COVID-19 Communications

Original Stimulus Package Summary
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NSW Small Business Support Grant
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JobSeeker 2.0
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JobKeeper 2.0
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JobKeeper from 28 September 2020

The JobKeeper 2.0 Guide contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice.

COVID-19 and SMSF rental relief

The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic

COVID-19 and trust liquidity issues

The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets.

COVID-19 payments and some issues for companies and trusts

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.

JobKeeper Changes

Announcement: The Government has extended the JobKeeper Payment scheme, changes from 14 August 2020.

The JobKeeper scheme gets an update, plus an extension

The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021.

JobSeeker 2.0 and other income support

The Coronavirus supplement will continue, albeit on a reduced rate of $250 per fortnight (from $550), from 25 September until 31 December 2020 for eligible individuals

JobKeeper 2.0 - The New Requirements

The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees.

Varying PAYG instalments because of COVID-19

PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments.

Remote AGMs and document signing allowed

Due to public safety concerns related to COVID-19, until the date above companies will be permitted to hold their annual general meeting in electronic format.

Tax Return Tips

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.

Up to $10 000 up for grabs for small businesses

New $10,000 grants up for grabs for small-business to aid reopening from COVID-19.

Accountants celebrated for their frontline COVID-19 efforts

In a recent webcast the Australian Small Business and Family Enterprise Ombudsman (ABSFEO), Kate Carnell; Deputy Commissioner from the ATO, Deborah Jenkins; and Reckon CEO Sam Allert thanked accountants and bookkeepers for their essential role in buffering the impact of the ongoing COVID-19 crisis.

COVID-19 Minimising infection risk for you, our team and the community

Forsyths is mindful of the role we play within our communities in minimising the spread of COVID-19.  In caring for our team and our clients, this week we have implemented a number of new policies designed to reduce unnecessary exposure within the New England North West.