Category: Economy

Government extends SME Recovery Loan Scheme to 30 June 2022

The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the backing of a Government loan guarantee. Around 80,000 loans worth

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Extending administrative relief for companies to use technology

The Government has passed legislation renewing temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting materials and execute documents until 31 March 2022. This should ensure that companies can

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The ‘gigs up’ with a new sharing economy reporting regime

Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was first announced in the 2020 MYEFO (following a recommendation from

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Budget 2021 – 2021

To support household income and create more jobs, the Government will deliver an additional $7.8 billion in tax cuts by retaining the low and middle-income tax offset (LMITO) in 2021-22. This is on top of the $25.1 billion in tax cuts announced in previous Budgets that is expected to flow to households in 2021-22. Around

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New measures in effect

The Government has provided an update of a number of new measures that came into effect from 1 January 2021, including: The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape, and help more small businesses recover from the pandemic. The reforms introduce a new,

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JobMaker Hiring Credit Passed

The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per week for an eligible employee aged 16 to 29

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JobKeeper 2.0 eligibility and payments

JobKeeper extension The Government announced that JobKeeper will be extended but with changes in turnover tests and payment rates: First stage (from 28 September 2020) Turnover decline will initially be based on actual decline for June and September 2020 quarters to qualify for two reduced tier rates; Next stage (from 4 January 2021) actual turnover decline for June, September and

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Coronavirus: Government JobKeeper Payment

A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible businesses will receive a

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Supporting businesses to retain jobs

The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. Keeping Australians in work and businesses in business will

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Economic Response to Coronavirus

On 12 March 2020, the Australian Government announced a $17.6 billion targeted stimulus package to support the Australian economy through the challenges of the coronavirus. The package is designed to keep small businesses afloat and employees in work, and will focus on supporting the most affected sectors. The government has stated that the measures are

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