Dear Valued Clients,
As we enter the Easter long weekend we thought we would bring you up to date with the current government stimulus packages available.
JOBKEEPER
- Gross Wages Subsidy of $1,500/fortnight for staff.
- For business with a turnover of less than $ 1 billion – its turnover will be reduced by more than 30% relative to a comparable period a year ago (certain discretions relating to the operation of the Scheme, including the ability to provide alternative turnover tests that can be satisfied if the tests already announced by Treasury cannot be met).
- IMPORTANT: To qualify keep paying wages and register here at Register for JobKeeper even if you are not sure it applies to you.
- See link to answer your frequently asked questions JobKeeper FAQ
- The Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed, it did not contain the finer detail, the ‘rules’ are not currently available.
NSW GOVERNMENT GRANT
- $10,000 grant
- Have between 1-19 employees and turnover of more than $75,000.
- A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000.
- Have an ABN as at the 1 March 2020, be based in NSW and employ staff as at 1 March 2020.
- Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020.
- Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice.
- Provide appropriate documentation upon application.
Application forms will be available on the Services NSW website from the 17th April, please see the following link for further information. NSW Government Grant
RENT RELIEF FOR COMMERCIAL TENANCIES
- Applies to SME tenants turnover of up to $50 million.
- Tenants that are in the JobKeeper programme.
- Any agreed arrangements will take into account the impact of the COVID-19 pandemic on the tenant, with specific regard to its revenue, expenses, and profitability. Such arrangements will be proportionate and appropriate based on the impact of the COVID-19 pandemic plus a reasonable recovery period.
- No termination of leases during the Covid 19 Pandemic period.
- Tenants must remain committed to the terms of their lease, subject to any amendments negotiated. Failure to abide forfeits any protection provided to the tenant under this code.
- More information regarding rent relief Relief for commercial tenants
WORKING FROM HOME (for individual tax payers)
- Ensure you keep ALL your records for tax time.
- Typical claims include, computers, office furniture, repairs, telephone, internet usage, stationery.
- Cannot deduct items provided by your employer if you have been reimbursed for the expense.
- For more information on working from home ATO working from home
Kind Regards,
Aura Partners