JOBKEEPER Last Friday, the Treasurer registered a legislative instrument bringing into effect the change that would see staff employed by 1 July now eligible for JobKeeper, an extension from the previous 1 March reference date. This legislative instrument, if passed, clarifies some pending issues we identified in our last post in respect to JobKeeper, namely: …
JOBKEEPER On 21 July 2020, in light of the continuing COVID-19 crisis, the Government announced it will extend the JobKeeper program by six months to 28 March 2021. We refer to these changes as JobKeeper 2.0 and covered them in detail during a webinar on 24 July 2020. However, the worsening economic conditions in Victoria …
Below is a table which outlines the stimulus measures available to SMEs. The table compares the stimulus measures announced at the beginning of the economic shutdown with measures announced over the last month. Stimulus measure Initial announcement Further announcements Income support and JobKeeper Businesses impacted by the coronavirus (their turnover has been reduced by more …
UPDATE ON FEDERAL GOVERNMENT STIMULUS MEASURES FOR SMES Read More »
BUSINESS SUPPORT PACKAGES – EXPANSION OF GRANTS TO SUPPORT BUSINESS THROUGH RENEWED RESTRICTIONS Each state government around Australia has announced a range of support packages to support businesses through the prolonged economic shutdowns caused by COVID-19. An outline for the major states is listed below. Each State Government website has a grant finder which can …
Today, the Treasurer Josh Frydenberg has announced that the Government intends to extend the timeframe and the thresholds for the instant asset write off from when the first economic stimulus measures were announced. The measures were intended to end on 30 June 2020 and then only apply to assets that cost less than $30,000. A …
EXTENSION OF INSTANT ASSET WRITE OFF TO THE END OF 2020 Read More »
BUSINESS VICTORIA – BUSINESS SUPPORT FUND 10 DAYS LEFT TO APPLY There are only 10 days left to apply for the Victorian Government launched the $500 million Business Support Fund as part of its $1.7 billion Economic Survival Package to help small businesses survive the impacts of coronavirus (COVID-19) and keep people in work. PURPOSE …
Last Thursday 9 April 2020, Parliament passed legislation to enact a range of stimulus measures as part of its response to the economic fallout of COVID-19 (Coronavirus). The JobKeeper payment announcements also became law as well as sought to clarify many questions people may have had about the operation of JobKeeper. This communication to you …
CORONAVIRUS (COVID-19) ECONOMIC STIMULUS UPDATE- 17 APRIL 2020 Read More »
JOBKEEPER PAYMENT On 5 April 2020 the Federal Government announced further updates and additional details on the JobKeeper Payment. An extract from the JobKeeper stimulus factsheet is below: WHAT IS THE DEFINITION OF TURNOVER ON WHICH A DROP IS MEASURED? Turnover will be defined according to the current calculation for GST purposes and is reported …
CORONAVIRUS (COVID-19) ECONOMIC STIMULUS UPDATE- 8 APRIL 2020 Read More »
FEDERAL GOVERNMENT On 31 March 2020 the Federal Government has announced additional details on the JobKeeper Payment. We have received a number of queries already in respect to how to prove whether a business has incurred a drop in revenue. For example, some questions posed have been: What if I was not in business 12 …
CORONAVIRUS (COVID-19) ECONOMIC STIMLUS UPDATE – 1 APRIL 2020 Read More »
The national cabinet met on Sunday night and then on Monday night where commercial residential tenancy issues were tabled. So far, the following has been released in respect to these issues: Commercial tenants, landlords and financial institutions are encouraged to sit down together to find a way through to ensure that businesses can survive and …
CORONAVIRUS (COVID-19) ECONOMIC STIMULUS UPDATE – COMMERCIAL AND RESIDENTIAL TENANCIES Read More »
