Our global community is facing a truly unprecedented situation. The coronavirus pandemic is affecting our families, businesses, communities, and way of life. Together we can slow down the spread of COVID-19, by following government and health guidelines. The health and wellbeing of our staff, clients, families and communities is of paramount importance to Twelve Chartered Accountants. You can to contact us through our phone number or email addresses available on our Contact Us page.
ECONOMIC STIMULUS PACKAGESTo assist our clients and other businesses, we have recorded several webinars in relation to the ATO Coronavirus Economic Stimulus package. We have created these webinars in an easy to understand manner, which we hope can assist you in your understand of what benefits apply to you
COVID-19 WEBINARS AVAILABLE
LATEST WEBINAR ON JOBKEEPER
We encourage you to familiarise yourself with the resources and fact sheets available on The Treasury website and the Department of Health website. Twelve Chartered Accountants remains available to support you remotely in this challenging environment. Please do not hesitate to contact us by phone and email if you have any concerns during this time.
What happens if I don't have the money to continue paying my employees until the payments are made?
The JobKeeper Payment is a reimbursement scheme that will be paid by the ATO monthly in arrears.
In cases where this may present cash flow difficulties, those businesses may want to speak to their bank to discuss their options. The bank have said businesses may be able to use the upcoming JobKeeper payment as a basis to seek credit in order to pay their employees until the scheme is making its first payments.
I'm still working and i earn less than $1,500 per fortnight before tax. How much will I receive?
For eligible employees, if you receive less than $1,500 in income per fortnight before tax, your employer must pay you, at a minimum, $1,500 per fortnight, before tax. Your employer will continue to pay you your ordinary income according to your prevailing workplace arrangements and provide a 'top-up' so you receive $1,500 per fortnight, before tax.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.