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3rd Stimulus Package – Examples of the Jobkeeper Payment

small business accountant

1) Employer affected by Covid-19 with multiple employees Adam owns a business whose turnover has declined by more than 30% as a result of the downturn due to the Coronavirus. The business had the following three employees as at 1 March 2020: • Anne, who is a permanent full-time employee and who continues to work in the business earning a gross salary of $3,000 per fortnight. • Nick, who is…

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Please Mr Morrison, Let’s Help Non-Employing Businesses

There are 2 types of businesses in Australia. Those that employ staff and those that don’t. The number of businesses as at 30 June 2019 that don’t employ staff makes up 61% or 1.4 million of the total 2.4 million businesses in Australia, as well as 33% of the GDP created in Australia based on a recent Australian Bureau of Statistics report.  These are enormous numbers and involve a huge…

COVID-19 Stimulus Package Stage 2

The Federal Government has announced stage 2 of its economic plan to cushion the economic impact of Coronavirus. Read about the stage 1 package HERE. The 4 parts to the plan are listed below:    1.  Boosting Cash Flow for Employers This applies to: A business or a not for profit entity or charity with an aggregated annual  turnover of less than $50 million per annum ( based on prior…

COVID-19 – Examples – Stimulus Package

Below are some examples to the different parts of  the Federal Government Stimulus Package which will make it easier for you to understand how it all works: To read about the packages click HERE. 1.  Boosting Cash Flow for Employers a) Sarah’s Construction Business Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings, who each earn $89,730 per year.…

Coronavirus – Small Business Tax Relief

A great concern for small businesses at the moment is the impact the Coronavirus will have on small business and the community at large. The Australian government has therefore brought in various tax relief packages for small business. Below is details of the stage 1 package. Read about the stage 2 package HERE. Small Business Stimulus Package Here are details of how a small business can benefit from the stimulus…

Coronavirus – Now working from home, what can I claim as a deduction? ( published in Flying Solo 25 March 2020 )

While we are all dealing with this crazy virus, there might be an opportunity to claim some expenses as a result of it. No it’s not the additional time that some people may have spent on a cruise ship, as that would be personal expenses, but rather the need that might arise for people to work from home. Should your employer instruct you to work from home as a result…