2021 Risks Opportunities, extended December JobKeeper deadlines, first JobMaker deadlines looming and your last chance to access COVID-19 Early Access to Super.
JobMaker Hiring Credits: What We Know So Far, Tax deductions for investing in your business, Refunds for Tax Losses, PAYG Tax table reminder, JobKeeper clawback begins, APRA reveals $34.4bn super early release
The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: 1) Personal income tax cuts from 1 July 2020 2) A $4 billion JobMaker Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old 3) $110 billion in infrastructure investment over 10 years 4) Immediate deductions for business investment in capital assets 5) Changes to how companies can manage losses 6) Access to generous tax concessions for a wider range of businesses.
Our October newsletter give a brief outline of JobKeeper: The next steps and what the government has done in Preventing a Tsunami of Insolvencies post COVID-19 support measures.
Is my business eligible? Am I and or my employees eligible? What JobKeeper rate applies? If my business doesn't satisfy the initial Decline in Turnover test, what can I do?
Is my business eligible? Am I andor my employees eligible? 3.What JobKeeper rate applies?
Time is running out! The Government SG Amnesty is due to expire 7 September 2020.
Has COVID-19 devalued your business? JobKeeper Alert! Question of the month tax on COVID-19 grants? Forecasting during a pandemic - planning in uncertain times.
Review your Employee's eligibility to receive JobKeeper
From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. From this date, the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in the 4 weeks prior to 1 March 2020 or 1 July 2020.