The Federal Government has introduced its latest wage subsidy scheme – the JobMaker Hiring Credit This Federal Government scheme is aimed at supporting employers to create new jobs within their business and to employ additional people, specifically those aged between 16 and 35 years old. This government support payment is paid to employer businesses and it is not required to be on-paid to the employee. Please read this informative snapshot.… Read more
JobKeeper 3.0 The Government announced adjustments to JobKeeper 2.0 to expand the eligibility criteria for JKP (now referred to as ‘JobKeeper 3.0’). The adjustments contained within JobKeeper 3.0 apply nationwide, and the crucial amendments include the following: • Adjustments to employee eligibility – from 3 August 2020, the relevant date of employment (which is used to determine an employee’s eligibility to JKPs) moved from 1 March 2020 to 1 July… Read more
The JobKeeper scheme has now changed and will now operate in two separate periods: Extension 1: 28 September 2020 to 3 January 2021 Extension 2: 4 January 2021 to 28 March 2021 JobKeeper Extension 1 The tier 1 payment rate of $1,200 per fortnight applies to: Employees who worked for 80 hours or more in the four weeks of pay periods before either 1 March 2020 or 1 July 2020… Read more
The Victorian and Queensland Governments have announced extensions to COVID-19 Commercial Tenancy Relief Schemes QUEENSLAND The Queensland Government has announced that the moratorium on commercial lease evictions will be extended to 31 December 2020 from 29 September 2020. The Retail Shop Leases and Other Commercial Leases (COVID-19 Emergency Response) Regulation 2020 (the Regulation) came into effect on 28 May 2020. The Regulation implements the National Cabinet mandatory code of conduct… Read more
Recently the Australian State and Territory Governments have implemented laws to assist in renegotiating the terms of commercial leases where lessees The decision of Sneakerboy v Georges Properties Pty Ltd (No 2) [2020] NSWSC 1141 (Sneakerboy), in the NSW Supreme Court, provides guidance on applying the Retail and Other Commercial Leases (COVID-19) Regulation 2020 (COVID-19 Leasing Regulation) and the National Cabinet Mandatory Code of Conduct (Code) (together, COVID-19 Leasing… Read more
Many otherwise viable small and medium sized businesses are facing significant challenges due to disrupted cash flow. At the same time, businesses retain fixed obligations including rent, utilities, and employee expenses. The Coronavirus SME Guarantee Scheme will provide support for these businesses. Under the Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. This will… Read more
The Australian Taxation Office (“ATO”) has announced special arrangements this year for everyone working from home due to the coronavirus crisis. The ATO has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (ie. additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Based on the announcement, the… Read more
We have reviewed the long-awaited details on the SME Commercial Leasing Principles Code of Conduct which was announced by Prime Minister Scott Morrison to be implemented between landlords and tenants throughout the COVID-19 crisis. The SME Commercial Leasing Principles During COVID-19 appears to be very supportive of tenants (usually the business) throughout the period of the pandemic and includes a reasonable recovery period. The term ‘reasonable recovery period’ is prominent… Read more
$10,000 grants for eligible NSW businesses New South Wales small businesses will soon be able to receive up to $10,000 to visit their accountant and pay for overheads as the State Government throws out an additional financial lifeline – 3 April 2020. The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic. To be eligible,… Read more
The Department of Treasury refines eligibility for COVID-19 JobKeeper Payment – 2 April 2020. For businesses to qualify for the JobKeeper Payment, they must be able to demonstrate either the 30% or 50% fall in turnover as compared to the year before. This is based on turnover in a one-month or three-month period, depending on the usual activity statement reporting period of the business. The Tax Commissioner will have the… Read more