Reopening your business: online planning tool
As the government begins to gradually lift social distancing restrictions, an online planning tool has been released (download here) to help businesses develop a roadmap to safety reopen in the weeks and months ahead.
Apart from collating information about the government support available to businesses, the tool also gives practical instructions such as how to protect employees and reorganise supplies, and enables businesses to devise and customise their reopening strategy in a flexible template named “My business’s COVIDSafe Plan”.
The National Covid-19 Coordination Commission (NCCC) which developed the tool estimates it would take 30 minutes to complete, and says it should give businesses a sound understanding of what measures they can adopt to keep people safe while they return to operation.
Using STP to report eligible employees and JobKeeper top-up payments
The JobKeeper payment regime requires participating businesses to notify eligible staff and provide top-up payments to cover any shortfalls if their employees are normally paid less than $1,500 per fortnight. The ATO has announced that this process can be managed through “STP pay event” by creating a new “other allowances” item. Details here.
Guidance on tax issues concerning residential rental property
Due to the COVID-19 outbreak, many residential rental property owners have seen their rental income affected and have questions regarding what they can claim for this income year’s tax time. In this update, the ATO responded to many frequently asked questions on this area of tax as well as other information that practitioners and property owners should find useful.
Land Tax relief practicalities for Victorians
The Victorian SRO has outlined the requirements to claim COVID-19 land tax relief. In its guidance the SRO stipulated the eligibility, supporting information and evidence that will be required for the application, as well as a step by step video instruction on how you can apply online via the My Land Tax tool.
Victorian JobKeeper payments exempt from payroll tax, WorkCover premiums
The Victorian Government has announced a further $491 million in tax relief. The most significant measure concerns businesses receiving JobKeeper payments, who will be exempted from payroll tax and WorkCover premium for the $1500 fortnightly payment to staff who are currently stood down and any payments above an employee’s usual salary incurred due to the JobKeeper subsidy.
Moreover, the Government will freeze all fees and fines at present levels that were due to be increased in July, including car registration, traffic infringements, permit fees, and court-imposed penalties.
Disclaimer: this update is intended as general information only and is not tailored to individual circumstances. Please contact us if you would like specific advice.