The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic

What is a financial plan and why do you need one?

Understanding what a Financial plan is and how Financial Planning can help is often misunderstood.

This is because people typically associate the potential solutions a financial planner can offer – like investing, insurance or super advice for example – as being the main value of the financial planning relationship. But in reality it is the plan we help you create itself, that is where the true value lies. A plan that is yours – to achieve what is important to you – and only then, do we relate the products that can help you achieve your objectives to your situation.

What now? Where to get help if you need it

The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible

Your questions answered. Working from home

During lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs?

TaxationJPR BUSINESS GROUP6 August 2020working from home, tax deductions, Taxation, Tax

JobKeeper changes: What's new in JobKeeper 2.0

On 21 July 2020, the Government announced that due to the ongoing COVID-19 crisis, the JobKeeper Payment Scheme will be extended by six months until 28 March 2021, from the original end date of 27 September 2020. The period of the extended scheme comprises 13 fortnights - ie. the proposed extension doubles the length of the original scheme.

Increased flexibility for Parental Leave Pay for self-employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.

Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days.

JobKeeper and termination payments

An employment termination payments (ETP) is a lump sum payment made to an employee when their job is terminated. ETP’s are generally made up of unused sick leave or unused rostered days off, payment in lieu of leave, genuine redundancy payments, etc.

ATO on the warpath: COVID-19

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package.

1 July company tax rate reduction

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.

What is happening with casual workers and annual leave?

News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.

At present, there is no global change granting Australian casual workers paid leave. The case however, highlights the long running problem of determining over time, who is a permanent staff member and entitled to paid leave and other benefits, and who is a casual worker entitled to a casual loading.