JobKeeper changes: turnover test and employment start date Prime Minister Scott Morrison announced further changes to JobKeeper on 7 August 2020. The changes are intended to ensure that eligibility for the revised JobKeeper scheme – to commence on 28 September 2020 – will be based on a single quarter tax period, rather than multiple quarters […]
JobKeeper changes: turnover test and employment start date Prime Minister Scott Morrison announced further changes to JobKeeper on 7 August 2020. The changes are intended to ensure that eligibility for the revised JobKeeper scheme – to commence on 28 September 2020 – will be based on a single quarter tax period, rather than multiple quarters […]
This is your last chance to apply for the super guarantee amnesty to catch up on past unpaid super, without incurring a penalty or paying administration fees. To be eligible for the amnesty: the unpaid super must be for a quarter between 1 July 1992 and 31 March 2018 you must not have already disclosed the shortfall […]
Federal Government releases economic update On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020 to reconcile the Federal Budget position for the Government’s $289 billion in COVID-19 measures. The Treasurer has forecast an underlying cash Budget deficit of $85.8 billion for 2019–2020, rising to $184.5 billion for 2020–2021 (or 9.7% of […]
Federal Government releases economic update On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020, outlining the key COVID-19 policy response measures announced by the Government since March 2020. The Treasurer said the Government has provided economic support for workers, households and businesses of around $289 billion (14.6% of gross […]
The Australian Federal Government has implemented legislation to combat illegal phoenix activities by company controllers which includes the requirement for company directors to obtain a Director Identification Number (DIN). Applying for DIN An ‘eligible officer’ (a director, alternate director or any other officer of a registered body of a kind prescribed by regulations) must apply […]
Tax time 2020 is here Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO […]
Tax time 2020 is here Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO […]
From 1 July, NSW small businesses will be able to apply for a small business recovery grant of between $500 and $3,000. The new grant comes as the state government’s previous $10,000 grants from a $750 million funding pool comes to a halt at the end of the financial year after 49,700 businesses accessed more than $490 […]
Treasury revises down estimated JobKeeper cost by $60 billion The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees likely to be covered under the JobKeeper program to be around 3.5 million […]