written by:
Darren Hagarty
On 21 July 2020, the Federal Government announced an extension of the JobKeeper scheme which was due to expire on 27 September 2020. JobKeeper 2.0, as it has been colloquially referred to, extends the scheme to 28 March 2021, but reduced payment amounts and fresh eligibility criteria will apply with effect from 28 September 2020. On 7 August 2020, further changes were announced to soften the eligibility criteria that will…
written by:
Darren Hagarty
The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. As part of Stage 2 of Queensland’s Economic Recovery Strategy, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland. Round 2 will open on 1 July 2020. Successful applicants from round 1 of this program cannot apply for funding under…
written by:
Darren Hagarty
The Instant Asset Write-Off Scheme was due to end on 30 June 2020, however the Government has announced that it will now remain in place until 31 December 2020. Under the scheme, a business can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The Instant Asset Write-off can be used for multiple assets, as…
written by:
Darren Hagarty
The COVID-19 restrictions have seen a significant proportion of society working from home and, for some people, it has been their first time doing so. While the focus of work-from-home arrangements has rightfully been about how to make them safe and effective (and in many cases, how best to juggle other challenges such as home schooling), it is also good to know that from a tax perspective, there are some…
written by:
Josh McMullen
Late on Friday, explanatory materials were released by Treasury in relation to the JobKeeper payment that has now been passed into law. The explanatory material clarifies many key aspects of the regime. Background On 30 March 2020, the Federal Government unveiled their largest economic response to the Coronavirus, a $130-billion government wage subsidy known as the JobKeeper payment. Under the JobKeeper, businesses impacted by the Coronavirus will be able to access…
written by:
Darren Hagarty
While most of the focus has been on the economic response to Cornavirus at the Federal Government level, it is worth remembering that other relief measures are also being offered at a State Government level. One such example in Queensland is the COVID-19 Job Supports Loan package. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of…
