Jobkeeper 2.0 – new eligibility and new rates

On 15 September 2020, the Treasury has released the Amendment Rules in relation to the Jobkeeper extension (Jobkeeper 2.0) that was legislated on 16 September 2020. The new extension rules will apply from 28 September 2020 onwards to 28 March 2021 and it will affect all Jobkeeper participants, including employees and business participants. 

In short: 

  • Businesses need to reassess their eligibility criteria from 28 September 2020 onwards in order to continue to qualify for Jobkeeper, and again on 4 January 2021. 
  • Payment rate will be reduced for both employees and business participants, and be split into tiers, depending on the number of hours worked 
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Want to minimise tax when selling your business?

Are you a business owner who is considering selling your business, but is unsure what the tax implications are?

When it comes to selling your business, there are many decisions to make, and sometimes these decisions may impact your tax liabilities on sale. It is therefore wise to speak to an expert about the road ahead before starting the journey of selling.

If a business is sold without having extensive analysis of its tax implications, you may end up having to pay up to 47% tax on the profit. However with proper consultation well before the sale, you may be able to reduce the income tax liability down (sometimes to nil!). The difference can be enormous when the profit is huge.

For example: a business sale with profit of $3m, with 47% tax, your share to keep is $1.59m, however with a 0% tax, you get to keep $3m. That’s a difference of $1.41m!

Below are some concessions you may be able to use to minimise your tax.

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5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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Private health insurance – is it worthwhile?

From time to time we get questions from clients where they ask if they should have private health insurance. While it is a very personal decision, sometimes it may make a difference to your tax position when it comes to preparing your tax return.

Let’s dive into some of the common questions asked!

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