COVID-19

Covid-19 and the implications on Fringe benefits Tax

The COVID-19 Pandemic continues to have a significant impact on many businesses around the World. In Australia, the unprecedented crisis is forcing employers to reconsider the benefits provided to staff and the resulting Fringe Benefits Tax (FBT) implications.

New SME Recovery Loan Scheme

On 11 March 2021, the Government announced a new SME Recovery Loan Scheme which will assist eligible businesses to access finance to maintain and grow their businesses when JobKeeper concludes at the end of March 2021.The Scheme builds on the framework established in the two phases of the Coronavirus SME Guarantee Scheme, and is specifically targeted at SMEs currently receiving JobKeeper (i.e. the scheme is only open to certain recipients of the JobKeeper payment between 4 January 2021 and 28 March 2021).

The JobMaker Scheme

The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 received Royal Assent on 13 November 2020. Final Rules governing JobMaker will be released after public consultation, therefore the information provided in this document is based on the draft rules.  

Implications of COVID-19 on Transfer Pricing Policies

The continued economic impact of COVD-19 in Australia, Asia Pacific and the wider world has naturally forced or accelerated the process of businesses to review their existing operations and commercial arrangements. Companies have taken stock on the impact of COVID-19 on their financials, business models and supply chains.  

Should a review of GST be on the table?

Last week we asked about the future of GST in Australia and as we expected, more than 65% of the respondents felt that change is required. As we come out of COVID-19, revenue collection will be high on the Government’s agenda, primarily to fund the cost of stimulus funding. On numerous occasions, our leaders have stated that they are against increasing taxes and want to encourage consumer spending in Australia. There are media reports of personal tax rate cuts being brought forward to reinvigorate the economy. ​Our GST system is complex and needs improvement. There have been some minor adjustments, such as making certain foreign suppliers of goods and services in Australia being liable for GST, but there is scope to make some targeted changes to improve the efficiency of the GST system. Read more about our thoughts and the options available.

JobKeeper 2.0: The rules explained

The Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020 was recently passed by Parliament to facilitate the extension of the JobKeeper Scheme to 28 March 2021. The Treasurer has subsequently released amended Rules for the Scheme, which were registered on 15 September 2020.  

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

COVID-19 and Fringe Benefits Tax

As a result of COVID-19 and changed working conditions, employers may be providing benefits to employees that are not usually provided in a ‘normal’ year. Fringe benefits tax (FBT) may be applicable if you provide benefits in addition to salary and wages. There are exemptions and concessions available that can reduce (or eliminate) the amount of FBT you pay that are outlined in this article.

COVID-19's impact on doing business globally

The coronavirus pandemic has changed the world. In addition to its significant health implications, COVID-19 has caused massive disruption to businesses and the global economy.

Issues company directors should be aware of during COVID-19 and beyond

The last few months have had far reaching implications for many businesses across Australia. Whilst some businesses are starting to show signs of recovery, there are a few ‘ticking’ timebombs you need to be aware of as a company director. Directors may be personally liable for certain actions by the company including situations of insolvent trading and failure to meet employee (PAYG and superannuation guarantee), or GST obligations (in certain scenarios). The Government has provided some relief for directors in relation to insolvent trading due to the impact of COVID-19, but it is important to look out for issues not necessarily covered by the relief.

JobKeeper 1.0: Changes you need to be aware of

The Federal Government recently announced the expansion for the eligibility of the current JobKeeper Scheme.   As part of the changes announced, the Federal Government introduced changes for employees eligible for the JobKeeper Scheme from 3 August 2020. On Friday 14 August, the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 7) 2020 (the Rules) were registered which commence from 15 August 2020. 

JobKeeper 2.0 Revision

Following the Federal Government’s announcement regarding changes to the proposed JobKeeper 2.0 Rules, due to take effect from 28 September 2020, Treasury issued an updated factsheet this morning. Changes made to the original version of JobKeeper 2.0 are outlined below.

JobKeeper 2.0 and the next phase of stimulus activity

The Government has released some further detail on what the future of stimulus will look like in Australia.

Australia: how we are faring during COVID-19

We're lucky to be in Australia and even more so in these times with a global pandemic of COVID-19. Businesses have struggled, people have self-isolated and the Government has done its best to prop up businesses with the Jobkeeper payment and other stimulus measures. The economy has suffered greatly, and it will take time to revert to pre-COVID times. Due to our geographical isolation and quick actions of Governments, we were able to contain the number of cases of Coronavirus to a degree, however, with the recent spike in Victoria, we need to remain vigilant. A second wave is occurring, and it is up to states and territories to contain this and keep strategising to reduce the detrimental impact on our economy.

Superannuation Amnesty Window is closing

The Superannuation Amnesty which provides employers with an opportunity to “come clean” and declare unpaid or late superannuation guarantee (SG) payments to the Australian Taxation Office (ATO) is scheduled to end on 7 September 2020. 

Accounting for NDIS advance payments

In March 2020, eligible NDIS providers effected during the COVID-19 pandemic received advance payments to assist with their immediate availability of funds. Our Audit and Assurance team look at how you should account for this in your 30 June 2020 annual report.

Planning for the worst - what happens when the stimulus runs out?

Businesses who are currently in receipt of stimulus payments have less than three months to get their cashflow in order. 

Small Business: Getting Back to Business

In March 2019 the Minister for Employment and Small Business, Shannon Fentiman MP released a media statement declaring that small business contributed $113 billion to the Queensland economy and employed 44% of the private sector workforce.

Adaption Grant Program – Round 2 opening 1 July 2020

The Queensland government is extending the Small Business COVID-19 Adaption Grant Program, with applications opening on 1 July 2020, find out how you can start preparing now and get in early.

Small Business COVID-19 adaption grant program from QLD Government

The Queensland government has announced a small business grant program for eligible small and micro businesses who have been impacted by COVID-19 shutdown restrictions announced by the Government.

Northern Territory's Jobs Rescue and Recovery Plan - Business Hardship Package

The Jobs Rescue and Recovery plan's Business Hardship Package is the latest initiative to help Northern Territory (NT) businesses that have experienced significant hardship as a result of the COVID-19 pandemic. Support is available to Territory businesses with a turnover less than $50 million who can demonstrate a reduction of turnover of 30% or more due to COVID-19.

Working from home? Tax deductions explained

Employees working from home due to COVID-19? With an increased number of employees working from home in the face of the coronavirus pandemic, home office expense claims are expected to rise significantly for the 2020 tax year. If employees are required to work from home, they may be able to claim a tax deduction for expenses they necessarily incur related to performing their work duties.

COVID-19 and local business

Now more than even it’s important we show and demonstrate our support for local businesses and seriously consider the importance of ‘Australian made’ and changing the conscious choices we have made that have impacted our economy by rebuilding our manufacturing capability.

New South Wales land tax relief measures

The NSW government has introduced measures to help soften the blow for landowners who pay land tax in NSW. The relief is to support residential and commercial tenants impacted by the COVID-19 pandemic.

Moore Global Survey reveals COVID-19 impact on business

Moore Global Survey reveals COVID-19 impact on business. Big changes in the way businesses operate after COVID-19.

Queensland $400 million land tax relief package

The Queensland Government has announced a $400 million land tax relief package intended to support and relieve commercial tenants and landowners through the COVID-19 crisis.

Rental Assistance – Code of Conduct for commercial tenancies

The Federal Government released a code of conduct (the Code) for commercial tenancies and its purpose is to impose a set of good faith leasing principles for application to commercial tenancies.

JobKeeper payments update

The Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020 (the Bill) was passed by Parliament to introduce the JobKeeper payment.

Support for self-managed super funds impacted by COVID-19

The government has introduced a series of measures to support individuals and businesses during the Coronavirus pandemic.  But what about self-managed super funds?  This article explores what measures are in place and how they are accessed.

Insolvent trading, safe harbour and directors’ duties

The federal government recently announced temporary changes to insolvency laws for businesses effected by the COVID-19 health crisis. The provisions provide relief for those in financial distress to assess the impact on their business and seek further advice.

COVID-19 impact on landlord/tenant

COVID-19 has created both business and personal disruption. Our Directors offer an insightful opinion piece which looks closely at the recently proposed rental waivers and the impact on both the landlord and tenant.

New South Wales Government Small Business Support Grant

The New South Wales Government has announced a further $750,000 COVID-19 Small Business Support Grant, specifically targeting industries such as retail trade, accommodation, food service, real estate to assist businesses who have been significantly impacted by this health crisis.

Navigating COVID-19 - Governance & Risk Advisory for NFP's

Effective governance and risk management is critical for NFPs to help navigate the Coronavirus (COVID-19) pandemic crisis. Your community, organisation , partners and donors are now facing a significant number of critical risks and recognise we are in a crisis scenario.  Risk management at this time is a proven and effective tool to guide NFPs in their planning, mitigation and response to the issues and challenges they will be facing now and in the next few months. 

Government’s Third Stimulus Package designed to save Australian jobs impacted as a result of COVID-19

On 30 March 2020, the Government announced a $130 billion wage subsidy to combat the impact of COVID-19 on the Australian economy. The Government has provided further support to Australian businesses and encouraged businesses to keep their workers employed by providing a “JobKeeper” payment to eligible employers for eligible employees.

COVID-19 and the impact on your contractual obligations

The course of the COVID-19 pandemic and the ultimate effect on our lives is nearly impossible to predict.  The associated impacts have prompted businesses to consider their contractual obligations and whether force majeure provisions may apply.  Our head of Legal, Alexander Nielsen, explains further.

Northern Territory Stimulus #2: $50 Million Small Business Survival Fund Explained

The Territory Government’s $50 million Small Business Survival Fund is specifically targeted at supporting industries such as retail, hospitality, tourism, and entertainment businesses, including beauty parlours and gyms, who are bearing the brunt of this national crisis. 

South Australian Stimulus #2 - $650 million in support funds.

The South Australian Government has announced they are adding $650 million to the first support package of $350 million announced a fortnight ago.

Navigating the COVID-19 crisis – cyber and technology risk – you are vulnerable

The National Cyber security committee lifted on 25 March the threat preparedness level to level 4 – lean forward – which means that the threats and activity are escalating and likely to increase and organisations must increase their monitoring.

Northern Territory Stimulus #2 - Small Businesses Survival Fund Announced

COVID-19 is doing more damage to our Territory economy than any natural disaster ever has. In response the Territory Government will deliver a $50 million Small Businesses Survival Fund to help Territory businesses survive the unprecedented economic impacts of the coronavirus outbreak.

COVID-19 Economic Response Package receives Royal Assent

The Coronavirus Economic Response Package Omnibus Bill 2020 received Royal Assent on 24 March 2020 and is now law. The package included various changes which were announced in the two stimulus packages released recently by the Government.

Geelong Council announce COVID 19 support measures

Geelong Council met on Tuesday night and agreed to a series of immediate measures to help local businesses and the community cope with the impacts of the Coronavirus pandemic. 

Government’s 2nd Stimulus Package Announced

The government announced a second stimulus package worth $66 billion in an attempt to deal with the impact of COVID-19 on the Australian economy.

Governance and Risk: Navigating the COVID-19 Crisis

Effective governance and risk management is critical for organisations to help navigate the Coronavirus COVID-19 pandemic crisis. Organisations worldwide are now facing a significant number of critical risks and recognise we are in a crisis scenario. Risk management at this time is a proven and effective tool to guide organisations in their planning, mitigation and response to the issues and challenges they will be facing now and in the next few months. Given circumstances can change daily dynamic governance is needed to respond and mitigate these emerging risks and issues.

Coronavirus Outbreak – The potential financial reporting implications for the year ended 31 December 2019

The recent outbreak and spread of the coronavirus has now disrupted many businesses globally and has had a significant impact on financial markets. This publication focuses on the potential accounting and financial reporting implications of coronavirus that management should take into consideration when preparing the financial statements for the year ended 31 December 2019. Different considerations will apply for later accounting periods e.g. for financial statements for periods ending 31 March 2020 or other accounting periods with a reporting date subsequent to the outbreak taking place.

Northern Territory Stimulus #1 - Jobs Rescue and Recovery Package

The Northern Territory (NT) Government is delivering a $65 million Jobs Rescue and Recovery Package to help stimulate the economy and keep Territorians in jobs.This package is the second phase of the response to the significant economic impact of COVID-19, and is complementary to initiatives offered by the Australian Government to all jurisdictions.

Government’s First Stimulus Package Announced

Earlier today the government announced a $17.6 billion stimulus package in an attempt to deal with the impact of coronavirus on the Australian economy. Please note the below measures are subject to the relevant legislation passing through parliament. At this stage, parliament is not scheduled to resume untll 23 March.

South Australia Stimulus #1 - The Economic and Business Growth Fund

South Australian premier, Steven Marshall, has announced a $350m package in response to the COVID-19 outbreak.