2020 has been a tough year for many businesses but perhaps none more so than travel agencies and tour providers
The ATO has announced that registrations are now open for the JobMaker scheme. This scheme pays eligible employees $200 per week for eligible employees aged between 16 to 29 years and $100 per week for eligible employees aged between 30 and 35 years.
With the calendar ticking over into December, the count down for Christmas has begun and we will be saying goodbye (& good riddance?) to 2020 soon. For accountants, this means the start of yet another JobKeeper period with businesses needing to re-establish their eligibility using the actual drop in turnover test and a new set of minimum wage rates for employees and business owners who worked under or over 40 hours per fortnight.
The Victorian Government has released its state budget and the major potential benefit for businesses is a new payroll tax rebate that is available for the 2021 and 2022 financial years.
Applications have just opened offering businesses the ability to claim a $1,200 rebate from the Victorian State Government after purchasing an eligible digital product. An eligible business is any micro business, sole trader or small business operating in Victoria, which holds an ABN on 13 September 2019 and is registered for GST on 13 September 2020.
We are fast approaching the end of October, which is the first month for the extended JobKeeper scheme. The ATO estimates that 60% of those businesses who will utilise this scheme will be Victorian businesses who have been impacted by the strict lockdowns applied by the State Government which are only now starting to be eased.