The Federal budget was announced on Tuesday 6th October after a delay due to the coronavirus pandemic. Treasurer Josh Frydenberg said it would focus heavily on job creation in order to pull the country out of the economic crisis it faces. With uncertainty remaining until a vaccine for Covid-19 is available, there will likely be more announcements as circumstances change over time. Some of the key measures in the budget are: Tax cuts Lower and middle income earners will receive a tax cut that will be up to $2,745 for singles or up to $5,490 for dual income families in 2020–21. The table above is taken from the Government's Budget website - talk to us about actual figures for your situation. B
From 28 September, the JobKeeper payment scheme enters the next phase seeing the payment extended until 28 March 2021. There are two separate extension periods, each of which is tested separately for eligibility based on business turnover. Extension 1 – 28 September 2020 to 3 January 2021 Extension 2 – 4 January 2021 to 28 March 2021 What has Changed? From now on, there are two tiers of payment based on the total hours an employee or business participant worked during their reference period. To be eligible for the first JobKeeper extension payment to 3 January 2021, the business must demonstrate a decline in GST turnover based on actual figures for the September quarter compared to a previou
