The Government has announced two massive fiscal measures in the last two weeks – both designed to keep people in jobs and the economy afloat: Jobkeeper and the Cash Flow Boost. These measures will mean life or death to many businesses and will provide a bridge for many desperate employees wondering how they will pay the rent and put food in their mouths. For many it will mean millions of dollars in support.

Mark Molesworth, a tax partner from BDO in Brisbane, will present this webinar. The presentation itself will last an hour and it will be followed by ample time for questions afterwards.

• The Jobkeeper scheme explained

  • Who qualifies – turnover and turnover drop year on year
  • What periods can you use to measure turnover drop? Calendar months, monthly periods, longer?
  • How do you measure turnover? Cash vs accruals
  • For which employees can employers claim the subsidy?
  • What must employers pay employees?
  • How is the subsidy payable? Single touch payroll system
  • Timing of payments
  • Tax status of subsidy
  • Sole traders – how do they qualify and what do they get?

• The $100,000 cash splash – first tranche of $50,000
  • Who is eligible? Who had fallen between the cracks?
  • How it works for medium-sized entities (monthly PAYGW and quarterly BAS)
  • How it works for quarterly payers
  • Will the 300% rebate be refunded or offset against other tax liabilities?
• The $100,000 cash splash – second tranche of $50,000
  • How it works for medium-sized entities
  • How it works for small entities
• Small business asset write-off – what has changed and who and how does it help?
• Accelerated depreciation arrangements through June 2021
• ATO concessions
  • Deferral of payments due through the business activity statement
  • Quicker access to GST refunds
  • Varying PAYG instalments
  • Remittal of interest and penalties that have been applied to tax liabilities

  • Entering low interest payment plans for existing or future tax debts