JobKeeper - Easing Eligibility
More businesses and not-for-profits will be eligible for JobKeeper payment extension under a $15.6 billion change to the scheme announced on August 7.
The Government initially outlined the JobKeeper extension guidelines on July 21, but says it needs to extend its criteria after the Victoria Government implemented stricter lockdowns across the state this week.
Changes from 28 September
The new rules mean that from 28 September, businesses need to ...
Building a bridge to recovery
In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia's future.
As expected, the focus is on job creation, tax cuts and targeted spending to get the economy over the COVID-19 hump.
The Treasurer said this Budget, which...
15 September 2020Read More
With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown.
Over the next few months, key tests will come with the withdrawal of government stimulus measures like JobKeeper and the return of your normal wages, rent and financing expenses.
An end to landlord rent deferrals and business loan repayment holidays, for those who had them, will make cashflow and debtor ma...
The JobKeeper Payment has been extended by a further six months to March 2021, targeting support to those organisations which continue to be significantly impacted by COVID-19.
From 28 September 2020, eligibility for the JobKeeper Payment will be based on actual turnover in the relevant periods. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.
The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.
The JobKeeper estimates error
Hindsight is a dangerous lens as Treasury discovered last month announcing that the number of employees expected to be covered by the JobKeeper scheme was overstated in the original announcement by approximat...