2020 | Business, Compliance

The JobKeeper Payment – A Snapshot

May 19, 2020 | Business, Compliance, COVID-19

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.

11 Key steps you need to take now for your business

Apr 8, 2020 | Consulting, COVID-19

COVID-19 Strategies – As a business owner, stay focussed on keeping your business alive during these difficult times. Here’s a list of 11 key action items.

The JobKeeper Payment: What you need to know

Mar 31, 2020 | Compliance, Consulting, COVID-19

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 2nd Stimulus Package: What you need to know

Mar 23, 2020 | Compliance, Consulting, COVID-19

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.