Life after COVID | Part 4: Working with your advisor

StuartCOVID19, General


  Welcome to the final part of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. Business advisors are a dime a dozen, but at 542 it’s our approach that makes us uniquely different. And in business: different is good. As we approach 2021, it’s more important than ever before to … Read More

The end of JobKeeper: is your business prepared?

StuartCOVID19, General

The end of JobKeeper is your business prepared

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

StuartCOVID19, General

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

StuartCOVID19, General

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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

StuartCOVID19, General


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

COVID-19 impacts on Life and Income Protection Insurances

Stuart542 Clients, COVID19, General, Insurance

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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

Stuart542 Clients, COVID19, General, Super, Tax

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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