The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover.

To receive JobKeeper from 28 September 2020, eligible employers need to assess their decline in turnover with reference to actual GST turnover for the September 2020 quarter (for JobKeeper payments between 28 September to 3 January 2021), and again for the December 2020 quarter (for payments between 4 January 2021 to 28 March 2021).

From 28 September 2020, the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in a specific 28 day period prior to 1 March 2020 or 1 July 2020.

To access JobKeeper payments from 28 September 2020, there are three questions that need to be assessed:

  1. Is my business eligible?
  2. Am I and/or my employees eligible? and
  3. What JobKeeper rate applies?

We’ve summarised the key details here.

As always, please let us know if we can assist you in any way.

Small Business COVID-19 Adaption Grant Program - Round 2: Opening 1 July 2020

The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program.

As part of Stage 2 of Queensland's Economic Recovery Strategy – Unite and Recover for Queensland Jobs, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland.

The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.

The program aims to see small and micro businesses:

  • prepare for the safe resumption of trading in the post COVID-19 recovery
  • continue to meet operating costs
  • access digital technologies to rebuild business operations and transition to a new way of doing business
  • respond to online opportunities, where possible, to sustain employment and maintain potential for longer-term growth
  • upskill and reskill business owners and staff to benefit from new technologies or business models
  • embrace business diversification to adapt and sustain operations
  • create or retain employment.

For Round 2, funding is being equally divided between Regional Queensland and South East Queensland (SEQ).

When applying for Round 2, you are a South East Queensland (SEQ) business if your principal place of business is located in one of the following local government areas:

  • Brisbane City Council
  • City of Gold Coast
  • Ipswich City Council
  • Lockyer Valley Regional Council
  • Logan City Council
  • Moreton Bay Regional Council
  • Noosa Shire Council
  • Redlands City Council
  • Scenic Rim Regional Council
  • Somerset Regional Council
  • Sunshine Coast Council
  • Toowoomba Regional Council.

This funding round may only be open for a short period due to demand and will close when the funding allocation is anticipated to be exhausted, therefore it is strongly recommended that you prepare your application and supporting documentation ready to submit when Round 2 open on 1 July 2020.

For further information, or to get ready to submit an application, please visit the Queensland Government website.

 

Regional Home Building Boost

Released today, the Regional Home Building Boost Grant is a state government initiative to help home owners in regional Queensland into their new home sooner.

It will give you $5,000 towards the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000.

Eligibility

To be eligible for the grant:

  • you must be at least 18 years of age
  • you must be an Australian citizen or permanent resident (or applying with someone who is)
  • you or your spouse must not have received a previous regional home building boost grant
  • you must be buying or building a brand new home
  • the value of the home including the land is less than $750,000
  • you must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months
  • the home is being bought or built in a regional Queensland area of:
    • Cairns
    • Central Queensland
    • Darling Downs Maranoa
    • Mackay–Isaac–Whitsunday
    • Queensland–Outback
    • Toowoomba
    • Townsville
    • Wide Bay.

Eligible transactions

Eligible contracts must be entered into between 16 June 2020 and 31 December 2020 and must be one of the following:

  • a contract to purchase a new home including a substantially renovated home
  • a contract to build a new home.

If you are an owner-builder who is building a new home, your build must have commenced from 16 June onwards.

If you are building your first home, you may also be eligible for the Queensland first home owners’ grant.

For further information, or to apply for the grant, please visit the Queensland Government website.

HomeBuilder Scheme Announced

 

Today the Federal Government has announced the HomeBuilder Scheme, a time-limited program to help the residential construction market bounce back from the Coronavirus crisis.

HomeBuilder provides eligible owner-occupiers, including first home buyers, with a grant of $25,000 to build a new home or substantially renovate an existing home. 

Key Points

  • You must meet one of the following two income caps:
      - $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or
      - $200,000 per annum for a couple based on both 2018-19 tax returns or later
  • Renovation contracts must be between $150,000 and $750,000
  • Renovations do not include landscaping or pools
  • Owner builders are ineligible
  • Cannot be used for investment properties
  • Contracts must be signed between 4th June 2020 and 31st December 2020
  • Construction must commence within three months of the contract date
  • HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme (please note you may be entitled to the First Home Loan Deposit Scheme when places become available again on 1st July 2020)

Further information is available on the Australian Government Treasury website.

Should you have any further questions, or require any assistance with your finance or grant applications, please do not hesitate to contact us!

JobKeeper: Monthly Reporting Now Open! 

 

If you are registered for JobKeeper, you are required to complete a monthly business declaration to continue claiming the payments. This declaration must be completed in the first 14 days after the month you are claiming for. 

The JobKeeper declaration for May is due by Sunday 14th June.

In this declaration, you are required to confirm the number of eligible employees, as well as if you are claiming for an eligible business participant. You will also be required to provide GST turnover for the reported month and also projected turnover for the following month (the turnover information is not to re-test eligibility, rather to see business progress under the JobKeeper scheme).

Before you make your declaration, you must:

  • Know your GST turnover for the reporting month
  • Know your projected GST turnover for the next month
  • Have paid eligible employees $1,500 (before tax) for each JobKeeper fortnight
  • Change any eligible employees using the identify step if necessary (if you are using STP, you need to update these in your software 48hrs prior to making your declaration)

To make your declaration:

  • Log into the Business Portal using myGovID
  • View COVID-19 screen
  • Select Step 3 – Business monthly declaration

JobKeeper Fortnights

As of the June JobKeeper fortnights, all payments to employees must be made on time. The JobKeeper payment cut-off dates are outlined in the table below:
 



Should you have any queries in relation to JobKeeper, please do not hesitate to contact our office to speak to your trusted adviser.

Our Return to the Office

Over the last seven weeks, our team have been working remotely from home, however in line with the recent announcements regarding the easing of restrictions, we will be slowly working towards returning to the office starting next Monday 18th May.

Phase 1: What we are doing, and how you can help

  • Both our Stanthorpe and Toowoomba offices will be open during our normal trading hours (Monday – Friday, 8:30am – 5pm)
  • Our team members have been split into teams, and they will work in the office on a week on/week off rotation
  • When not in the office, team members are still working from home
  • Wherever possible, we are still holding meetings via phone, Skype, Messenger, Zoom etc
  • If you do choose to come into the office for an appointment:
    • You will be emailed a questionnaire the day before with regards to your recent travel and current health
    • When you arrive for your appointment, you will be taken straight into the relevant meeting room
    • If you are feeling unwell the day of your appointment, we ask that you contact our office to reschedule or make alternative arrangements to hold the meeting via phone, Zoom etc
  • While it is uncomfortable for all of us, we are minimising personal contact (eg. handshakes) and adhering to social distancing rules
  • We have hand sanitiser and cleaning products available throughout the office to ensure all health standards are maintained

Along with transitioning to working remotely during these last seven weeks, we have been assisting clients with:

  • Cash Boost Stimulus payments that will continue to flow over the next six months
  • State Government and Local Government Grants
  • State Government Payroll Tax Concessions
  • Negotiations with Landlords post the Code of Conduct and the various adoptions of each State Government
  • Applications for QRIDA loans
  • Assisting businesses in regards to deferral of repayments to financial institutions
  • Applications for the Government 50% Guaranteed Loans – these applications have proved to be more difficult than anticipated as each financial institution has their own views, processes and assessment procedures
  • JobKeeper – determining if businesses qualify under the Basic or Alternative Tests, enrolling and lodging forms on behalf of these businesses, and setting up plans to assess each fortnight. Please remember if you have not yet qualified as an eligible employer, there is still the opportunity going forward to do so.

We feel a sense of achievement from the volume of work our entire team has completed during this time. On top of the normal BAS, 2019 tax and planning towards year end, we have also worked on financial plans via our team at Magnify Wealth, helped our clients negotiate business purchases and sales, as well as financed houses and equipment through our Leasing & Finance team.

As a business and a team, we have an understanding around some things and have spent considerable time helping clients and ourselves in regards to:

  • Cashflow: understanding and planning are so important
  • More structured communication using technology and video
  • Remote operations and working from home
  • A strong sense of community and collaboration
  • Resilience and compassion: we will get through this together!
  • A focus on what the business plan should be, and re-thinking business strategies going forward – it won’t be the same as what it was in February

As business owners, it is more crucial than ever to be prepared for the rollback of the lockdown caused by COVID-19. Ensure you have thought about:

  • The availability of appropriately skilled labour, this will be different going forward.
  • Communication with clients to let them know your road back and what your business is doing and engagement with your suppliers on what their road back is.
  • What can be done better, based on the learnings you have taken away from this experience?
  • Planning the path back to a full recovery:
    • What does this look like in your business?
    • What resources are required?
    • What further support do you require?
      • Have you projected your cash flow (this is so important, especially if you have deferred repayments to financial institutions and also government stimulus)
      • Have you planned when any deferred repayments (whether this be to financial institutions, leases etc) will recommence?
    • What opportunities are now possible?
      • How have your competitors coped during COVID-19?
      • Has the lockdown shown you have less reliance on your previous operations and practices?
      • Is there likely to be more talent available to hire now, to improve your service offering?
    • Do you still have cash reserves?
      • Is the COVID-19 effect not fully presented itself yet? Will it hit in twelve months’ time?
      • Do you have a budget forecast for the period of COVID-19, and the exit from lockdown to recovery?

COVID-19 has been overwhelming, but we are here to work with you on your strategies and goals to ensure you have the best chance of achieving your desired outcomes post pandemic.

Our team are here to provide you with some direction and focus to start thinking about and planning for the future, so please do not hesitate to contact us.

JobKeeper – Now you are enrolled, what are the next steps?

Identify and maintain your eligible employees

If STP enabled payroll software has JobKeeper functionality

  • Update each eligible employee in your payroll software. See links below for popular software products in relation to this process:
  • Log into Business Portal using myGovID and navigate to COVID-19 screen
  • Select Step 2 under JobKeeper banner – Identify and maintain employee eligible for JobKeeper wage subsidies

 

  • Select the month you are identifying eligible employees for (April or May depending on when you became eligible for the payment)
  • If you have an eligible business participant, select Yes to identify this business participant, enter TFN and DOB for the participant, and select a JobKeeper status for your eligible business participant:
    • Not claiming yet – the business participant is eligible but is not yet claiming for this month’s JobKeeper fortnights
    • Claim FN1 and 2 – the business participant is claiming both JobKeeper fortnights in this month
    • Claim only FN1 – the business participant is claiming fortnight one only (they are not eligible to claim fortnight 2)
    • Claim from FN2 – the business participant is claiming fortnight two only (they are not eligible to claim fortnight 1)
  • To identify any eligible employees, confirm the numbers prefilled under Eligible employees per JobKeeper fortnights are correct. These have been automatically prefilled based on the lodgement of your STP through your payroll software. If these are incorrect, you will need to correct them in your software program via STP lodgement. 

If STP enabled payroll software does not have JobKeeper functionality and you have 200 employees or less

  • Log into Business Portal using myGovID and navigate to COVID-19 screen
  • Select Step 2 under JobKeeper banner – Identify and maintain employee eligible for JobKeeper wage subsidies

  • Select the month you are identifying eligible employees for (April or May depending on when you became eligible for the payment)
  • If you have an eligible business participant, select Yes to identify this business participant, enter TFN and DOB for the participant, and select a JobKeeper status for your eligible business participant:
    • Not claiming yet – the business participant is eligible but is not yet claiming for this month’s JobKeeper fortnights
    • Claim FN1 and 2 – the business participant is claiming both JobKeeper fortnights in this month
    • Claim only FN1 – the business participant is claiming fortnight one only (they are not eligible to claim fortnight 2)
    • Claim from FN2 – the business participant is claiming fortnight two only (they are not eligible to claim fortnight 1)
  • To confirm your eligible employee details select them from the list prefilled from your STP lodgement. Select the appropriate status as listed above for business participants.

  • If there are any additional employees which are not prefilled from your STP lodgements, select Yes you would like to add other employees, and add additional employees using TFN and DOB

If you do not have STP enabled payroll software and have less than 40 employees

  • Log into Business Portal using myGovID and navigate to COVID-19 screen
  • Select Step 2 under JobKeeper banner – Identify and maintain employee eligible for JobKeeper wage subsidies

  • Select the month you are identifying eligible employees for (April or May depending on when you became eligible for the payment)
  • If you have an eligible business participant, select Yes to identify this business participant, enter TFN and DOB for the participant, and select a JobKeeper status for your eligible business participant:
    • Not claiming yet – the business participant is eligible but is not yet claiming for this month’s JobKeeper fortnights
    • Claim FN1 and 2 – the business participant is claiming both JobKeeper fortnights in this month
    • Claim only FN1 – the business participant is claiming fortnight one only (they are not eligible to claim fortnight 2)
    • Claim from FN2 – the business participant is claiming fortnight two only (they are not eligible to claim fortnight 1)
  • To confirm eligible employees, select Yes add eligible employees and No more than 40 employees

  • Add up to 40 employees by selecting Yes to do you want to add other employees, and enter TFN  and DOB.

Make a business monthly declaration

Before completing the monthly declaration, please note:

  • Providing current and projected turnover is not a retest of your eligibility, rather an indication of how your business is progressing
  • If you have eligible employees:
    • Ensure $1,500 per JobKeeper fortnight has been paid
    • Check if your eligible employees have changed or left your employment. If so, notify the ATO via Step 2 – identify

To make your monthly declaration each month:

  • Log into Business Portal using myGovID and navigate to COVID-19 screen.
  • Select Step 3 under JobKeeper banner – Business monthly declaration for JobKeeper payment
  • Provide GST turnover for the declaration month and projected turnover for the following month
  • Reconfirm eligible employees and contact/financial institution details for receiving JobKeeper payment
  • Complete declaration and submit
  • It is advisable to also use the Print friendly function to capture the monthly declaration as a PDF and save this for your records.

Key Dates

  • From 4 May, complete Step 2 – Identify and maintain your eligible employees and eligible business participants
  • By 8 May, pay all eligible employees at least $1,500 (before tax) for each JobKeeper fortnight
  • By 31 May, complete enrolment and identification of eligible employees if you want to claim for April and May JobKeeper fortnights
  • Each month, complete Step 3 – Make a business monthly declaration via the Business Portal

 

On Monday 20th April 2020, in conjunction with Knowledge Shop, we held a live webinar regarding the JobKeeper scheme.

The recording is now available, along with the slideshow presentation.

📽 The recording can be accessed here
📊 The slideshow presentation can be accessed here


If you have any further questions in regards to the JobKeeper scheme, please do not hesitate to reach out to us!

 

What is the JobKeeper Payment?

The JobKeeper payment scheme is a $130b scheme which will be paid to eligible employers to subsidise wages of businesses impacted by the Coronavirus. Under the scheme, eligible businesses will receive $1,500 per fortnight per eligible employee/business participant. The scheme will be paid for a period of up to six months (from 30th March 2020 to 27th September 2020) with enrolment opening on Monday 20th April 2020.

The JobKeeper payment will ensure that eligible employees/eligible business participants receive a gross payment (before tax) of at least $1,500 per fortnight for the duration of the scheme.

 

Eligible Employers

Eligible employers are those employers that:

  • Carried on a business or were a not-for-profit operating in Australia on 1st March 2020; and
  • Meet the decline in turnover test (see detail below); and
  • Were not specifically excluded from the scheme (eg. Major Bank Levy, one that is in liquidation)

The Turnover Test

To be eligible for the JobKeeper payment, the employer must meet the decline in turnover test. This is a once only test (ie. once the test has been satisfied, there is no requirement to retest in later months). However, if an entity is not expecting to meet the test, they can access the scheme at a later date with payments beginning from the fortnight of enrolment.

The turnover test requires the GST turnover/projected GST turnover of those businesses with a turnover of less than $1b to have fallen/be expected to fall by 30% or more in comparison to the same period in 2019. The turnover test periods can be either a calendar month between March and September 2020 or quarters starting 1st April 2020 or 1st July 2020. The test periods are not required to align with the BAS lodgement period of the entity.

As at today, the periods which could be used as comparison to meet the turnover test are:

  • Actual March 2020 GST Turnover and Actual March 2019 GST Turnover
  • Projected April 2020 GST Turnover and Actual April 2019 GST Turnover
  • Projected April-June Quarter 2020 GST Turnover and Actual April-June Quarter 2019 GST Turnover

Alternative to decline in turnover test

If the business is unable to satisfy the turnover test, for example where an entity does not have a relevant comparison period because they are a new business or have acquired a business during these periods, they will need to apply to the Commissioner for a determination to use an alternative test.

 

Eligible Employees

A business can only claim JobKeeper payment for eligible employees who meet the wage condition (see detail below). It is ‘one in, all in’ for eligible employees, the business cannot chose who will receive the payment.

An eligible employee is an employee who:

  • Is currently employed by the employer (including those stood down or re-hired)
  • Was employed as at 1st March 2020
  • Is a full-time or part-time employee, or long-term casual:
    • An individual is a long term casual employee of an entity if employed by the employer on a regular and systematic basis for longer than 12 months as at 1st March 2020
    • If the employee is a long-term casual, cannot be a permanent employee of another employer
  • Was at least 16 years of age on 1st March 2020
  • Was a resident of Australia for social security purposes or a resident of Australia for tax purposes and holder of a Subclass 444 Visa at 1st March 2020
  • Has not given another employer nomination notice (refer below)
  • Not receiving government funded parental pay, dad or partner pay or fully supported by workers’ compensation.

Additionally, if an employee is eligible based on the above criteria, the ATO requires an employer to complete a JobKeeper employee nomination notice to notify employees that they intend to participate in the scheme. The employee must indicate if they agree to be nominated and receive the payment before the employer can proceed. 

Wage condition

To be eligible, the employer must have paid at least $1,500 (before tax) to the employee in the respective JobKeeper payment fortnights. See below how this payment requirement will operate.

The ATO has confirmed that it will accept the minimum $1,500 payment for each of the first two fortnights (30th March to 12th April, and 13th April to 26th April) as being paid to the employee even if it is paid late, as long as this is paid by end of April.

The requirement that the employee receives at least $1,500 per fortnight applies regardless of whether the employee ordinarily receives more or less than that amount.

Employee has been receiving

more than $1,500

The employee will continue to receive their regular income according to their workplace arrangement. The JobKeeper payment will subsidise the first $1,500.

Employee has been receiving

less than $1,500

The employer will be required to pay the employee a ‘top-up’ payment to ensure they are paid at least $1,500. Some employees will therefore receive more than their usual workplace arrangement.

Note that superannuation is only payable on their actual employment wages, disregarding any extra payments made to satisfy JobKeeper.

Employee stood down after

1st March 2020

The employer must pay $1,500 per fortnight to be eligible for the JobKeeper payment.

Note that superannuation is not payable if the employee is not working.

Employed at 1st March 2020 who ceased employment and has been re-hired

The employer must pay $1,500 per fortnight to be eligible for the JobKeeper payment.

Note that superannuation is not payable if the employee is not working.

 

JobKeeper Fortnights

1

30 March 2020 – 12 April 2020

2

13 April 2020 – 26 April 2020

3

27 April 2020 – 10 May 2020

4

11 May 2020 – 24 May 2020

5

25 May 2020 – 7 June 2020

6

8 June 2020 – 21 June 2020

7

22 June 2020 – 5 July 2020

8

6 July 2020 – 19 July 2020

9

20 July 2020 – 2 August 2020

10

3 August 2020 – 16 August 2020

11

17 August 2020 – 30 August 2020

12

31 August 2020 – 13 September 2020

13

14 September 2020 – 27 September 2020

 

Eligible Business Participants (EBPs)

An eligible business participant is an individual who is actively engaged in the business carried on in one of the following structures (who is not paid a wage):

  • Sole trader
  • Partnership
  • Company
  • Trust

To be eligible for the JobKeeper payment as an eligible business participant, the following criteria must be met:

  • The business meets the turnover test as described above
  • The business had an ABN on or before 12th March 2020 and either:
    • Had an amount included in its assessable income for the 2019 income year and this was included in the income tax return and lodged on or before 12th March 2020; or
    • Made a supply during the period 1st July 2018 to 12th March 2020 and lodged a BAS for any of these periods by 12th March 2020
  • The individual was:
    • Actively engaged in the business as at 1st March 2020
    • Not entitled to another JobKeeper payment as an eligible business participant or employee
    • Not a permanent employee of any other employer
    • At least 16 years of age at 1st March 2020
    • A resident of Australia for social security purposes or resident of Australia for tax purposes and holder a Subclass 444 Visa at 1st March 2020

A claim can be made for one Eligible Business Participant (EBP) per entity:

Entity

Limitation

Company

  • Claim limited to one shareholder; or
  • Claim limited to one director

Trust

  • Claim limited to one adult beneficiary

Partnership

  • Claim limited to one partner

 

Enrol for the JobKeeper Payment (20th April 2020 onwards)

The business or Power Tynan can enrol for the JobKeeper payment:

  • Step 1: Register your interest and subscribe for JobKeeper payment updates
  • Step 2: Check you and your employees meet the eligibility requirements
  • Step 3: Continue to pay at least $1,500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is the period from 30th March to 12th April - ensure any back payments are made by 26th April)
  • Step 4: Notify your eligible employees that you are intending to claim the JobKeeper payment on their behalf and check they aren’t claiming JobKeeper payment through another employer, or have nominated through another business
  • Step 5: Send JobKeeper employee nomination notice to your nominated employees to complete and return to you by the end of April if you plan to claim JobKeeper payment for April - keep it on file and provide a copy to your registered tax agent if you are using one
  • Step 6: From 20th April 2020, you can enrol with ATO for the JobKeeper payment using the Business Portal and authenticate with myGovID - you must do this by the end of April to claim JobKeeper payments for April
  • Step 7: In the online form, provide your bank details and indicate if you are claiming an entitlement based on business participation, for example if you are a sole trader
  • Step 8: Specify the estimated number of employees who will be eligible for the first JobKeeper fortnight (30th March – 12th April) and the second JobKeeper fortnight (13th April – 26th April)

 

Confirmation of eligible employees you will claim JobKeeper Payments for (available from 4th May 2020)

You or Power Tynan can apply for the JobKeeper payment for your eligible employees:

  • Step 1: Apply to claim the JobKeeper payment by logging in to the ATO Business Portal
  • Step 2: Ensure you have paid each eligible employee a minimum of $1,500 per JobKeeper fortnight before tax
  • Step 3: Identify your eligible employees in the application form by
    • selecting employee details that are prefilled from your STP pay reports if you report payroll information through an STP enabled payroll solution, or
    • manually entering employee details in ATO Online Services or the Business Portal if you do not use an STP enabled payroll solution, or
    • using a registered tax agent who will submit a report on your behalf through Online Services for Agents
  • Step 4: Submit the confirmation of your eligible employees online and wait for the confirmation screen
  • Step 5: Notify your eligible employees you have nominated them
  • Step 6: The ATO will pay you the JobKeeper payment for all eligible employees after receiving your application
  • Step 7: Each month, you will need to reconfirm that your reported eligible employees have not changed through ATO Online Services, the Business Portal or via your registered tax agent. This will ensure you will continue to receive the JobKeeper payments from the ATO. You do not need to retest your reported fall in turnover, but you will need to provide some information as to your current and projected turnover. This will be done in your monthly JobKeeper Declaration report.
  • Step 8: If your eligible employees change or leave your employment, you will need to notify the ATO through your monthly JobKeeper Declaration report

If you use the ATO Business Portal, you will need a myGovID linked to your ABN in Relationship Authorisation Manager (RAM). You can set this up at ato.gov.au/mygovid

 

Key Dates

1st March 2020

Key date for eligibility to JobKeeper payments for employers & employees

30th March 2020

First day of the first JobKeeper Fortnight

20th April 2020

Employers enrolment opens with the ATO

26th April 2020

Last chance to backpay any employees for the first two fortnights

4th May 2020

ATO confirmation of eligible employees.

JobKeeper payments able to be lodged – employers must notify employees that they have been nominated within 7 days of lodgement

27th September 2020

Last day of the last JobKeeper fortnight

 

Monday 20th April 2020

9am

In conjunction with Knowledge Shop, Power Tynan will be running a FREE webinar in relation to the JobKeeper Payment Scheme.

To register, click here

 

 

Further Information

Employers Guide to JobKeeper Scheme - https://www.sharpews.com.au/post/news-alert-the-employers-guide-to-jobkeeper-scheme-flexibilities

ATO - https://www.ato.gov.au/General/JobKeeper-Payment/

Treasury - https://treasury.gov.au/coronavirus/jobkeeper

NTAA Fact Sheet - Fact sheet - NTAA

COVID-19 Finance Options

Our Finance & Leasing Team are here to help!

 

 

As always, our finance brokers Dan Cuthbert and Kylie Charles are here to help with all of  your finance needs, in particular due to COVID-19.
 
The current finance options that are available due to the Government stimulus COVID-19 packages are as follows:
 

CORONAVIRUS SME GUARANTEE SCHEME 
Under the Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital.

  • Maximum total size of loans of $250,000 per borrower.
  • The loans will be up to three years, with an initial six-month repayment holiday.
  • The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
  • Loans will be subject to lenders’ credit assessment processes with the expectation that lenders will look through the cycle to sensibly take into account the uncertainty of the current economic conditions.

Commence by early April 2020 and be available for new loans until 30 September 2020.

Our fee is $1,000 + GST to prepare application, collect data and manage to completion/approval.
 

 

QUEENSLAND COVID-19 JOBS SUPPORT LOAN
Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent, rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts.

  • Maximum loan up to $250,000
  • No repayments or interest charged for the first year, plus two years interest only
  • 2.5% fixed interest rate
  • 10-year term of loan

Open until 25 September 2020 or until funding is fully committed
 

Our fee is $500 + GST – clients need to do online, but need accountant/financial prepared information *** waiting to get paper based form***


INCREASING THE INSTANT ASSET WRITE-OFF – EQUIPMENT FINANCE 

The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020, effective immediately.



BACKING BUSINESS INVESTMENT - EQUIPMENT FINANCE

The Government is introducing a time-limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions.

Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost, effective immediately.
 

 
UNSECURED LENDERS 

  • Get Capital
  • Propsa
  • Finstro
  • Ondeck

These lenders can provide fast turnaround timeframes in regards to the following, effective immediately:

  • Supplier / Trade Finance
  • Invoice Factoring
  • Cash Overdraft

 

BANKS 

We have heard BANKS are not allowing face-to-face interviews anymore, and that you need to call their hotline to enquire into any lending.

Our Finance & Leasing team are available via phone, FaceTime, Zoom, etc. We are working at our normal capacity and lenders are still open for business in all facets of finance from:

  • Equipment Finance
  • Home Loans
  • Investment Loans
  • Business Loans
  • Personal Loans

Interest rates are at an all time low, and there is a lot of fantastic rates out there for you. Please find a list here of the lenders with their links and contact numbers. If your lender is not on here, please let us know and we send you their details.
 
Please feel confident that we are here for you and can help with any of your finance needs.

Dan Cuthbert                                Kylie Charles
MB: 0419 784 727                        MB: 0448 230 314
DC@powertyan.com.au              KC@powertynan.com.au