When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).
Christmas will be here in a moment and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift giving?
Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. Fringe benefit tax (FBT) and associated income tax and GST pitfalls are the big ones to watch out for.
The JobKeeper scheme has been extended from 28 September 2020 until 28 March 2021. The extension applies over two separate extension periods:
- Extension 1: from 28 September 2020 to 3 January 2021
- Extension 2: from 4 January 2021 to 28 March 2021
For each extension period, an additional actual decline in turnover test applies and the rate of the JobKeeper payment is different.
Changes to JobKeeper eligibility rules, announced on 14th August, mean we now need to revisit JobKeeper 1.0 to ensure your business stays eligible and to maximise your JobKeeper entitlements. Indeed, the changes may result in increased JobKeeper 1.0 payments for some businesses.
The government has also announced a relaxation of eligibility criteria for JobKeeper 2.0.
As we continue to adapt to life with the coronavirus, the one certainty is how rapidly things can change, and predicting how the next six months unfolds would be anyone’s guess. Despite the uncertainty, both Federal and State governments continue to do all they can to assist businesses and the economy to respond accordingly.
The ATO continues to roll out much-needed details about JobKeeper Payments, allowing us to advise clients with increasing clarity. Recent information has served to broaden eligibility for some businesses and extend deadlines, opening pathways for more businesses to potentially benefit from the subsidy.
The roll-out of the JobKeeper program continues at a rapid pace. Is your business ready for the JobKeeper Subsidy?
The JobKeeper Payment, at $130B, is the single biggest economic support measure in Australia’s history. The more we hear and read, the more confident we are that this measure has definitely hit the mark and will be the saviour for many businesses and thousands of jobs.
The third and largest COVID-19 (coronavirus) support package to date is a $130 billion economic injection designed to save jobs for the next 6 months. In this package, businesses may be entitled to receive a fortnightly wage subsidy of $1,500 per employee.
The so-called JobKeeper Payment is designed to keep people in work and the Government expects up to 6 million people will benefit from the subsidy.
The federal government continues to release a range of measures to support both business and individuals as a result of COVID-19.
This update primarily focuses on the government’s second round of stimulus measures. We also outline key concessions announced to date by major banks and provide a brief update on state government announcements.