J.A.P TAXATION

IF YOUR BUSINESS TURNOVER IS LESS THAN 1 BILLION AND YOU HAVE EMPLOYEES, YOU CAN GET WAGE SUBSIDY FROM THE GOVERNMENT. Please read below to understand how the wage subsidy scheme works. We are not discussing here how the scheme works for business with more than a billion in turnover. The Government intends to introduce legislation into Parliament to give effect to the JobKeeper Payment measure and we will get finer details after the legislation is finally approved. What is Wage Subsidy? ·          If there is a downturn in your business of more than 30% then ·          you can claim $1500 per fortnight per eligible employee for 6 months commencing from 30 th March 2020. ·          But you must keep the eligible employee employed and pay him minimum $1500 per fortnight (even though his actual salary was less than $1500) or his normal salary if the normal salary is more than $1500 per fortnight (This is yet to be clarified by the Government if the normal salary can be redu

The Government yesterday released a second, far reaching $66.1 bn stimulus package to support the economy for the impact of the coronavirus. See below what you will get in simple words: The stimulus measures are not yet legislated. We are still waiting for the finer details: Small Business: Tax Free Payments: ·          Small Business employing staff will get two payments of minimum $10000 and Maximum $50000 based on the PAYG TAX reported in the March BAS and June BAS. The minimum amount of $10k is payable to those who have staff, but they are not deducting any tax or the tax deducted is not more than $10k for the March Quarter. ·          The first payment will be released after the March BAS is lodged but the amount payable on the BAS will be first deducted from the Incentive Amount. ·          Second Payment will be released after the June BAS and September BAS are lodged but the incentive amount payable over these periods will be same as for t