The extension of JobKeeper, came as a welcome relief for many business owners. In an attempt to reduce the number of employees receiving more money than they previously earned prior to the pandemic, the overhauled scheme came with strict new rules. Centred mainly around who qualifies, meaning businesses are now required to complete more frequent turnover-reporting to prove ongoing financial distress. Surviving, … Read More
Are you ready? JobKeeper 2.0 changes coming into effect
Last month, in response to the worsening economic conditions in Victoria due to the Stage 4 restrictions, the Federal Government announced further changes to the JobKeeper program. As part of the announcement, it included new requirements for eligibility as well as gradually reduced payments for employees. Keeping up with JobKeeper At a glance, the major changes to the scheme included: the extension of … Read More
JobKeeper 2.0: NEW Requirements
From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. From this date, the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in the 4 weeks prior to 1 March 2020 or 1 … Read More
Small Business COVID-19 Recovery Grant
As you may be aware, Service NSW is offering a Small Business COVID-19 Recovery Grant from $500 and $3,000 which open today, 1st of July, and close on the 16th of August 2020. To be eligible for this grant, you must meet the following criteria as of 1 March 2020: Be a small business or a not-for-profit organisation based in … Read More
Smart business: Invoicing with payment plans
In a world where the concept of “normal” has been redefined, the year 2020 has taken us all by surprise. The way we work, do business and operate have changed. The way we shop has changed. The way we pay has certainly transformed, even before 2020 brought bushfires, floods and coronavirus. One of the key business challenges identified by Deloitte … Read More
How to stimulate your business with the $25,000 home builder scheme
Today the Morrison government announced the home builder scheme to stimulate the economy. Running from June to December, the scheme affords a $25,000 grant to homeowners. This presents a great opportunity for business owners in the construction industry. Who is eligible? To be eligible for the grants; Singles need to earn $125,000 a year or less based on a 2018-19 … Read More
COVID-19 impacts on Life and Income Protection Insurances
In this article we’ll be discussing the measures that can assist life and income protection insurance policy holders during the COVID-19 crisis. First things first, are you covered? If you have existing life and income protection insurance in place through an adviser (retail advised policies), you are covered under the terms of your policy if you become ill with COVID-19 … Read More
$1,500 JobKeeper subsidy to keep staff employed
A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below. Eligibility There … Read More
COVID-19 Preparation Checklist for Businesses
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More
COVID-19 Preparation Checklist for Business Owners
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More