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  1. EY moves on pay cuts amid COVID-19 downturn

    significant and prolonged downturn in demand, and re-deployment is not possible, redundancy will be reluctantly applied as a last resort. “We are well aware of how anxious our people are feeling amid this disruption and uncertainty, and we continue to...

  2. ATO releases initial JobKeeper guidance

    business portal between 4 May and 31 May 2020. While the JobKeeper payments began on 30 March, legislation was only passed last week, and the ATO’s guidance now comes in the second fortnight period running from 13 April to 26 April. As such, the ATO...

  3. ‘We are not immune’: Deloitte mandates 20% pay cut

    immune,” Mr Deutsch said. “Our own Deloitte Access Economics team estimate that over 1 million jobs have been lost in the last three weeks. In this environment, a significant focus for my leadership team and me is to minimise job losses across our...

  4. Fair Work updates guidance on JobKeeper scheme

    and operation of the JobKeeper payment scheme in Australian workplaces. Changes to the Fair Work Act, which are set to last until 28 September 2020, have been made in tandem with the government’s $130 billion JobKeeper legislation. According to Fair...

  5. Now is your time to shine

    and invite your clients to watch the video, which they may prefer. There’ve been quite a few live webinars being run in the last few weeks and this is a one-to-many approach which could be useful. In my view, this is no substitute for one-on-one...

    • Type: Article
    • Author: Rob Pillans, Planet Consulting
    • Category: Business

  6. COVID-19 claims 6% of jobs in 3 weeks

    the pandemic was declared, meaning 780,000 people lost their jobs by 4 April. A majority of the job losses came in the last week of March ending on 4 April, when the government started enforcing strict restrictions that saw the closures of a number of...

    • Type: Article
    • Author: Jotham Lian & Aidan Curtis
    • Category: Business

  7. Queensland appoints temporary small business commissioner

    recovery from the COVID-19 impact. Minister for Employment and Small Business Shannon Fentiman said the role was set to last until the end of 2020. “Our thousands of small businesses are struggling due to the COVID-19 crisis, and now more than ever they...

  8. JobKeeper to address service entities: Josh Frydenberg

    using the services of the employer entity.” Mr Frydenberg’s announcement comes after the ATO determined alternative tests last Thursday for fall in turnover for classes of entities where there is not an appropriate relevant comparison period. It is...

  9. National network moves in on WA merger

    deal will see Carbon expanding its Perth accounting services after it made moves in the Queensland and Melbourne market late last year. Parish Business Services owner Jason Parish will become a partner in Carbon’s advisory division as a part of the...

  10. ATO extends initial JobKeeper payment deadline

    are eligible.” The extension in time to meet the wage condition comes after the ATO registered the alternative tests late last week and the Treasurer revealing that further changes would be made to the JobKeeper rules. Assistant Treasurer Michael Sukkar...

  11. JobKeeper ‘one in, all in’ rule forcing tough decisions

    difficult conversations within businesses, with accountants advised to lean on employment lawyers in certain scenarios. Late last week, Treasurer Josh Frydenberg reiterated the importance of the “one in, all in” principle of the JobKeeper scheme, noting...

  12. No further JobKeeper eligibility changes, says Treasury

    prioritising work on the alternate test for special purpose service entities, announced by Treasurer Josh Frydenberg last Friday. “Those changes to the rules that the Treasurer announced on Friday would be made this week, and we’re working on defining...

  13. JobKeeper ineligibility limiting take-up: ABS

    part of the ABS’ attempt to measure the economic impact of COVID-19, comes after Prime Minister Scott Morrison announced last Friday that 650,000 businesses had since registered for the JobKeeper scheme. Over 900,000 businesses had expressed interest in...

  14. Service trusts get reprieve under ATO guidelines

    by professional firms who were looking for guidance in the Treasurer’s modified turnover test, say tax experts. Late last month, Treasurer Josh Frydenberg announced that a change to the JobKeeper rules would see service entities recognised, with a...

  15. JobKeeper reimbursement to hit 728,000 businesses

    better understand their eligibility position. The ATO has confirmed that payments have begun reaching bank accounts from last night and as of this morning, with the vast majority of payments to be made within days of the ATO receiving a completed...

  16. ‘A hell of a ride’: The COVID-19 toll on the accounting profession

    said. “Take a few deep breaths and come back to it because the next few months are going to be a testing time, as have the last few months, but I don’t think it’s going to get better quickly and we need practitioners out there who are healthy and able...

  17. Sukkar issues myGov warning to agents

    as the ATO resumes processing early access to super applications. Early release of superannuation applications were paused last Friday after the ATO and the Australian Federal Police were made aware of identity fraud that saw 150 people affected....

  18. JobKeeper documentation ‘absolutely critical’ in ATO audit

    did you establish your turnover for a particular period in 2020? How did you show that the turnover was down 30 per cent on last year?” The ATO’s recently published LCR 2020/1 has stated that the Tax Office will allow for some tolerance around turnover...

  19. Incoming insolvency spike could prompt bankruptcy changes

    in late March saw relief for company directors faced with insolvency and statutory demands from creditors, which is set to last until September. However, while the relief has been largely welcomed given the economic downturn brought about by the...

  20. Joint bodies look to capitalise on ASIC’s licensing ease

    accounting bodies to turn up the heat on the licensing regime, following ASIC’s temporary AFSL exemption for tax agents. Last month, the corporate regulator relaxed licensing requirements for accountants to provide advice to existing clients about the...

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