Economic Stimulus Package – Supporting apprentices and trainees
April 20, 2020
The Government is encouraging and supporting businesses to retain apprentices and trainees to ensure continuity of skilled workers across our trade industries. Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid from 1 January 2020 to 30 September 2020. Where a small business is not able to…
Boost to mental health services, domestic violence support and Medicare assistance
April 20, 2020
The Government released further funding on March 29 to support the secondary effects of the health and economic impact of the coronavirus. This package is designed to provide care and help to the many who are facing hardship as a result of this crisis. Medicare support at home The $669 expansion of Medicare-subsidised telehealth services…
Early childhood education and care subsidy
April 20, 2020
Child care and early childhood education is critical for families who rely on it so they can continue to work throughout this ongoing crisis, particularly those who are working in critical areas. Under the care subsidy, the government will calculate what a centre’s revenue was in the fortnight to March 2, based on enrolments and…
Temporary Access to Super
April 14, 2020
As part of the measures taken by the government to support those impacted by COVID-19 some people will be able to access up to $10,000 of their super between now and 1 July 2020, with a further $10,000 in the first three months of the 2020-21 financial year, tax Complimentary. Those who are eligible include…
Accelerated depreciation deductions to benefit businesses
April 20, 2020
The Government has accelerated depreciation deductions for the next 15 months. Up until June 30, 2021, businesses turning over less than $500 million will be able to deduct 50 per cent of the cost of any eligible asset the moment it’s installed. It’s predicted these two tweaks to the investment rules could benefit up to…
Support for business investment
April 20, 2020
The government is loosening the criteria around the instant asset write-off. Pre-Coronavirus, businesses with a turnover of up to $50 million could instantly write-off the purchase of assets costing up to $30,000. Post-Coronavirus, businesses with a turnover of up to $500 million can write off asset purchases of up to $150,000. Contact the Centaur Financial team…
Economic Stimulus Package – JobSeeker or JobKeeper
April 20, 2020
In a rapidly evolving response to the spread of COVID-19, the Federal Government announced in March a new suite of welfare packages to help Australians who’ve found themselves out of work. Among them are the JobSeeker and JobKeeper payments. Here’s a rundown of how they work: JobSeeker This initiative was devised in mid-March, prior to…
Economic Stimulus Package – Payments to love income households and pensioners
April 20, 2020
As part of the Government’s series of measures to support the economy and individuals through the Coronovirus crisis, Newstart recipients, age pensioners and veterans are being provided with a one-off payment of $750. These payments started flowing into the bank accounts of 6.5 million (mainly) lower-income Australians from March 31. While most working Australians won’t…
Economic Stimulus Package – What it means for pensioners
April 20, 2020
Federal Government’s second support package announced March 22, flicked the switch to more income support for retirees. Retirees affected by falling superannuation balances and deeming rates out of line with historically low interest rates have been offered some reprieve. In addition to the cut in pension deeming rates announced in the first stimulus package, the…
Economic Stimulus Package – What it means for self-funded retirees
April 20, 2020
Federal Government’s second support package announced on March 22 offered assistance for self-funded retirees. Minimum drawdown rates for account-based pensions and similar products will be halved for the 2020 and 2021 financial years. This means retirees will be under less pressure to sell shares or other pension assets in a falling market to meet the…
The JobKeeper Program: Help for businesses
April 20, 2020
The Australian Government has announced unprecedented assistance to help businesses of all sizes manage their cashflow and retain their employees. The six-month JobKeeper Payment of $1,500 a fortnight per employee is made through the tax system and is available to small, medium and large businesses, and not-for-profits. Legally employers must pass on the payment to…
JobKeeper Payment: What is it, how much and who is eligible
April 20, 2020
The Australian Government’s JobKeeper program is designed to help an estimated six million workers to retain their jobs through the crisis. Eligible employees will earn $1500 per fortnight. If you earn less than $1500 you will be ‘topped up’ to $1500 per fortnight. In order to be eligible you must be aged at least 16…
Making peace with the unknown
April 14, 2020
Life constantly challenges us with unknowns, yet some of these hit closer to home and harder than others in their impact. The coronavirus is unprecedented in our lifetimes, so we are charting new territory in the world’s response to this crisis. The uncertainty around its far-reaching impact is creating fear for many around the globe,…
Where to seek advice in uncertain times
April 14, 2020
With the ongoing escalation of the COVID-19 crisis many people are struggling. Huge changes are happening and we’re all being affected, socially, emotionally and financially. If your ability to work and earn an income has already been affected, you’re likely to be worried about how you’re going to cover your bills and mortgage and pay…
Coronavirus and Stimulus Packages
April 6, 2020
In these unprecedented times, we have seen an unprecedented response by both Commonwealth and State governments in efforts to keep the economy moving along, as well as keeping people livelihoods intact. Within Australia, the state and federal governments have rolled out billions of dollars in relief to try and limit the collateral damage to people’s…
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