The 2020 budget was delivered on Tuesday. The scope of the budget was huge, and so were the dollar amounts involved. We have put together this guide to assist our clients with what we believe are the most relevant measures (however there are many other measures not included due to the sheer number involved). [...]
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The first round of JobKeeper ends on 27 September, and JobKeeper 2.0 commences on 28 September. The second round has different eligibility requirements for employers, different eligible employees , and different rates of payments than the original scheme. If you are an employer who wishes to continue receiving JobKeeper payments you need to: [...]
On 6 August 2020, Josh Frydenberg announced additional changes to the JobKeeper 2.0 program to 28 March 2021, easing some of the eligibility criteria for staff and amending some of the reduction in turnover requirements for businesses. The treasurer cited the stage 4 restrictions in Melbourne as the reason for these amendments. Under the [...]
On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. If your business currently receives JobKeeper, your [...]
On 9 June, the government announced that the $150,000 instant asset write-off would be extended from a planned finished date of 30 June 2020 until 31 December 2020. Under these rules, eligible taxpayers get a 100% tax deduction for asset purchases with a value of less than $150,000. To be eligible you must: be [...]
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The [...]
The Next Steps You Need To Take The JobKeeper Payment scheme is now open for enrolment. JobKeeper Payments are designed to assist with the continued employment of employees where a business experiences a drop in turnover of 30%, more information on eligible businesses and employees can be found here. The next steps for businesses [...]
Next steps to be taken if you believe you are an eligible employer: Contact your Hoffman Kelly advisor for full advice confirming your position and assistance with all required steps if you would like us to assist you with these claims. If you would prefer to undertake the enrolment/application process yourself, we suggest you [...]
Commercial rent fee relief The parliament met yesterday and passed legislation which enables the Treasurer to make rules to implement the JobKeeper Scheme. Unfortunately, the rules have not yet been published, and there are no new details to clarify certain parts of the scheme which are still uncertain so we will send an update [...]
Hang in there. We’ve designed this guide as a quick reference to the COVID-19 related tax and financial support that might be available to you. The Government has flagged that more support is coming and we will keep you updated of changes that are likely to impact on you. The stimulus and support packages [...]