The long awaited passing of the JobKeeper legislation has occurred – finally! It answers some of our questions but not all as some of the requirements are going to need further guidance from the Commissioner (Australian Taxation Office or ATO). We understand that this is very frustrating for everyone as JobKeeper was supposed to be in effect from 30th March 2020, so, we have summarised below for you what we do know so you can make your own assessment as to whether you may be eligible.

COVID-19 is putting serious financial pressure on Australian businesses, so it is crucial to know what government support is available to help support your business. The Government announced on 12 March 2020 that the new Boosting Cash Flow for Employers measure will be increased to provide up to $100,000 for eligible small and medium-sized businesses. We take a look at the Job Keeper payment and other government initiatives to help businesses through this period.

Today, Wednesday 8 April, the Federal Parliament will be holding an emergency sitting of both houses to debate and hopefully pass, the latest and much anticipated third stimulus package proposed by the government (Job Keeper), if it’s anything like the first stimulus package which was rushed through on the 23 March 2020, it may in fact be late tonight or the early hours of Thursday morning that we will have all of the details.

The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. Keeping Australians in work and businesses in business will lay the foundations for a stronger economic recovery once the Coronavirus crisis passes.

The spread of the virus is expected to be prolonged over at least the next six months. Governments, both international and domestic, have announced stricter mitigation measures to slow the spread of the virus, which are having significant economic impacts. Since 12 March 2020 the Government has announced and revised a range of economic responses which total to $189 billion across forward estimates, representing almost 10% of annual GDP. Read more about the government grants, incentives and allowances you may be able to apply for.

In first edition of Business Matters for 2020 we're starting the year by looking at the ways you can start the new decade with impact for your business. We also talk about CGT on Commercial Property sales and the simplification of Activity Statements by the ATO, hiring friends and family as well as the legal requirements for unpaid staff, Staff awards and incentives and much more. The new year is often a time when our clients are looking at making changes including business name changes so we're taking a look at how this can be achieved.