The ATO has updated its webpage on the JobKeeper eligibility to include further details for business owners who are not employees of their businesses. Some of this guidance is welcome news and displays some flexibility but there is a glaring omission that will impact many businesses and effectively excludes common business structures and will disadvantage their business owners.
COVID-19 has had a major impact on Australian society and this has extended to the way many work. Working from home has become a common occurrence and with the social distancing rules in many cases is the new normal. The ATO has recognised this fact and has introduced a new way that taxpayers can calculate their home office claims from 1 March 2020 to 30 June 2020.
While most of us were busy trying to relax and enjoy an unusual Easter long weekend, the ATO has been busy putting some further details into guidance around the $1,500 fortnightly Jobkeeper payments. The first round of guidance has been released with information regarding the turnover eligibility criteria and application process.
As expected, the $1,500 per fortnight wage subsidy that was the major part of the last Federal Government stimulus package passed Federal Parliament last night without any changes. Although the Opposition challenged whether the subsidy should be extended to all casuals rather than just those with over 12 months service, the importance of the subsidy for Australians was prioritised and the Bill was passed with no formal opposition.
Earlier this week Prime Minister Morrison provided further details on the relief available to retail and commercial tenants under changes made to the Commercial Tenancies Code. This Code provides the guidelines which will be then legislated into the relevant state laws shortly.
The Australian Banking Association has announced it will be extending the terms of the loan relief available for businesses. An extra 30,000 business are estimated to now be eligible for this relief with the maximum loan balance being increased from $3 million to $10 million.