Business survival following support
By Cameron Andrich
In the near future there are plenty of changes happening to the government support related to COVID-19. Firstly regarding Centrelink payments, on the 24 September 2020 the Coronavirus Supplement for JobSeeker payments reduces to $250 a fortnight from $550. And on the next day on the 25th, the assets test and liquid assets waiting period are re-introduced for payments such as JobSeeker and Youth Allowance. On 31 December 2020 the Coronavirus supplement payment finalises.
Regarding JobKeeper there are some very important dates coming up quickly. 27 September 2020 sees the end of JobKeeper 1.0 and there is a re-testing of JobKeeper eligibility called ‘JobKeeper 2.0’ beginning on 28 September 2020. JobKeeper 2.0 eligibility tests are based upon the 2020 and 2019 September quarter turnovers. Jobkeeper 2.0 then ends on the 3rd of January but the next day, you guessed it, JobKeeper 3.0 begins whose eligibility is based on 2020 and 2019 December quarter turnovers. JobKeeper 3.0 finishes up on 28 March 2021. Additionally, JobKeeper 2.0 and 3.0 will both see reduced payment amounts and tiers of payments based on hours worked by employees and business participants.
There are other various measures you should also be aware of. From 25 September 2020 directors of companies are again liable for trading while insolvent. From 30 September 2020 the moratorium on evictions due to unpaid rent is finished and also there is the end of freezing of rent increases and penalties relating to tenants changing trading hours. On 28 October 2020 the final Cash Flow Boost Payments will be paid. And finally, to be eligible for the HomeBuilder grant, contracts must be entered into by the 31st of December 2020.
View a timeline of COVID support changes.
If any of this is confusing or you think you are eligible for further government support, please contact your accountant on 08 9841 1200.
Business Recovery Project
Creating a recovery plan through COVID to get your business back on track.
Brendan Taylor and Carryn Hills have been hosting a free 4-part webinar series to assist businesses following the inevitable end of government support.
Each week have been discussing a new topic, building on the previous. You will have the opportunity to ask questions live during the webinar.
Get more details and join next weeks free webinar here.
You are able to catch up on previous weeks by viewing the recordings.
Week 1 video recording.
Week 2 video recording.
Week 3: Live 4:30pm Thursday 24 September
Week 3 of the FREE Business Recovery Project webinar covers:
- Replacing out of date business concepts.
- Adapting to the demands of the mighty customer.
- Tools to define the best mix of products and services.
- Reviewing you marketing concepts.
