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Government announces JobKeeper payment wage subsidy measures
The Government has announced a “JobKeeper” payment relief measure to subsidise wages for all eligible businesses. The amount of subsidy is $1,500 per fortnight, per eligible employee, which works out to be 70% of the median wage in Australia. To be eligible for...
COVID19 FAQ – Small Business
Pausing or ceasing your business Question: I have had to pause my business. Do I need to cancel my ABN and GST registration? Answer: If you have temporarily ceased some trading activities in your business but you intend to restart when you can, you are not required to...
COVID-19 Self Managed Super Fund FAQ:
Temporarily reducing superannuation minimum payment amounts Question: I am retired and receive an account-based pension from my SMSF. My account-based pension balance has been badly affected by the losses in the financial market because of the COVID-19 crisis. I would...
Pension minimum drawdowns reduced by 50 per cent
The Government is temporarily reducing minimum super drawdown requirements for pensions by 50 per cent. The reduction will be available for the 2019/20 and 2020/21 income years. This measure was implemented to support retirees in managing the impact of the: recent...
Government introduces coronavirus SME guarantee scheme for bank loans
In light of the economic impact from COVID-19, the Government will provide a guarantee of 50 per cent to Small and Medium Enterprise (SME) lenders to support short-term unsecured loans to SMEs. This measure will assist otherwise viable businesses to meet short-term...
Accessing Coronavirus supplement payment
On Sunday, 22 March 2020, the federal government announced a new form of social security payment, known as the Coronavirus supplement payment. Individuals who have lost their job, been stood down or have had significant reductions in business income will become...
Early access to superannuation for individuals affected by COVID-19
The government has introduced a scheme where you are able to access your superannuation before retirement age. This scheme is already in place under superannuation law, but has been significantly enhanced in light of the economic issues resulting from COVID-19. Under...
Payroll tax relief packages
NSW QLD WA release coronavirus/COVID-19 payroll tax relief packages New South Wales The NSW Government has announced the waiver of payroll tax for businesses with payrolls of up to $10m, for the months from April to June 2020. Also, the payroll tax threshold will be...
Superannuation guarantee amnesty
Time to recertify your superannuation obligation, a once-off amnesty on superannuation guarantee (SG) will apply from 24 May 2018 for employers to self-correct historical SG compliance. Since 1 July 1992, when the Superannuation Guarantee Assessment Act was enacted,...
Economic Response to the Coronavirus
Small businesses with turnover less than $50m will benefit from a cash flow boost over a six month period as part of a Government stimulus package. This is designed to reduce the economic effects of a pandemic-based downturn, will encourage small businesses to keep...