Today our Prime Minister and Treasurer announced a third wave of their Stimulus package – the Jobkeeper payment, to assist both businesses and employers to get through the Coronavirus pandemic.
Let’s break it down based on whether you are a business owner (an employer) or employee.
This morning, the Australian Government has announced their second round of policies to further support Australian businesses and individuals as it is expected the Coronavirus will be impacting the economy in the next few months.
This is what we know so far:
The Prime Minister has just announced a $17.6 billion economic plan today, to assist small businesses and households through the uncertain times ahead due to the Coronavirus.
How will the stimulus package help you?
Do you know that on average every person has to manage and remember up to 90 accounts and passwords?
From personal emails to work emails, from online shopping accounts to online account software, everyday we are logging in and out of various accounts.
How are you protecting your business from someone trying to steal your password or hacking into your accounts?
It’s amazing, and emotionally uplifting, to see how generous Australians are when it comes to making donations to help with the bushfire crisis. It is also a good time to be aware that, for your donation to be tax deductible, it must be made to an organisation that has been given official status by the ATO as a Deductible Gift Recipient (DGR). If you are on a high marginal tax rate and know that the donation will give you a year-end tax deduction, that may encourage you to give more.
Most of the major charities are DGRs but sometimes, in times of crisis like this, small groups of people set up local fundraising entities and these might not have registered to be DGRs. Similarly, many of the donation-seeking funds set up online through websites such as GoFundMe will not necessarily be registered as DGRs.
Some people may not be too concerned about this, and may still choose to support the fundraiser that best suits their ethos, no matter whether it gives them a tax deduction. Others may be willing to give more if they know they will get a reduction in their year-end tax.
