Here is a quick snapshot of the important points of JobKeeper 2.0 as we count down the days until its commencement next week:    Entities must re-assess their eligibility for JobKeeper 2.0 from 28 September Entities already enrolled in JobKeeper 1.0 do not need to re-enrol for JobKeeper 2.0 Employees who received JobKeeper 1.0 do not need to… Read more »

In response to the state’s extended lockdown, the Victorian government on the weekend announced a $3 billion Business Survival and Adaption Package for businesses impacted by the COVID-19 restrictions. The package is a mix of cash grants, tax relief, and cash-flow support featuring three components. Business Support Small and medium sized business ($822 million): The third round… Read more »

With the JobKeeper extension commencing in two weeks, we provide the latest publically available information –  Extension from 28 September 2020 The original JobKeeper scheme finishes on 27 September 2020. In good news for employers, the Government then announced that the scheme will be extended from 28 September 2020 until 28 March 2021. There are two separate extension periods.… Read more »

The JobKeeper 2.0 legislation has just passed both houses of Parliament, and is now law (subject to the formality of Royal Assent). This legislation enables the Treasurer to draft a legislative instrument setting out the key changes to the scheme as follows: Employer Eligibility From 28 September 2020, businesses and not-for-profits seeking to claim JobKeeper will be… Read more »

On 7 August, the government announced two further changes to the JobKeeper program. Firstly, employees hired as at 1 July 2020 may also be eligible to receive JobKeeper. Secondly, employer turnover eligibility for the revised JobKeeper scheme to commence on 28 September 2020 will be based on a single quarter tax period (rather than multiple… Read more »

Many key dates are looming for business including those relating to Activity Statements, GST, Superannuation, Income Tax Returns, and more…   SEPTEMBER 2020 21 September – August monthly Activity Statements – due for lodgement and payment 30 September – Annual TFN Withholding Report for closely-held Trusts where a Trustee has been required to withhold amounts from payments to… Read more »

Congratulations to Michael & Lucy! Our award recipients in Taxation Law, well done on your outstanding achievements. MyTaxSavers Prize Awarded to the Bachelor of Business (Accountancy) student with the best overall performance in the unit AYB219 Taxation Law. Recipient/s Lucille Tynan MyTaxSavers Prize Awarded to the Bachelor of Business (Accountancy) student with the best overall performance in the unit AYB219 Taxation… Read more »

Key dates  31 August 2020 – wage condition for new employees For the fortnights commencing on 3 August 2020 and 17 August 2020, we are allowing employers until 31 August 2020 to meet the wage condition for all new eligible employees included in the Jobkeeper scheme under the 1 July eligibility test. 31 August 2020 – enrolments close… Read more »

Key Dates for Business July 2020 01 July – First day of the 2020/2021 financial year 21 July – Monthly Activity Statements (June 2020) due for lodgement and payment 28 July – Quarterly Activity Statements (April-June) due for lodgement and payment (if lodging by paper) 28 July – Superannuation Guarantee Contributions (April-June) due for payment to superannuation funds or Clearing… Read more »