What's New @ Dewings?

One of the Government's flagship measures announced in this year's Federal Budget was the ability for businesses with annual turnover of up to $5 billion to deduct the full cost of assets they acquire in the year they are installed. Measured in terms of the number of entities, the vast majority of Australian businesses are eligible. But what are the details, and are there limitations?

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Announced in the middle of a global pandemic and a massive economic emergency, this is perhaps the most significant Budget in a generation. 

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The JobKeeper extension period (known as 'JobKeeper 2.0') starts from 28th September, but many first round recipients may no longer be eligible. For those that still qualify, there are new payment rates, which of course means additional compliance requirements. What are the practical implications of all these changes? We're going to try and answer a few of those questions here.

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The South Australian State Government has announced that its Land Tax relief measures will be expanded to provide ongoing assistance to landlords who provide rent relief to tenants impacted by COVID-19 restrictions.

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The Federal Government recently announced an extension to its flagship JobKeeper wage subsidy program. The rules surrounding eligibility for extended support were then relaxed further, which included a shift in the employee eligibility date from 1st March to 1st July.  Because the changes were framed in the context of JobKeeper 2.0, it may have appeared that the new employee eligibility date was only relevant for the extended December 2020 and March 2021 quarters. This is not the case! The new date applies for relevant JobKeeper payments from the fortnight beginning 3rd August 2020. In other words, this may make more employees eligible for current JobKeeper payments. 

You can read the full version here.