COVID-19: The JobKeeper Payment
Posted 30 Mar '20
Posted 30 Mar '20
The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income.
The Government will provide $1,500 per fortnight per employee for up to 6 months for eligible applicants.
Employer Eligibility Snapshot:
> Your business has a turn over of less than $1 billion and your turn over will be reduced by more than 30 per cent relative to a comparable period a year ago
> Your business is not subject to the Major Bank Levy
Employee Eligibility Snapshot:
> The employee was on your books on 1 March 2020 and continues to be engaged by your business (including full time, part time long term casuals and stood down employees)
> Casual employees that have been employed on a regular basis for at least the previous 12 months as at 1 March 2020
> The employee is an Australian Citizen, holder of a permanent visa or other special visas (detailed in the fact sheet)
Self Employed Individuals
> If you have suffered or expect to suffer a 30 percent decline in turnover relation to a comparable prior period
All further details on eligibility, the payment process and timing of the release of these funds can be found in fact sheet. Simply download below.
Many business owners think tax planning means meeting with their accountant in June and finding a few last-minute deductions before the end
of the financial year.The reality is that true tax planning starts much earlier in the year.
For established businesses, proactive tax planning isn’t about scrambling to reduce tax at the last minute. It’s about creating a strategy
throughout the year that supports business growth, improves cash flow, and helps owners make better financial decisions.
For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
Looking for the best accountant in Brisbane? Learn what to look for in an accountant, from proactive advice and communication to tailored support for growing businesses.