What's New @ Dewings?

Almost certainly a result of the deteriorating situation in Victoria, the Government has thankfully removed the requirement that an employer be able to demonstrate a 30% or more decline in turnover for successive periods (50% for those with turnover greater than $1 billion, 15% for certain eligible charities). 

You can read the full version here.

Many had feared that having met the eligibility criteria for the initial period from April to September, the July review of the JobKeeper program could see existing payments reduced or eliminated under revised eligibility criteria. The Government has, however, kept its promise to maintain JobKeeper in its original form, without reassessment, for the duration of the initial six month period. That is, employers and eligible business participants currently receiving JobKeeper will continue to do so until the end of September, in accordance with the initial rules.

Beyond that, the program will now be extended, with some revisions, at least into the December 2020 and March 2021 quarters. It would be nice to think that it won't be required past then, but it's difficult right now to look that far ahead.

You can read the full version here.

The company tax rate change isn't a new measure, but rather is in accordance with the timeline of cascading rate cuts passed by Parliament a few years back.

You can read the full version here.

The limit had been moving gradually up for a number of years and was sitting at $30,000 at the beginning of this year. In response to the rapidly escalating COVID-19 pandemic and its impact on business, the Government announced a range of stimulus measures, one of which was a significant increase of this limit to $150,000 per asset, as well as an increase in the eligibility threshold to businesses with annual turnover of up to $500 million.

You can read the full version here.

The declaration must contain:

1. Confirmation of the number of eligible employees and/or 'business participants' ;
2. The value of GST turnover for the reporting month; and
3. The value of projected GST turnover for the following month

With that in mind, we remind you that JobKeeper declarations for May must be made on or before 14th June 2020. 

You can read the full version here.