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For Business & Individuals: Updated Lockdown Support

For Business & Individuals: Updated Lockdown Support

The Australian and NSW Governments recently announced a major economic support package aimed at supporting businesses and individuals through the current COVID-19 lockdown.

Key components of the 2021 COVID-19 package for businesses include:

  • An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7,500 and $15,000 to cover the first three weeks of restrictions.
  • A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $100,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week.
  • A new grants program for micro-businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 percent. The businesses will be eligible for a $1,500 payment per fortnight of restrictions.
  • Payroll tax waivers of 25 percent for businesses with Australian wages bills of between $1.2 million and $10 million that have experienced a 30 percent decline in turnover, as well as payroll tax deferrals and interest-free repayment plans.
  • Mandatory rent relief for eligible commercial and retail tenants. See new support for commercial tenants and landlords.
  • Land tax relief equal to the value of rent reductions provided by commercial, retail, and residential landlords, up to 100 percent of their 2021 land tax year liability.
  • An increase in the payment amount for stood down workers to $750 per week for those who lost more than 20 hours, and to $450 for those who lost between 8 and 20 hours, and available to workers outside of the Greater Sydney lockdown areas.
  • Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2022.
  • A $75 million support package for the performing arts sector to be administered by Create NSW.
  • A $26 million support package for the accommodation sector.

Read the full update below:

Lockdown Support for Business – Aug 2021

Lockdown Support for Individuals – Aug 2021

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

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For Business Clients: Lodging Your TPAR – Deadline 28 August (ATO)

For Business Clients: Lodging Your TPAR – Deadline 28 August (ATO)

If your business makes payments to contractors or subcontractors, you may need to lodge a Taxable payments annual report (TPAR) by 28 August.

TPAR is an industry-specific report for businesses that are required to report the total payments they have made to contractors or subcontractors for services. The ATO uses this information to data match the annual income declared by contractors, helping to improve compliance.

Read the full update here – For Business Clients – TPAR Deadline 28 August (ATO)

If you have any questions or would like further assistance with your TPAR lodgement, please contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

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PrimeWellness – The extra weight of COVID-19

PrimeWellness – The extra weight of COVID-19

Making sure we focus on our physical, emotional, and mental health is now more important than ever. This pandemic is not going away in the short to medium term. We are going to continue to experience lockdowns and disruption to our daily routines at least for this year. So why not draw a line in the sand and make a deliberate choice to focus on your health. And if that muffin top is one of the things you want to lose, then let’s get started. Remember, it takes one small step at a time.

Read More – PrimeWellness – The extra weight of COVID

Author: Dr. Leanne Wall (BSc., MBBCh., Grad Dip Counselling)

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Lifestyle Assets – ATO’s Focal Point

Lifestyle Assets – ATO’s Focal Point

Latest: The ATO has extended its lifestyle assets data-matching program for the 2020-21 financial year to 2022-23 to acquire insurance policy information for certain asset classes.

The ATO will acquire the data from 25 insurance providers, with the expectation of identifying approximately 300,000 individuals each year.

Insurers will be required to provide the ATO with detailed policy information where the value of assets is equal to or exceeds the following thresholds:

  • Marine vessels $100,000
  • Motor vehicles $65,000
  • Thoroughbred horses $65,000
  • Fine art $100,000 per item
  • Aircraft $150,000

Read More – Lifestyle Assets – ATO’s Focal Point 2021

You may be interested in – Changes to Minimum Pension Drawdown Rates 2021

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Updated Lockdown Support for Businesses & Individuals

Updated Lockdown Support for Businesses & Individuals

The Federal and NSW Governments yesterday announced a series of new measures to support individuals and businesses impacted by the lockdowns. 

New funding measures include:

  • COVID-19 Disaster Payment increased to $450 (between 8 and 20 hours lost) and $750 per week (20 hours or more lost) from 2 August 2021
  • NSW JobSaver extended to businesses with a turnover up to $250m from $50m and increased to up to $100,000 per week (from 18 July 2021)

Read the full update below:

Updated Lockdown Support for Business – 29 July 2021.pdf1

Updated Lockdown Support for Individuals – 29 July 2021.pdf1

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call your advisor at PrimeAdvisory on 02 9415 1511.

Read More

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