To qualify, an employer must demonstrate that its GST turnover has fallen by the following percentage compared to the same comparison period in 2019: 30% fall in turnover (for an aggregated turnover of $1 billion or less) 50% fall in turnover (for an aggregated turnover of more than $1 billion), or 15% fall in turnover (for ACNC-registered charities… Read more »

Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, superannuation, and more. MAY 2020 12 May – 3rd Quater 2020 Activity Statements – due for lodgement and payment if lodging electronically 21 May – April 2020 monthly Activity Statments – due for lodgement and payment 21 May – 2020 FBT Annual Return –… Read more »

Late on Friday April 10, explanatory materials were released in relation to the JobKeeper payment that has now been passed into law. The explanatory material clarifies one key aspect of the new legislation:Establishing a downturn By way of background, to qualify for the JobKeeper wage subsidy, one of the eligibility criteria is that:for businesses that have… Read more »

We’ve received many questions from subscribers around how a “downturn of turnover” will be measured for the purposes of eligibility for the coronavirus-related Job Keeper Payment. Last night there was fresh guidance from Treasury. By way of background, one of the eligibility criteria for Job Keeper is that: • for businesses that have an annual turnover of… Read more »

As a consequence of COVID-19, many employees are now working from home.  To make it easier for people to claim deductions when working from home, the ATO yesterday announced a new shortcut method which will allow taxpayers to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate… Read more »

Employers will be eligible for the Job Keeper subsidy if: their business has a turnover of less than $1 billion and their turnover has fallen by more than 30 per cent; or their business has a turnover of $1 billion or more and their turnover has fallen by more than 50 per cent; and the business is not… Read more »

Prime Minister Scott Morrison, on 30/03/2020, has announced a $130 billion support package to help employers and employees.  The idea behind these measures is that employers will retain their employees and have them working where they can.  However, if there is no work available due to Coronavirus related downturn or closures, then these employers retain their… Read more »

Over the weekend (29/03/2020), more relief was announced for business including:  Deferral of Loan Repayments A little over a week ago, the Australian Banking Association announced a six-month deferral of all loan repayments for small businesses hit by the coronavirus pandemic. On the weekend, this relief has now been extended to all businesses that have loans of up to $10 million.… Read more »

Support from the Federal Government For Sole Traders: ▪️Increased & accelerated income support: you’re able to access the $550 per fortnight Coronavirus supplement payment through JobSeeker, Youth Allowance Jobseeker or Parenting Payment with the waiting period and asset testing waived ▪️The increased instant asset write-off: The Government has lifted the threshold for instant asset write-off from $30,000 to… Read more »