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JobKeeper payments are payable to qualifying employers for a maximum of 13 fortnights in respect of each eligible employee on their books on 1 March 2020 who is retained by the employer. Qualifying employers will receive a payment (fortnightly in arrears) of $1,500 per fortnight for each eligible employee.
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People who are self-employed will be eligible for the payment provided, at the time of applying, they:
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The first tranche of Cash Flow Boost payments will be made after 28 April 2020. The March 2020 BAS is due for lodgement by 25 May 2020. Here are some examples as to how the Cash Flow Boost will flow through.
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Grants of up to $10,000 will be available to NSW small businesses impacted by the public health orders to restrict social gathering and movement, to help cover unavoidable costs such as utilities, overheads, legal costs and financial advice.
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The NSW Government has announced a range of land tax repayment options as part of its economic stimulus package to help businesses impacted by COVID-19. There a number of measures to assist taxpayers such as extending deadlines for payments and applying leniency for late payment. If you need more time to pay your 2020 land tax assessment, and would like to pay by instalments, please contact us.
If you would like to request a deferral for payment of your 2019 income tax return or upcoming BAS’s please contact us to arrange a deferral with the ATO.
The new proposals will be part of a new mandatory code of conduct for commercial tenancies to be legislated by each state and territory. It will bind both landlords and tenants – who have a turnover of $50 million or less and are eligible for the JobKeeper program of benefits.
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While the government has introduced the measure to allowing individuals in financial distress to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21, they have emphasised this measure is for those individuals highly affected by COVID-19.
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An increasing number of individuals are working from home now. If you are working from home only due to COVID-19, you:
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We have received an increase number of enquiries from clients regarding updating their wills. We have sought advice from our Estate Planning lawyers at Townsends Lawyers.
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We have had a number of queries regarding COVID-19 from clients with existing insurance policies.
Income Protection Insurance policies do not have pandemic exclusions for existing policy holders and if you are ill and not working for longer than the waiting period, you will be able to claim your Monthly Benefit.
Term Life Insurance policies do not have pandemic exclusions for existing policy holders.
We recommend you check your beneficiary details on your Term Life Insurance and your superannuation funds.
In addition to the (Coronavirus guarantee scheme) working capital loan up to $250,000, outlined in last week newsletter, the banks also offer other business loan products.
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On 2 April 2020, the Australian Government announced the new Early Childhood Education and Care Relief Package.
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The NSW Premier today announced that parents in NSW will not have to pay preschool fees for up to six months thanks to a $51 million funding package announced by the NSW Government. The NSW Government has also committed up to $82 million to support 260 council childcare centres who are not eligible for the JobKeeper payments. The funding will be available to 700 state-funded community preschools and 38 mobile services that provide care to 45,000 three to five year olds.
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