In order to support the economy, the government has decided to extend the temporary JobSeeker COVID supplement for a further 3 months until the 31 March 2021, although at a further reduced rate. The temporary supplement was due to end on 31 December 2020, however, with the continued closure of internal State borders, and the lagging economy, the extension will continue the temporary safety net for many individuals.
The Government has released details of what it calls its “JobMaker” hiring scheme. It will take the form of a payment to employers for each new job they create over the next 12 months. It is estimated that the scheme will cost $4 billion and support about 450,000 employees. So it could help a lot of businesses and there is quite a bit of money up for grabs – up to $200 for each “new” employee each week!
The 2020 Budget has been handed down and as expected, the government has brought forward the previously legislated stage 2 tax cuts from 1 July 2022 to 1 July 2020. Other measures include the bringing forward and retaining various low-income offsets, targeted CGT exemption for granny flats, and cash payments for some income support recipients.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.