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 [...]
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 [...]
On 6 March 2020, the government passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 as law. This bill provided a one-off amnesty to encourage employers to correct their Superannuation Guarantee obligations dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 [...]
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 [...]
