As part of the Federal Budget, the government released measures designed to encourage businesses to employ additional job seekers. One measure was called JobMaker, which is aimed at getting young job seekers back in the work force. Below we summarise the initial outline of the JobMaker program. What do you get under JobMaker if [...]
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). [...]
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: [...]
The implications of COVID-19 for businesses are severe, far reaching and currently still ongoing. Many business owners have been forced into the unenviable position of deciding between staying open and potentially making a loss, or closing the doors and reducing turnover to nil, with knock-on effects such as losing staff or breaking leases. How [...]
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 [...]
If you are making plans in relation to a property venture then it is crucial to understand what the taxation implications are for your project. One of the keys to the taxation consequences will be whether the project is on revenue account or capital account. Capital Account If the property is purchased (or a [...]
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 [...]
