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COVID-19

Time to Cash Flow Forecast in NSW

As NSW will soon start to exit lockdown, business owners need to plan for the Government’s announcement to reduce and end the JobSaver payments. Cash flow is going to be one of the key issues many businesses will face over the coming months.

 

APPLICATIONS OPEN: QLD COVID-19 Business Support Grant

Applications for the 2021 COVID-19 Business support grants are opened at 12noon (midday) Monday 16 August 2021.
 
Previously, the Queensland Government announced financial support for small and medium businesses impacted by the lockdown order which commenced at 4pm on Saturday 31 July 2021 for 11 local government areas (LGA’s) around Brisbane and has been extended to the Cairns and Yarrabah LGA’s

Grant Alert: COVID-19 TechVouchers

The New South Wales government's COVID-19 TechVoucher program provides support funding for technology-rich startups, scaleups, or small-medium enterprises to collaborate with Publicly Funded Research Organisations (PFRO) to accelerate the commercialisation of innovative R&D products and services that address ongoing disruptions.

QLD COVID-19 Disaster Payment

The federal government’s COVID-19 Disaster Payment has been extended to South East Queensland individuals who live in the 11 Local Government Areas (LGAs) that have been declared as hotspots for the period from 31 July to 8 August 2021.

NSW COVID-19 Business Grant

The NSW Government has introduced a number of measures to support businesses affected by the recent COVID-19 restrictions. One of the key measures is the 2021 COVID-19 Business Grant. Read more about who can claim, what criteria apply and how to apply. 

Updated: NSW JobSaver scheme

Service NSW recently released some further guidance on the JobSaver scheme which is now available to impacted businesses in NSW. Today the Prime Minister announced an expansion to the scheme to include additional support for more businesses.

COVID-19 NSW Support Packages

In recent days many communities have been asked to adhere to government mandates of compulsory masks and lockdowns.  Both the NSW and Federal governments have announced support packages to businesses and individuals affected by the COVID-19 pandemic.  Find out more about what is available in our blog.

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.
 

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.

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.

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.

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?*
Updated 29 April 2021

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.

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. 

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.

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.