Covid-19 Support

Covid-19 Support

By Cameron Finlay 13 Apr, 2020
The JobKeeper legislation has now been passed, and the detailed rules set out in that legislation make some of the previously published information obsolete.
By Cameron Finlay 30 Mar, 2020
This morning we have been inundated with enquiries from clients with regards to whether their business will qualify for the JobKeeper payment, released as part of the Third Stimulus package.  As at this morning we do not have as much information as we would like with regards to qualifying, implementation, and substantiation, however, we wanted to get some info out to you as quickly as possible hence we are forwarding the available information to you now.  As we receive further updates we will forward them to you.  We need to have more information regarding the sole trader provision, because this is not totally clear and we don't want to give you incorrect advice.  However, the Government has announced that eligible businesses, including self employed individuals, will need to register an Intention to Apply on the ATO's website (Ctrl + click to follow link) (https://www.ato.gov.au/general/gen/JobKeeper-payment/) .  We recommend that even if you are not certain that your business will qualify for the payment, you should register your intent regardless as soon as possible.  For those people who have already emailed us this morning please bear with us, we will respond as soon as we can.  And, as usual, please call or email if you have further queries because we're all in this together.  Stay safe, stay well.
By Arnold & Finlay 25 Mar, 2020
From 27 April 2020, the Government will introduce a Coronavirus supplement of $550 per fortnight (payable to individuals currently receiving certain eligible income support payments) and will also temporarily expand access to certain income support payments, over a six-month period.
By Arnold & Finlay 25 Mar, 2020
A key feature of the 2015/16 Federal Budget (and subsequent Federal Budgets since) was the $20,000 Instant Asset Write Off scheme for small businesses – a scheme which has proven to be very popular with Small Business Owners. The $20,000 Instant Asset Write Off scheme allows business owners to immediately write off depreciable assets that cost the business less than $20,000.
By Arnold & Finlay 25 Mar, 2020
Small and medium-sized businesses and not-for-profit entities that employ people, with an aggregated annual turnover of less than $50 million (usually based on their prior year's turnover), may be eligible to receive a total payment of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations, in the following two stages:
By Arnold & Finlay 25 Mar, 2020
Broadly, a new time-limited 15-month investment incentive (which will be available up until 30 June 2021) will also be introduced to accelerate certain depreciation deductions for businesses with an aggregated turnover below $500 million, in respect of eligible depreciating assets.
By Arnold & Finlay 25 Mar, 2020
Broadly, the depreciating asset instant asset write-off threshold will be 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.
By Arnold & Finlay 25 Mar, 2020
Under the existing 'compassionate grounds' conditions of release, an individual can access their preserved superannuation benefits (as a lump sum), subject to any cashing restrictions, on a number of different (specific) grounds where certain conditions are satisfied. For example, an individual who satisfies certain conditions could access their superannuation entitlements under this condition of release in order to pay for certain medical treatment, or to enable the individual to make a repayment on a home loan in order to prevent the mortgagee selling their home.
By Arnold & Finlay 25 Mar, 2020
While it's important that your business can get through these tough times, it's essential that you are personally in a position to weather any storms and protect your family in these uncertain times.
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