Posts

Government Stimulus

JobKeeper 2.0 – Changes to the JobKeeper Payment

JobKeeper Extended

The Federal Government has announced that the JobKeeper scheme will be extended to 28 March 2021.  It was previously scheduled to end on 27 September 2020.  There will be changes to both the eligibility requirements and payment amounts.

  • The fortnightly payment of $1,500 will be reduced to $1,200 from 28 September 2020 and $1,000 from 4 January 2021.
  • A new two-tiered payment structure will be introduced from 28 September 2020, which will reduce the payment rates for employees who worked fewer than 20 hours per week in February 2020.

The eligibility rules for employees remain unchanged.  Particularly noting that the employees must have been employed as full-time, part-time or long-term casual (employed on a regular and systematic basis for at least 12 months) as at 1 March 2020.

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Reduce Tax

Key Actions That Business Owners Should Take Before 30 June to Reduce Tax

By Chris Smith

For businesses to maximise their cash position, they should consider the following tax planning opportunities before 30 June.

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Business Budget planning

The Importance of Budgeting in Business

By Chris Mandzufas

A realistic and detailed budget is crucial for guiding your business to tackle unexpected challenges and to ensure you stay on track to grow.  

It may seem obvious that business growth can only occur when there is money available for reinvestment, but it is surprising how many businesses do not budget and do not track their performance against a budget.

In the current environment, a realistic and detailed budget is a very important tool for providing valuable information, guiding your business to tackle unexpected challenges and most importantly to ensure you stay on track to grow.

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forcast

Why Preparing Three-Way Forecasts is So Vital

By Tony Monisse

Learn why it is important to forecast the profit & loss, cashflow and balance sheet.

As I see it, a budget is merely a forecast prepared at a point in time.  This point in time is usually tied to the end of the financial year and the business’ planning cycle.

In contrast, a forecast is frequently updated based on the changes in the operating environment e.g. winning a new contract, losing a key customer or a change in the staffing situation.

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Government Stimulus

Details of the JobKeeper Payment – eligibility, how to enrol & critical deadlines

On 21 July the government announced proposed changes to JobKeeper including an extension through to 28 March 2021.  Read our summary of these updates here, or visit the ATO’s website for further details.

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 May to claim JobKeeper payments for April.  Payments will start being made to businesses in May.

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