WHAT. A. YEAR!
Whilst Santa is busy getting his COVID-19 quarantine clearances for border travel, we’ve been working tirelessly with his elves to make sure you have a few Xmas gifts under the tree…
Homebuilder Grant Scheme extension
Thought you missed the boat? The homebuilder scheme will now end on 31 March 2021.
There is still time to enter a construction contract before 31 December 2020 to be eligible for the higher amount of $25k. The not so good news? Grant funds will decrease from $25K to $15K. Check out the eligibility requirements here.
To apply, go to the Office of State Revenue for your state – here is the link for QLD
If you need a quality builder, let us know, we know a few of them!
Superannuation – last chance for early access
31 December 2020 is the last day you can apply to access your superannuation early under the COVID-19 early access measures. The ATO has warned that those wanting to access their superannuation pre-Christmas will need to complete the application by 11 December 2020.
The ability to access up to $10,000 of your superannuation is available to those that have been made redundant, have had their working hours reduced by more than 20%, and have been adversely financially impacted by COVID-19. The application process through myGov is a self-assessment process that you are responsible for.
JobMaker deadline
6 January 2021 is the final day of the first JobMaker Hiring Credit period and the deadline for enrolling in the scheme to access payments for this period. Enrolments are not open yet but because of the tight turnaround times, if your business would like to access JobMaker for the first period, it will be important to assess eligibility. There is a credit available of up to $200 per fortnight per eligible employee.
Apprenticeship subsidies still available
Subsidies of 50% of an apprentice’s wage (up to $7,000) are still available for new and existing apprentices to keep them employed. The scheme applies to the wages of new apprentices from 5 October 2020 and 30 September 2021, and existing apprentices from 1 January 2020 to 31 March 2021. Eligibility requirements apply to the business and the apprentice. Full details of the subsidies are available here.
Your Australian Apprenticeship Support Network (AASN) can assist with the access to these.
Relocation allowance
Thinking about moving? We Don’t blame you if you’re a Victorian.
From 1 November 2020, the Australian Government are providing relocation assistance to people who relocate to take up short-term agricultural work. From 1 December 2020, those on jobseeker payments are automatically eligible.
Assistance available:
• $3,000 if you relocate to a capital city;
• $6,000 if you relocate to a regional city area;
• An extra $3,000 if you relocate with a dependent.
To apply go here.
Backing QLD Investment Fund
Whilst the QLD budget announced yesterday was about as exciting as the thought of a Victorian style lockdown, there were some small wins for small business:
$100m of the $500m Backing Queensland Business Investment Fund will be held for small and medium sized business that have significant growth potential. Some of the hoops to jump through include:
• Based in QLD and will create QLD based jobs;
• Have a provide product and defined market opportunity by require capital to grow
Click here to find out more.
Staff Xmas Gifts
Still thinking about gifts for your employees? Read this blog post from last year to find out what works and what doesn’t.
Merry Xmas and a Happy New Year to you and your family. Enjoy the well-earned break. Our office will be closed from 12pm 18 December 2020 and reopen 8.30am 4 January 2021.
Stay safe. Shake tax, not hands!
Get in touch with m+h Private tax specialists today on +61 3036 7174 if you need support for you and your business.
As always, the above is general in nature, and the details may change, please discuss with your trusted advisor.