COVID-19 has been a defining moment for many businesses. Amongst the many challenges it has presented, it has also created a burning platform for organisations to traverse and accelerate their digital journey.
The JobKeeper Payment is a subsidy to businesses, which aims to keep more Australians in jobs through the course of the coronavirus outbreak.
The program commenced on 30 March with the first payment received by eligible businesses in the first week of May as monthly arrears from the Australian Taxation Office. From 28 September a two-tiered payment will begin, based on Pre-COVID hours, which will continue until 28 March 2021.
Key points:
Eligible businesses can apply for the payment online and are able to register their interest via ato.gov.au
Sage Knowledgebase has all the information on how to set up the JobKeeper payment in Sage MicrOpay and Sage WageEasy. If this is your first time visiting Sage Knowledge base, you will first need to sign up.
Sage City is your online community forum available 24/7 where you can ask questions and share product tips, join the conversation for Sage MicrOpay and Sage WageEasy.
Cash flow boost for business
The Government will provide tax-free cash flow boosts of between $20,000 and $100,000 from 28 April 2020 to eligible small and medium-sized businesses and not-for-profit organisations that employ staff.
Please visit the Australian Taxation Office (ATO) site for more information
Temporary relief for financially distressed businesses
All businesses facing financial distress due to Coronavirus have a temporary increase in the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to such demands. The Government is also providing temporary relief for directors from any personal liability for trading while insolvent.
Government guarantee of unsecured loans up to $250,000
The Government’s “Coronavirus SME Guarantee Scheme” will provide a guarantee of 50% to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital.
The second phase of the Scheme commences on 1 October 2020 and will be available for loans made until 30 June 2021.
Increase in the instant asset write-off
The Government is increasing the instant asset write-off threshold from $30,000 to $150,000.
This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this time-frame.
Businesses with aggregated annual turnover of less than $500 million may be eligible.
Accelerated depreciation deductions
The Government has introduced a time-limited 15-month investment incentive to support business investment by accelerating depreciation deductions. Businesses with aggregated turnover below $500 million will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.
Helping accountants to work remotely, serve clients and move their practices online.
Accessing your payroll software remotely or online and managing your remote workforce productively.
Enabling business continuity to manage your finances and operations using Sage and 3rd party solutions.
Host: Mark Jones, Chief Storyteller & CEO, Filtered Media
Special guests: Christine Cocuzza, Manager, National Payroll, AFL, Rhonda Brighton-Hall, Founder & CEO, Making Work Absolutely Human (MWAH), Kerry Agiasotis, MD & EVP, Sage APAC
Date recorded: 3/09/2020
Our workplaces, ways of working and employment conditions are changing fast. Are you ready to maximise your opportunities? Join our free live event to learn game-changing strategies for people, payroll and compliance.
You’ll learn:
As business leaders look to the future, how will our world be shaped by the COVID-19 pandemic? What can we learn from experts and other businesses?
How does it work?
Instructor: Jenny Schroder from Sage
Agenda:
1. Run through the JobKeeper eligibility requirements
2. Detail the actions required from an employer
3. How to process Job Keeper payments within Sage MicrOpay
4. Q&A
Instructor: Tim Boote and Debbie Mitchell from Sage
Agenda:
1. Run through the JobKeeper eligibility requirements
2. Detail the actions required from an employer
3. How to process Job Keeper payments within Sage WageEasy
4. Q&A
Speaker: David Smith, Director of Smithink and Gary Weisz, Director of Strategic Accounts and Alliances, Sage Software
Highlights:
This covers tips and ideas on how to use Sage HandiSoft to identify clients and communicate with them in response to the JobKeeper and Cashflow Boost stimulus packages.
Price: $367.50 (inc GST).
Limited spots are available, please register your interest below and we will be in contact to discuss your requirements.
On 3 September, we held our second Sage Advice Live virtual event – ‘Strategies for the future of work’. Hosted by Mark Jones, Chief Storyteller & CEO of Filtered Media, the event brought together a panel of Australian business leaders to discuss the key issues facing payroll and HR teams in a world shaped by […]
There’s little doubt that, as the coronavirus disruption of 2020 continues, many accountants have been walking alongside their clients for every step of the journey. Suddenly, accountants have found themselves superheroes of the economy because the help from governments and other bodies has been primarily financial in nature. They’ve both provided and explained the data […]
Discover how the COVID-19 outbreak has affected the payroll job market and why payroll professionals are in demand even with national unemployment rising.
Discover the new payment rates and eligibility requirements for the JobKeeper extension, as well as how to prepare for a JobKeeper audit.
Below are helpful links to help you navigate the financial support from government that your business may be eligible for:
Sage Legal Disclaimer
The information contained herein is for general guidance purposes only. It should not be taken for, nor is it intended as, legal advice. We would like to stress that there is no substitute for customers making their own detailed investigations or seeking their own legal advice if they are unsure about the implications of trade on their businesses.
While we have made every effort to ensure that the information provided herein is correct and up to date, Sage makes no promises as to completeness or accuracy and the information is delivered on an “as is” basis without any warranties, express or implied. Sage will not accept any liability for errors or omissions and will not be liable for any damage (including, without limitation, damage for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or reliance on this information or from any action or decisions taken as a result of using this information.
