More Stimulus! Ask us how.
Rest assured VJC will advise you on claiming eligible stimulus measures.
Many will be done via the BAS! Others require applications and evaluations where we can assist.
The how is to be discussed on a case by case basis as we familiarise ourselves with the process.
The Government’s consolidated package in now $320 billion of fiscal and balance sheet support, 16.4 per cent of annual GDP, this is a massive debt.
Job keeper Payment
- Employers (including non-for-profits) will be eligible for the subsidy if their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or
- Eligible employers will be paid $1,500 per fortnight per eligible employee for up to 6 months.
- Eligible employees will receive, at a minimum, $1,500 per fortnight, before tax, and employers are able to top-up the payment.
- Employers must elect to participate in the scheme. They will need to make an application to the Australian Taxation Office (ATO) via their website.
- Eligible employers receive the payment for each eligible employee that was on their books on 1 March 2020 and continues to be engaged by that employer – including full-time, part-time, long-term casuals and stood down employees.
- The subsidy will start on 30 March 2020, with the first payments to be received by employers in the first week of May.
https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_supporting_businesses_1.pdf
Here is a summary of ALL the stimulus to date:
https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_1.pdf
This quarters BAS will address the measures as part of the process, it is the opportunity to make the 1st stimulus claims, we urge ALL clients to get their information in ASAP.
Please call if you would like to discuss.
Adrian and the VJC team.
