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 extension periods, being: Extension period 1 – which covers the seven new JobKeeper fortnights that…  Read more

ATO Flags Work-Related Hotspots

The ATO has now announced a number of deduction hotspots that it will pay close attention to this year, in light of COVID-19. The Tax Office has begun bracing for a substantially different tax time this year, noting that it will likely see a flow-on effect from COVID-19 restrictions on work-related expenses claims. ATO Assistant Commissioner Karen Foat, has urged taxpayers to reduce claims for work-related expenses in the last…  Read more

Coronavirus: Government JobKeeper Payment

A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee and/or for one eligible business participant (i.e.,…  Read more

Economic Response to Coronavirus

On 12 March 2020, the Australian Government announced a $17.6 billion targeted stimulus package to support the Australian economy through the challenges of the coronavirus. The package is designed to keep small businesses afloat and employees in work, and will focus on supporting the most affected sectors. The government has stated that the measures are temporary, targeted and scalable. The main areas of support relevant to small businesses are: Cash…  Read more

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