Witten Partners remains open during this very challenging time. We are adapting to the constantly changing circumstances. We have currently ceased face to face meetings, however we are running online meetings via Zoom. We will continue to help and guide our clients through these challenging times whether it be from our normal office or a remote location.
JobKeeper Payment - Summary and initial analysis
If your business has experienced a 30% drop in revenue, you may be entitled to the JobKeeper Payment. Please note, the was announced on the evening of 30/03/2020. Many of the finer details are yet to be finalised. To register for this scheme, you will need to register here.
If you are an employer you may be entitled to Boosting Cash Flow for Employers.
If you employ apprentices and/or trainees you may be entitled to Supporting apprentices and trainee benefits.
If you are a business who doesn't employ, or an individual who has lost their income you may be entitled to Increased and Accelerated Income Support.
If you are a sole trader utilise this resource.
Early Access to Superannuation.
Along with the above Federal Measures, the NSW State Government has announced they will be providing the following support:
· $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20). This means these businesses will save a quarter of their annual payroll tax bill in 2019-20.
· $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21;
· $80 million to waive a range of fees and charges for small businesses including bars, cafes, restaurants and trades;
Information on the rights and obligations of employers and employees in regard to standing down of employees.