ATO Offers Help To Australians Impacted By Covid-19 and Natural Disasters
The Australian Tax Office (ATO) acknowledges that workers across Australia continue to face huge challenges in regards to the covid-19 pandemic and various natural disasters which have occurred over the past 12 months. Here is some advice to help Australian taxpayers prepare for the upcoming End of Financial Year. JobKeeper JobKeeper payments are not tax […]
The End Of JobKeeper Has Cost 56,000 Jobs To Date
Newly released data from Single Touch Payroll has revealed that 56,000 workers who were previously on JobKeeper have lost their jobs. This is an increase in 16,000 which is up from the figures of 40,000 jobs from the data published two weeks ago. “The data suggested that up to 40,000 former JobKeeper workers lost employment […]
Australia’s Unemployment Has Fallen To 5.5 Percent Despite JobKeeper Ending
Recent figures released by the Australian Bureau of Statistics (ABS) have revealed that Australia’s unemployment has fallen to 5.5 percent. This has surprised many people, due to the fact that when the federal government’s JobKeeper wage subsidy ended on the 28th March it was anticipated to create a cliff that would plunge thousands of workers […]
372,000 Australian Businesses Were On JobKeeper When It Ended Last Month
Right up until it’s completion on Sunday 28th March, JobKeeper remained to be a critical economic lifeline for 372,000 Australian businesses. New research shows that almost a quarter of Melbourne based businesses were dependent on help from the scheme during its final phase. Businesses in regional parts of the country fared better than those in […]
The Impact Ending JobKeeper Will Have On the Unemployed
In Australia one entry-level job is advertised for every 48 people who are relying on JobSeeker payments. Now that JobKeeper has been discontinued and thousands of Australians are at risk of losing their jobs the competition for these highly sort after new employment opportunities has risen significantly. There are eight people who receive the JobSeeker […]
Australian Businesses in a World after JobKeeper
Business owners, insolvency experts and bureaucrats are cautiously awaiting to see how the end of JobKeeper is going to impact the Australian economy over the coming weeks. Insolvency laws were introduced during the peak of the covid-19 lockdown to protect businesses. On top of this the $90 billion JobKeeper wage subsidy scheme made it possible […]
The ATO Has Decided Not to Clawback $64 Million Worth of Incorrect JobKeeper Payments
On Wednesday 24th March the ATO announced that over $64 million was paid to Australian businesses out of error under the JobKeeper wage subsidies scheme. The ATO has made it clear that it won’t be pursuing this huge amount of money as employers have claimed the money “in good faith”. The ATO has revealed that […]
Thousands of Employees Face Redundancy as JobKeeper Ends
The JobKeeper scheme ended on Sunday 28th March. The ATO has warned employers that they could potentially lose access to the wage subsidy payments if they deny workers their redundancy entitlements. The Treasury has estimated that up to 150,000 employees across the country are likely to lose their job as a result of the […]
Some Australian Businesses Have Been Forced to Repay JobKeeper Payments
In 2020, the federal government paid over $1 billion to some of Australia’s most profitable companies. Over 60 publicly listed businesses have revealed that they were given handouts such as JobKeeper despite recording a combined profit of $8.6Bn in the past 18 months. These companies distributed an excess of $3.6 billion in dividends to their […]
Advice for Business Owners Who Are Preparing for The End of JobKeeper
The Australian Government will be ending the JobKeeper scheme on Sunday 28th March. Here are some tips to help business owners prepare for life after the wage subside. Review Your Cash flow With as much detail as you can, it is advised that business owners put together a forecast for the next few months. Get […]