Last night Parliament passed the legislation to enable the JobKeeper Payment scheme which is intended to deliver income support of $1,500 per fortnight to eligible employees of COVID-19 affected businesses.
Under this legislation, the Government has created a “framework” under which the Treasurer will be required to make rules to provide for the payments, including eligibility for payments, the amount of payments and the time that payments will be made.
On the 12th of March, the Federal Government announced their first economic response to the Coronavirus consisting of $17.6b of measures.
It quickly became obvious that those measures would be insufficient to address the economic fall-out of Coronavirus pandemic, with a further announcement made on the 22nd of March. This second announcement included adjustments that built on many of the measures previously announced, in particular the measure labelled “boosting cash flow for employers”.
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Sky Accountants are working hard to make things easier for our clients. We are pleased to announce the launch of our new finance department, Sky Mortgage Services.
Every client has their own different requirements and we strive to be proactive when dealing with them. Our goal is to offer a wide range of services that help our clients stay financially organised, tax compliant and geared for business/financial growth.