New $ 3k grants for small businesses and change to payroll tax threshhold
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 […]
Explanatory Memorandum – June 2020
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 […]
Client Alert – June 2020
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 covered under the JobKeeper program to be around 3.5 million (down from a […]
Being ‘stood down’ is not being sacked
Accountants are fielding lots of questions in the COVID-19 shutdown. One of the most confusing is about standing down staff. IN BRIEF – While being ‘stood down’ sounds like a retrenchment or redundancy, it is not the same. Standing down measures are being used to try to save companies from going under and, ultimately, retain […]
Explanatory Memorandum – April 2020
Coronavirus cash flow boost payments explained As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers. Put simply, the cash flow boost payments are intended to support employment by providing Federal support for employers through the […]