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ATO Clarifies New JobKeeper Employee Eligibility Rules

The ATO has implemented their changes to the JobKeeper employee eligibility rules with immediate effect. As we mentioned in our earlier bulletin the previous 1 March 2020 employee eligibility date has been updated to 1 July 2020. “JobKeeper enrolments are still open. We encourage all businesses to review the eligibility criteria and if eligible, enrol…
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Treasurer Hauls Major Banks to the table on JobKeeper Bridging Finance

The Federal Treasurer has recently engaged with Australia’s four major banks who have now agreed to provide “bridging finance” to help businesses pay their employees before receiving the JobKeeper payment in arrears each month. The four major banks have agreed to set up dedicated hotlines for their customers to call to receive the bridging finance necessary to…
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JOBKEEPER INCENTIVE SCHEME – KEY INFORMATION

15th APRIL 2020 The ATO have now started releasing more information on the JobKeeper Scheme criteria and the steps to be taken to assess your business eligibility and apply for approval. In summary the steps are for the Tax Agent or business to: Work out if you are eligible Identify your eligible employees Ensure you…
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CASH BOOSTER INCENTIVE AND MARCH 2020 BAS LODGEMENT

CASH BOOSTER INCENTIVE AND MARCH 2020 BAS LODGEMENT 16 APRIL 2020  As you will already have, or about to, lodge your March 2020 quarterly BAS we would like to give you a reminder about your potential entitlement to the first round “Cash Booster” incentive credit, how it will work and what you need to do. Will your…
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MANDATORY CODE FOR COMMERCIAL TENANCIES

The National Cabinet meeting with State Treasurers have agreed a mandatory code for commercial landlords and tenants will apply to tenancies where either the landlord or the tenant is eligible for the JobKeeper program. It will be legislated and regulated by each individual State and Territory. It would appear this (temporary) mandatory code will only apply…
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COVID-19 JobKeeper Passes Parliament

Update 8th APRIL 2020 JOBKEEPER LEGISLATION PASSES PARLIAMENT The JobKeeper legislation was passed in Federal Parliament today we are suggesting that businesses who are thinking they should rush their JobKeeper application to be cautious and be prepared with the relevant information beforehand. Once Royal Assent is given, the ATO will publish extensive guidance on many…
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COVID-19 Working from Home, Tax Deduction

UPDATE 7th APRIL 2020 TEMPORARY NEW WORKING from HOME TAX DEDUCTION The Australian Taxation Office (ATO) has announced temporary arrangements for this FY2020 financial year due to COVID-19 to make it easier for people to claim deductions for working from home. The new arrangement will allow people to claim a rate of 80 cents per…
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Queensland Government Job Support Loan

UPDATE 2nd April 2020 QUEENSLAND GOVERNMENT JOB SUPPORT LOANS The Queensland Government’s is now accepting applications for their Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on expenses…
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Federal Government JobKeeper Wage Subsidy

Update 2nd April: FEDERAL GOV’T JOBKEEPER WAGE SUBSIDY Following the Monday announcement of the third round of economic incentives by the Morrison Government and the $1,500.00 per fortnight payments to business there has been a lot of confusion and conjecture how it will apply to businesses. As noted in our previous email the Job keeper…
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COVID-19 JobKeeper Payment Subsidy Program

JOBKEEPER PAYMENT SUBSIDY PROGRAM As you will have all heard by now the Federal Government has announced their third round of economic measures to support business and individual how have been heavily impacted by the economic havoc caused by forced business shutdowns. We have extracted the following information direct from Treasury’s Fact Sheet released last…
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COVID-19 Working From Home

WORKING FROM HOME AND WORKPLACE SAFETY We know you are being bombarded with Convid-19 articles so we only try sending useful information relevant to the survival and recovery of your business and your own well-being. That said, the State Governments are making no concessions on workplace health and safety laws and regulations and expect business…
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COVID-19 Stood Down without Pay

By Grace Ormsby · March 23 2020 With government-issued business closures becoming increasingly the norm, a huge number of Australian employees are facing an uncertain future. In an update from Madgwicks Lawyers’ special counsel, Tim Greenall, the employment lawyer has explained that the situation that saw the standing down last week of 20,000 Qantas staff – indefinitely…
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$66 Billion Second Stimulus Package

The Federal government on Sunday released a second increased stimulus package. The new $66.1 billion economic plan is in addition to the first $17.6 billion round announced about 10 days ago. It has been stated as a means to help small businesses stay afloat, and keep people employed, until the coronavirus-related economic downturn has passed.…
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COVID-19 Business Assistance

EMERGENCY BUSINESS ASSISTANCE This week has seen a staggering escalation in Government announcements that are now heavily impacting on businesses, large and small, to operate effectively. Media generated hysteria has gone to another level and some seem to have lost all ability to think logically. I realise you have been bombarded with Convid-19 articles but…
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COVID-19 Business Incentives

The Government Business Incentives – Summary With the panic over the Corona Virus the Australian government has announced its $17.6 billion economic stimulus package. The package includes both cash and tax incentives, as follows: Cash money for small business owners   50% cashback on PAYGW, up to $25,000 Eligible small and medium-sized employers (turnover up to $50mil) will…
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Labor Confirms 1 January Start Date for Negative Gearing & CGT Proposal

Labor has announced that it will implement its plan to restrict negative gearing to new investment properties and halve the capital gains tax discount from 1 January 2020. The date, announced by shadow treasurer Chris Bowen, will limit negative gearing to new housing, with all investments made prior to the date to be fully grandfathered. Likewise, the…
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