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Author: Harris Black

JobKeeper Update

by Harris Black

The ATO has released a step-by-step guide for business owners looking to enrol and apply for the JobKeeper payment.

Businesses can enrol for the JobKeeper from 20 April 2020 using the Business Portal.

See the following steps in order to get ready:

How do employers make a claim?

1.  Click here to apply and register intention.

2.  Click here to check if you and your employees meet the eligibility requirements.

3.  From 20 April 2020, you can enrol with the ATO for the JobKeeper payment using the Business Portal and authenticate with myGovID. You must do this by the end of April to claim JobKeeper payments for April.

4.  Obtain a notification from each employee, confirming the employee’s consent to being included in the employer’s JobKeeper application. Click here to download form.

5.  Notify the ATO that it wants to participate by 26 April 2020 if it wants to participate from the commencement of the scheme on 30 March 2020.  Otherwise businesses must notify its participation before the end of the first JobKeeper fortnight for which it wants to participate.

6.  Provide details of eligible employees for each fortnight to the ATO in the approved form. The ATO will use Single Touch Payroll data.

7.  Notify eligible employees within 7 days of each fortnightly claim for the subsidy.

8.  Report monthly to the ATO by the 7th of each month on its GST turnover for the previous month, and its projected GST turnover for the coming month

Click here to view our latest fact sheet on JobKeeper payments.

For all non business and business incentives please click here to see our summary of fact sheets released to date.

Please contact your Harris Black team member if you require any assistance.

Harris Black Update – COVID19 Government Incentives

by Harris Black

JobKeeper Package update

Legislation was passed yesterday for the JobKeeper package, which today received Royal Assent.

Unfortunately the legislation did not provide a great deal of clarity but instead set up a framework to allow the Treasurer to make “Rules” which were released yesterday in draft format.

Click here to view the summary of the rules based on the Treasurer’s draft “Rules” and the finalised legislation.

We will get further clarity in the coming days as more information is provided by both the Treasurer and the Australian Taxation Office and will provide more information as this is released.

Government Incentives Summary

There has been a lot of announcements over the last four weeks from both Federal and State Governments.

Click here to view a summary of what incentives your business may be entitled to and get an understanding on how they work.

For all non business and business incentives please click here to see our summary of fact sheets released to date.

Harris Black Update – Surviving COVID-19 For SMSF

by Harris Black

Directors and staff at Harris Black are having a lot of discussions with clients regarding the uncertainty of the current business climate as well as its impact on cashflow.

We want to advise that at this point the government has introduced 2 measures to assist with cashflow involving Superannuation Funds:

Early release of superannuation for eligible individuals
Temporarily reducing superannuation minimum payment amounts

Harris Black Update – Surviving COVID-19 For Business

by Harris Black

At Harris Black we have been very busy in the last week or two talking to clients about their concerns regarding what is unfolding to be a very uncertain business climate.

We have some clients expressing concern as to where their next sale will be coming from whilst others are still busy as a result of sales prior to the impact of Covid19.  Regardless, we are encouraging all our clients to take stock of the current situation as best they can and plan their pipeline of sales going forward.

Harris Black Update – Surviving COVID-19

by Harris Black

In these unprecedented times it is easy to become overwhelmed with the endless tasks and the boundless uncertainty arising from the COVID-19 pandemic.  Your Harris Black team has shared the “road map” it has followed internally to formulate its plans for surviving the current climate and ensuring a continuity of operations as best as is practicable.

The Government’s Economic Stimulus Package In Response To COVID-19

by Harris Black
Harris Black | 13 March 2020

On Thursday 12 March, the federal government announced details of a proposed $17 billion stimulus package, which was triggered by the classification of COVID-19 as a global pandemic.

The package is to support businesses throughout the current economic climate and has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.

Below is a summary of the incentives that have been announced.

Please note the below incentives are still only proposals and have not yet been legislated. It is expected that the measures will be introduced to Parliament in the final sitting week of March for urgent consideration and passage.

Instant asset write-off threshold

From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020.

15-month investment incentive

From Thursday 12 March 2020, businesses with an aggregated turnover of less than $500 million will be able to claim a 50% deduction of the cost of new eligible depreciable assets until 30 June 2021. These include assets which are in excess of the proposed instant asset write-off threshold of $150,000 up to 30 June 2020 and will revert to all assets from 1 July 2020 to 30 June 2021. The incentive does not apply to second-hand depreciable assets or buildings and other capital works.

Tax-free payments – PAYG Withholding

Eligible small and medium businesses (i.e. with a turnover of less than $50 million that employ staff) will be eligible for a tax-free payment of up to $25,000 based on their PAYG withholding obligations.

Tax-free payments – Centrelink recipients

Certain income support recipients and eligible concession card holders will be eligible for a tax-free payment of $750 and will commence to be automatically made from 31 March 2020.

Wage subsidies to support the retention of apprentices and trainees

Employers with less than 20 full-time employees may be entitled to apply for Government funded wage subsidies amounting to 50% of an apprentice’s or trainee’s wage for up to nine months from 1 January 2020 to 30 September 2020. The maximum subsidy for each apprentice/trainee is $21,000. Employers are expected to be able to register for the subsidy from early-April 2020

Assistance to severely affected regions

The Government has also committed to set aside $1 billion to support regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

ATO administrative relief

The ATO will provide administrative relief for some tax obligations for people affected by the Coronavirus outbreak, on a case-by-case basis.

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