May 2020 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for May – 2020

We would like to highlight the following articles in this month’s newsletter:-

Understanding the JobKeeper Payment scheme – The JobKeeper Payment scheme is now open to eligible employers, sole traders and other entities to enable them to pay their eligible employees’ salary or wages of at least $1,500 each (before tax) per fortnight.

To be eligible for the payment, an employer, sole trader or other entity must have experienced a significant decline in turnover relative to a comparable period. The turnover must have declined by:

• for ACNC-registered charities: 15%;
• for entities with turnover less than $1 billion: 30%;
• for entities with turnover greater than $1 billion: 50%.

There are also special rules that enable a business participant to claim the JobKeeper Payment.

Federal Budget night shifts to 6 October 2020 – The Australian Government recently announced that this year’s Federal Budget will not be handed down until 6 October 2020. In making the announcement, Treasurer Josh Frydenberg said that this postponement is intended to “provide more time for the economic and fiscal impacts of the coronavirus, both in Australia and around the world, to be better understood”.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.