Category: COVID19

Business

ATO support for businesses in difficult times

The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: Give the business extra time to pay its tax; Set up a payment plan

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Business

Government extends SME Recovery Loan Scheme to 30 June 2022

The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the backing of a Government loan guarantee. Around 80,000 loans worth

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Business

Extending administrative relief for companies to use technology

The Government has passed legislation renewing temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting materials and execute documents until 31 March 2022. This should ensure that companies can

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Business

New measures in effect

The Government has provided an update of a number of new measures that came into effect from 1 January 2021, including: The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape, and help more small businesses recover from the pandemic. The reforms introduce a new,

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COVID19

80¢ per hour work-from-home deduction method extended

Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021. This is the third

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Business

Temporary full expensing available for businesses

Last October, the government announced the JobMaker Plan to support businesses. One of these incentives is temporary full expensing. In their 2020–21 and 2021–22 income years, eligible businesses can immediately deduct the: business portion of the cost of eligible new depreciating assets cost of improvements to existing assets. If your business’s aggregated turnover is less

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Business

JobMaker Hiring Credit Passed

The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per week for an eligible employee aged 16 to 29

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Business

Special COVID-19 Super Condition of Release Extended

If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early. The ability to withdraw up to $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19, was initially set to expire on 24 September 2020, however, this has now been extended until 31 December 2020. Eligible citizens and permanent residents of

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COVID19

JobKeeper Updates

JobKeeper 2.0 – tweaks to the ‘Decline in Turnover’ Tests On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).  As a result, JKPs will now be made over two separate

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Business

JobKeeper 2.0 eligibility and payments

JobKeeper extension The Government announced that JobKeeper will be extended but with changes in turnover tests and payment rates: First stage (from 28 September 2020) Turnover decline will initially be based on actual decline for June and September 2020 quarters to qualify for two reduced tier rates; Next stage (from 4 January 2021) actual turnover decline for June, September and

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