The Government is continuing to introduce legislative changes and provide further guidance to businesses seeking to apply for the JobKeeper Payment. Extended date for initial wage payment and enrolment The Commissioner of Taxation has extended the time available to employers to pay their employees and still be able to claim back the first two fortnight
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Topics covered in this edition of our Client Information Bulletin are: Financial Impact of Government stimulus measures The use of Modern Monetary Theory to buy us time The Hot topics Will the Government introduce a COVID-19 levy? GST in review… How do we compare to other countries in the OCED? Are we in for a
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The ATO has started releasing key information to assist businesses affected by COVID-19 to assess their eligibility to access the JobKeeper payment to continue to pay their employees. Employers can choose to participate in the JobKeeper payment and nominate the employees they want to claim the JobKeeper payment for. It is not compulsory. Eligible employers
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On 30 March 2020, the Government announced a $130 billion JobKeeper Payment to help keep Australians in jobs as the country seeks to deal with the significant economic impact from the Coronavirus. Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees.
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On 22 March 2020, the Australian Government announced a stimulus package that included measures to support retirees in response to the COVID-19 impact on superannuation savings. The main measures relating to retirees and superannuation are as follows: 1. Temporarily reducing superannuation minimum drawdown rates The Government is temporarily reducing superannuation minimum drawdown requirements for account-based
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Victoria’s Economic Survival Package The Victorian Government announced a $1.7 billion economic survival and jobs package. As part of the package, the Victorian Government will provide the following support. Full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses (SMEs) with payroll of less than $3 million. Payments will start flowing
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On 22 March 2020, the Australian Government announced an expanded economic response to help businesses and households through the period ahead in light of the broader and more prolonged impact of the Coronavirus outbreak. Building on the previous measures (which were outlined in our Client Alert No.59 COVID-19 Update – Government Economic Stimulus Package) this
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On 12 March 2020, the Australian Government announced a $17.6 billion economic stimulus package to support individuals, businesses and households affected by the rapidly spreading COVID-19. The package announced by the Australian Government has four main focus areas. 1. Supporting business investment (effective from 12 March 2020) Increasing the instant asset write-off The Government is
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Topics covered in this edition of our Client Information Bulletin are: What has the ATO been doing? Looking at your lifestyle Trading stock taken for private use When labour costs might not be deductible Activity statement financial processing Tip-off to keep the competition fair SMS scam – tax refund notification Small Business CGT concessions Super
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When you buy or acquire property in Victoria, you will ordinarily have to pay land transfer duty (also known as stamp duty). Foreign Purchaser Additional Duty (FPAD) provisions were introduced with effect from 1 July 2015. Generally, if you are a foreign purchaser and you acquire residential property, FPAD will be payable as well as
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