Category Archives: Business

Summary of State and Territory 2021 COVID-19 financial support measuxres available to businesses

There is a raft of new measures – many of which are helpful, but at the same time, confusing and convoluted – making it challenging to keep abreast of what’s available.

To help you navigate the 2021 COVID-19 financial support measures that are currently available to businesses, here is a handy snapshot and summary of the assortment of support measures and comparisons to identify their similarities and differences.

Snapshot: Key business support measures on offer

The key business support measures currently on offer around the country are:

Summary: State and Territory 2021 COVID-19 business support measures


This summary sets out the key features and conditions of the State and Territory COVID-19 financial support measures currently available to businesses across Australia.

The hyperlinked information for each measure will take you to the landing page where you can find guidance, terms and conditions, further information on eligibility and online application forms.


This information is current as at 11:00am on 26 August 2021.

  NSW COVID-19 Business Grant
Amount$7,500 to $15,000
Program open19 July 2021 to 13 September 2021
Aggregated turnover$75,000 to $50m in 2019–20
Decline in turnover (DIT)≥ 30%, ≥ 50%, ≥ 70% in minimum 2-week period from 26 June 2021 to 17 July 2021   (27 May 2021 to 17 July 2021 for Southern Border businesses)   Compared with: Same period in 2019 Same period in 2020 12–25 June 2021
Other key conditionsMaintain 13 July 2021 headcount Wages no more than $10m  Business costs incurred from 1 June 2021 to 17 July 2021
More information Service NSW website

NSW JobSaver
AmountEmploying: $1,500 to $100,000 per week Non-employing: $1,000 per week
Program open26 July 2021 to 18 October 2021
Aggregated turnover$75,000 to $250m in 2019–20
Decline in turnover (DIT)≥ 30% from 26 June 2021   Compared with: Same period in 2019 Same period in 2020 12–25 June 2021
Other key conditionsMaintain 13 July 2021 headcount  Capped at 40% of NSW Weekly Payroll
More information Service NSW website

NSW JobSaver extension for larger businesses in tourism, hospitality and recreation industries
AmountAggregated annual turnover of: More than $250m to $500m: up to $300,000 per week* More than $500m to $1b: up to $500,000 per week* * Fortnightly payments will be backdated to the start of the month in which the business first experienced the required decline in turnover on or after the commencement of JobSaver on 18 July 2021.
Program openCan apply from 26 August 2021 (backdated to 18 July 2021) to 18 October 2021 Applications will be manually assessed
Aggregated turnoverMore than $250,000 to $1b in 2019–20
Decline in turnover (DIT)Aggregated annual turnover of: More than $250m to $500m: ≥ 50% More than $500m to $1b: ≥ 70%
Minimum 1-month period within the lockdown (commenced 26 June 2021) compared with the same period in 2019 or another agreed period
Other key conditionsMaintain headcount from the day immediately prior to the month they first experienced the required DIT Capped at 40% of NSW Weekly Payroll
More information Service NSW website

NSW Micro-business Grant
Amount$1,500 per fortnight
Program open26 July 2021 to 18 October 2021
Aggregated turnoverMore than $30,000 to less than $75,000 in 2019–20
Decline in turnover (DIT)≥ 30% from 26 June 2021
Compared with: Same period in 2019 Same period in 2020 12–25 June 2021
Other key conditionsMaintain 13 July 2021 headcount
More information Service NSW website

NSW Small business fees and charges rebate
Amount$1,500 digital voucher
Program openApril 2021 to 30 June 2022
Aggregated turnover
Decline in turnover (DIT)
Other key conditionsWages no more than $1.2m Fees and charges from 1 March 2021 to 30 June 2022
More information Service NSW website

Victorian Small Business COVID Hardship Fund
Amount$14,000
Program openCloses until earlier of exhaustion of program funds or 10 September 2021
Aggregated turnover
Decline in turnover (DIT)≥ 70% 
Minimum 2-week period from 27 May 2021 to 10 September 2021
Compared with: Trading in 2019 — 27 May 2019 to 10 September 2019 Not trading in 2019 — 1 February 2021 to 28 July 2021
Other key conditionsVictorian payroll no more than $10m in 2019–20 Registered for GST on and from 28 July 2021
More information Business Victoria website

Queensland 2021 COVID-19 Business Support Grant
AmountSmall: $10,000 Medium: $15,000 Large (tourism and hospitality businesses only): $30,000
Program open16 August 2021 to 16 November 2021
Aggregated turnoverMore than $75,000
Decline in turnover (DIT)≥ 30% Nominated 7-day period (must include at least 1 full day of a lockdown event) 
Compared with: Same 7-day period in July/August 2019 Same period in July/August 2020
Other key conditionsSmall: annual payroll less than $1.3m Medium: annual payroll $1.3m–$10m Large: annual payroll more than $10m Must be registered for GST
More information Business Queensland website

ACT COVID-19 Business Support Grant
AmountEmploying: Up to $10,000  Non-employing: Up to $4,000
Program open26 August 2021 to 7 August 2021
Aggregated turnoverMore than $75,000
Decline in turnover (DIT)≥ 30% over a consecutive period of 7 days during the 3-week lockdown period compared with a comparable 7-day period in April 2021 to August 2021
Other key conditionsMust be registered for GST Australian payroll must be less than $10m
More information ACT Government website

ACT COVID-19 Small Business Hardship Scheme
AmountUp to $10,000 in form of credit for: Payroll tax Utilities Rates Range of business licence fees and charges
Program openOpening soon
Aggregated turnover$30,000 to $10m
Decline in turnover (DIT)≥ 30%
Other key conditionsTBA
More information ACT Government website

SA COVID-19 Business Support Grant — July 2021
AmountEmploying: $3,000 Non-employing: $1,000
Program open29 July 2021 to 30 September 2021
Aggregated turnover$75,000 or more
Decline in turnover (DIT)≥ 30% in the week of 20 July 2021 to 26 July 2021 (inclusive) compared to the prior week
Other key conditionsMust be registered for GST Australian payroll must be less than $10m if employing
More information SA Department of Treasury and Finance website

SA COVID-19 Additional Business Support Grant
AmountEmploying: $3,000 Non-employing: $1,000
Plus further $1,000 if operate from a commercial premise in the Adelaide CBD
Program open13 August 2021 to 17 October 2021
Aggregated turnoverNo minimum turnover
Decline in turnover (DIT)≥ 30% over the 2 weeks from 28 July 2021 to 10 August 2021 compared to average fortnightly turnover in the June 2021 quarter
Other key conditionsMust be registered for GST Australian payroll must be less than $10m if employing
More information SA Department of Treasury and Finance website

Tasmanian Business Hardship – Border Closure Critical Support Grant
AmountSole traders/Small: $2,000 Small employing: $5,000  Medium: $10,000
Program open17 August 2021 to 16 September 2021
Aggregated turnoverSole trader/Small: $50,000 or more Small employing: More than $100,000 to $1m Medium: More than $1m to $10m
Decline in turnover (DIT)≥ 30% from 26 June 2021 to 13 August 2021
Compared with 8 May 2021 to 25 June 2021
Other key conditionsRegistered ‘for tax purposes’
More information Business Tasmania website

WA Small Business Lockdown Assistance Grant: Round Two, June 2021
Amount$3,000
Program openCloses 31 August 2021
Aggregated turnover$75,000 or more
Decline in turnover (DIT)≥ 30% from 29 June 2021 to 5 July 2021 
Compared with prior week
Other key conditionsMust be registered for GST Australian payroll must be less than $4m Specified industries for Perth, Peel and Rottnest regions
More information WA Small Business Development Corporation website

NT Business Lockdown Payment Program – Lockdown (round 2) payment
AmountLockdown payment 1: $1,000  Lockdown payment 2: $1,000  Extended closure payment for eligible businesses: $1,000
Program openLockdown payment 1: 28 June 2021 to 20 August 2021 (closed)  Lockdown payment 2: 17 August 2021 to 27 August 2021
Aggregated turnover$75,000 to less than $10m
Decline in turnover (DIT)≥ 50%
Other key conditionsMust have a valid ABN Fewer than 20 full-time equivalent employees
More information Business Recovery Northern Territory website

Common exclusions

  • Businesses located or operating outside of the relevant State or Territory
  • Businesses such as sole traders who are eligible to receive the Commonwealth Disaster Payment
  • Businesses for which the primary or only (varies between States) source of income is passive (rent, dividends, interest)
  • Eligible for another business grant.

Use of business grant funds

  • Meeting business costs, including utilities, salaries, rent
  • Seeking financial, legal or other advice to support business continuity planning
  • Developing the business through marketing and communications activities
  • Other supporting activities related to the operation of the business.

Do you need to pay tax on COVID-19 financial support payments that you receive?


There are a number of different schemes providing government help for businesses affected by the COVID-19 pandemic.


If you receive assistance (whether from the Commonwealth or a State or Territory government), you may be wondering if you need to pay tax on the assistance. Here is what the ATO website advises.


Assistance

Income tax treatment

GST treatment
COVID-19 Disaster PaymentNot taxable N/A
JobKeeper Taxable – but amounts paid to employees that are subsidised by JobKeeper are deductible (see below)
No GST
Pandemic Leave Disaster Payment
TaxableN/A
Small business support payments
See belowNo GST
Child Care Transition Payment 
Taxable No GST (GST-free supply)
Creative Economy Support Payment
TaxableNo GST
Creative Economy Concessional Loan
Not taxable No GST
Consumer Travel Support Program Grant
Taxable No GST
State Government Voucher Subsidy Scheme Payment
Taxable   GST payable 
Electricity rebateNot taxable – but rebate reduces a business’ deduction for electricity 
No GST

Small business support payments


Government payments to assist a business to continue operating are generally taxable, whether provided as a one-off lump sum or a series of payments.


However, payments made under the COVID-19 business support programs listed below (eligible programs) are not taxable (they are what’s called non-assessable non-exempt (NANE) income) if the recipient’s aggregated turnover in the year they receive the payment is less than $50 million.

NSW support programs 

  • 2021 COVID-19 Business Grant
  • 2021 COVID-19 JobSaver Payment
  • 2021 COVID-19 Micro-business Grant
  • NSW Performing Arts COVID Support Package.

Victorian support programs 

  • Alpine Business Fund
  • Alpine Resorts Support Program (Streams 1, 2 and 3)
  • Business Continuity Fund
  • Business Costs Assistance Program Round Two
  • Business Costs Assistance Program Round 2 – July Extension
  • Business Support Fund 3
  • Impacted Public Events Support Program
  • Independent Cinema Support Program
  • Licensed Hospitality Venue Fund
  • Licensed Hospitality Venue Fund 2021
  • Licensed Hospitality Venue Fund 2021 – July Extension
  • Live Performance Support Program
  • Melbourne City Recovery Fund – Small business reactivation grants
  • Outdoor Eating and Entertainment Package
  • Small Business COVID Hardship Fund
  • Sole Trader Support Fund
  • Sustainable Event Business Program.

Other support programs

If you receive a government support payment that is not listed above, then it is taxable (at least as at 25 August 2021). This includes:

  • QLD:    2021 COVID-19 Business Support Grant
  • ACT:     COVID-19 Business Support Grant
  • SA:    COVID-19 Additional Business Support Grant
  • TAS:    Business Hardship – Border Closure Critical Support Grant
  • WA:    Tourism Business Survival Grants and payments under the Tourism and Travel
  • NT:        Payments under the Territory Business Lockdown Payment Program. 

However, the Federal Government may declare any such payments to be non-taxable (by declaring the relevant program to be an eligible program). 

Repayments of JobKeeper overpayments

If your business:

  • has repaid or is repaying JobKeeper overpayments, the amount need not be included as assessable income in the business’ tax return. If the overpaid amount has already been included in an earlier tax return, the return will have to be amended to reduce the assessable income by the repaid amount;
  • doesn’t need to repay JobKeeper overpayments because the ATO has waived them, the overpaid amounts have to be included as assessable income in the business’ tax return

Payroll tax relief

Where:

  • no payroll tax is payable – the business will have a smaller allowable deduction in their tax return;
  • a refund of payroll tax is paid – the allowable deduction for payroll tax will be less any refunds given.

There are no GST consequences.

Rent relief 

If a business receives rent relief, its deduction for rent will be reduced. If the business is registered for GST, its entitlement to GST credits is reduced in proportion to the rent reduction.

Land tax relief

Land tax relief will result in a smaller allowable deduction. GST is not payable on the relief, but the GST payable on rent received by the landowner is reduced in proportion to the rent reduction given to the tenant.

Tip!Check with your tax adviser as to whether specific support government payments are taxable.

It’s tax time again!

Your business has to lodge its income tax return for the 2020–21 income year by 31 October 2021 (unless you have a substituted accounting period). If you use a registered tax agent to lodge your return, it is likely that they can lodge the return at a later date, even as late as May 2022 in some cases.  

Lodging a tax return 

Are you a sole trader?

  • Even if your income is below the tax-free threshold ($18,200), you still need to lodge a tax return.
  • Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you’ve paid throughout the year.

Are you a partnership?

If you operate your business in a partnership:

  • the partnership lodges the partnership tax return, reporting the partnership’s net income or loss (assessable income less allowable deductions).

As an individual partner, you report on your individual tax return:

  • your share of any partnership net income or loss
  • any other assessable income, such as salary and wages, dividends and rental income.

The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income (if any) you receive.

Are you a trust?

  • If you operate your business through a trust, the trust reports its net income or loss (this is the trust’s assessable income less allowable deductions).
  • The trustee is required to lodge a trust tax return. 
  • As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a company?

  • If you operate your business through a company, you need to lodge a company tax return.
  • The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.

The company’s income is separate from your personal income.

Tax losses

This has been a difficult year, and your business may have made a tax loss.

A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for the income year.

If your business makes a tax loss, you may be able to:

  • offset the loss in the same income year against other assessable income; 
  • carry forward the loss and claim it as a business deduction in a later income year; or
  • carry the loss back to an earlier income year (but not before 2018–19) in which the business has an income tax liability and receive a tax offset (the loss carry back tax offset is available only to companies).

Meeting the ‘non-commercial loss’ tests


If you’re a sole trader or in a partnership of individuals and want to offset a tax loss, first check if the business activity meets at least one of the ‘commerciality’ tests under the non-commercial loss rules. (Those rules do not apply to losses made by primary producers and professional artists whose income from other sources is less than $40,000, or to losses made by companies and trusts.)

If you meet one of the ‘non-commercial loss’ tests, you can offset the loss against other assessable income (such as salary or investment income) in the same income year.

If you don’t meet any of the ‘non-commercial loss’ tests, you can defer the loss or carry it forward to future years. For example, you can offset it when you next make a profit.

Non-commercial losses made by an individual whose adjusted taxable income exceeds $250,000 are quarantined. 

The rules for record keeping still apply when it’s related to business losses. You need to keep records for 5 years for most transactions. However, if you fully deduct a tax loss in a single income year, you only need to keep records for 4 years from that income year.

Tip!Talk to your tax adviser about the best way to utilise tax losses.

Personal services income

If you operate your business through a company or a trust, income earned by the company or trust from the provision of your personal services (personal services income or PSI) will be attributed to you unless: 

  • the company or trust is carrying on a personal services business (PSB); or 
  • the PSI was promptly paid to you as salary or wages.

The company or trust will be carrying on a PSB if at least one of a number of tests are satisfied. These are the:

  • Results test (this is the primary test) — this is based on common law criteria for characterising an independent contractor (in contrast to an employee/employer relationship);
  • Unrelated clients test — this requires the PSI to be earned from at least two unrelated clients who contract your services as a direct result of making offers or invitations (for example, by advertising) to the public to provide your services;
  • Employment test — this requires at least 20% (by market value) of your work to be performed by employees;
  • Business premises test – this requires you to use business premises that meet certain conditions (eg you have exclusive use of the premises and the premises must be physically separate from any premises you use for private purposes).

If 80% or more of your PSI (with certain exceptions) is income from one client (or the client and their associate(s)) and the results test is not met, the company or trust will need to obtain a PSB determination from the ATO. 

The company or trust cannot deduct amounts that relate to gaining or producing your PSI, unless you could have deducted the amount as an individual or the company or trust received the PSI in the course of carrying on a PSB. 

Even if you don’t use a company or trust to derive your PSI, there are limitations on the deductions that you may claim against your PSI. For example, you may not be able to deduct certain home office expenses, eg occupancy expenses such as mortgage interest or rent.

Tip!

The PSI rules are complicated, so talk to your tax adviser if you provide your services through a company or trust. 

Home office

A lot more people are working from home because of the COVID-19 pandemic. If you operate your business from a home office, you can deduct the expenses of running that office. A home office is a room in your home that is used exclusively (or almost exclusively) for business activities.

Expenses you can claim a deduction for include:

  • Occupancy expenses – these include rent, mortgage interest, water rates, land taxes and house insurance premiums. Occupancy expenses are usually calculated by apportioning the expenses between the home office and the rest of the property on a floor area basis (there can be capital gains tax implications when you sell your home if you have claimed occupancy expenses);
  • Running expenses – these are the increased costs from using your home for your business, including electricity or gas charges for heating, cooling and lighting, cleaning costs and the decline in value and the cost of repairs of deprecating assets such as furniture, furnishings and equipment; and
  • Work-related phone and internet expenses, including the decline in value of the handset – an apportionment will be required if the phone or computer is not used exclusively for work.

To make it easier for people to claim deductions for working from home due to the COVID-19 pandemic, the ATO allows a rate of 80 cents per hour for running expenses incurred from 1 March 2020 until 30 June 2021. Under this ‘shortcut’ method, you don’t need a dedicated work area in your home. You need to have kept a record of the hours you have worked from home, such as a diary. Of course, you can still make a claim based on your actual running expenses if it produces a larger deduction. 

Tip!

If you have a home office, talk to your tax adviser about how to calculate your deduction and the records you must keep.

Company tax rate 

The standard company tax rate is 30%.

The tax rate for 2020–21 for companies whose aggregated annual turnover is less than $50m and whose passive income is not more than 80% of the total assessable income (called ‘base rate entities’) is 26%. The rate reduces to 25% for 2021–22 and future income years. 

If more than 80% of a company’s assessable income is ‘base rate entity passive income’ (eg dividends, rent, interest, royalties and net capital gains), or its aggregated annual turnover is $50m or more, the company’s taxable income will be taxed at the standard 30% rate. 

Small business income tax offset 

If you are a sole trader, an individual who is a partner in a business partnership or an individual who is a beneficiary of a trust that carries on a business, you may qualify for the small business income tax offset if the business’ turnover is less than $5 million (yes, $5 million and not the general $10 million small business threshold). The offset is not available to an individual acting as a trustee of a trust.

The tax offset for 2020–21 is equal to 13% of the income tax payable on the sole trader’s or other individual’s taxable income that qualifies as their net small business income (the offset rate is 16% for 2021–22). The offset is capped at $1,000. 

Taxable payments annual report 

Businesses that pay contractors or sub-contractors for certain services may need to lodge a taxable payments annual report (TPAR) with the ATO. The services are:

  • building and construction services;
  • cleaning services;
  • courier or road freight services;
  • IT services; and
  • security, investigation, or surveillance services.

The TPAR for 2020–21 should have been lodged by 28 August 2021.

What were some of the more significant 2020–21 tax changes for businesses?

Temporary full expensing of depreciating assets

This is an outright deduction for the cost of a depreciating asset first acquired after 7:30pm on 6 October 2020 and first used, or installed ready for use, by 30 June 2022 (although the Federal Government has announced a 12-month extension to 30 June 2023).

It is important to note that:

  • The asset must be located in Australia and principally used in Australia;
  • Small and medium businesses (aggregated turnover of less than $50 million), but not larger businesses, can use temporary full expensing for second-hand assets;
  • Temporary full expensing is not available if your business disposes of the asset in the same income year you acquire it;
  • Your business can opt out of temporary full expensing for an income year on an asset-by-asset basis, unless your business is a small business entity that uses the simplified depreciation rules.

A consequence of temporary full expensing is that, in 2020–21 and 2021–22 (and 2022–23 when the 12-month extension for temporary full expensing becomes law), small business entities must deduct the full amount of the balance of its general small business pool (provided it is greater than zero).

Loss carry back 


A company (but not a sole trader, trust or partnership) can carry back a tax loss made in the 2019–20, 2020–21 or 2021–22 income year to an earlier income year (but not before 2018–19). This will generate a refundable tax offset called a ‘loss carry back tax offset’. This is an alternative to carrying a tax loss forward to set off against profits in a future tax year. 

The Government has announced that the loss carry back will be extended by 12 months so that a company will also be able to carry back a tax loss made in the 2022–23 income year.

Medium businesses 

A medium business is one whose aggregated turnover is at least $10 million but less than $50 million. The following small business concessions were extended to medium businesses from 2020–21: 

  • the prepayment rules; and 
  • the immediate deduction for certain start-up expenses.

As noted above, other small business concessions started to apply to medium businesses from 1 July 2021.

What’s new?

Tax changes from 1 July 2021

A number of changes apply from 1 July 2021. These include:

  • Medium businesses (aggregated turnover of at least $10 million but less than $50 million) can use the simplified trading stock rules, the GDP-adjusted notional tax method to work out PAYG instalments and the simplified GST accounting method.
  • Single Touch Payroll (STP) reporting:
    • STP applies to small employers (1–19 employees) in relation to closely-held payees (eg family members and directors and shareholders if the employer is a company); and
  • The quarterly reporting concession for micro employers (1–4 employees) only applies to employers who report through a registered tax professional and where exceptional circumstances exist.

Note that STP Phase 2 (requiring employers to provide additional payroll information through STP) begins on 1 January 2022.

  • Amending assessments – the standard time limit for amending assessments is reduced from 4 years to 2 years for medium businesses (applicable for income years commencing on or after 1 July 2021) – this is the same as for small businesses.
  • Superannuation guarantee – the superannuation guarantee charge percentage increased to 10% (it is legislated to gradually increase each year until 1 July 2025 when it becomes 12%). The maximum contribution base for 2021–22 increased to $58,920 (from $57,090).
  • R&D tax offset – changes in how the offset is calculated, an increase in the expenditure threshold from $100 million to $150 million and new clawback rules.
  • Film incentives – once the relevant legislation is passed by Parliament, some of the rules about qualifying Australian production expenditure (QAPE) will change, the producer offset for films that are not feature films released in cinemas will increase to 30% of total QAPE and there will be various threshold and integrity changes across the 3 different offsets (location, producer, Post, Digital and Visual Effects (PDV)).

FBT changes

  • Exemptions – the fringe benefits tax (FBT) exemptions for car parking and work-related electronic devices available to small businesses have been extended to medium businesses (aggregated turnover of at least $10 million but less than $50 million) from 1 April 2021.
  • Retraining – retraining and reskilling benefits provided by an employer to redundant employees to enable them to obtain new employment are exempt from FBT, provided the employer complies with any redundancy obligations under the Fair Work Act 2009. The exemption does not extend to relatives of the employer or, if the employer is a company, shareholders, directors and their relatives. The exemption does not cover tertiary education fees and HELP loan repayments.

Tip!

Contact your tax adviser to find out about any changes that might affect your business. 

No GDP adjustment for 2021–22

The GST and PAYG instalment amounts are usually adjusted every year using a formula known as the gross domestic product (GDP) adjustment.

However, the ATO has announced that the GDP adjustment to work out quarterly GST and PAYG instalment amounts for the 2021–22 income year is nil. It was also nil for 2020–21. 

Key tax dates 

DateObligation
21 Sep 2021 August monthly BAS due
30 Sep 2021Finalisation due date by payers of PAYG withholding payments reporting through STP for closely held payees
21 Oct 2021September monthly BAS due Payment of annual PAYG instalment for 2020–21
28 Oct 2021September quarter BAS due Payment of first PAYG instalment for 2021–22 by quarterly payers
31 Oct 2021*2020-21 income tax return due

PAYG withholding annual reports due (no ABN withholding; interest, dividend and royalty payments paid to non-residents; and payments to foreign residents)
21 Nov 2021*October monthly BAS due

* These dates fall on a Sunday, so the due date is the next business day.

DISCLAIMER
TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.
<p style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>Summary of State and Territory 2021 COVID-19 financial support measuxres available to businesses</strong><br>
</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Since the onset of the COVID<span style="font-stretch: normal; line-height: normal; font-family: Times;">‑</span>19 pandemic, the Federal Government has been working with States and Territories to provide financial assistance to businesses affected by lockdowns and restrictions in COVID<span style="font-stretch: normal; line-height: normal; font-family: Times;">‑</span>19 hotspots.</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">There is a raft of new measures &ndash; many of which are helpful, but at the same time, confusing and convoluted &ndash; making it challenging to keep abreast of what&rsquo;s available.</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">To help you navigate the 2021 COVID-19 financial support measures that are currently available to businesses, here is a handy snapshot and summary of the assortment of support measures and comparisons to identify their similarities and differences.</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;  min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Snapshot: Key business support measures on offer</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The key business support measures currently on offer around the country are:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>NSW: &nbsp; &nbsp;</strong><a href="https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant"><span style="color: rgb(11, 76, 180);">COVID-19 Business Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>NSW: &nbsp; &nbsp;</strong><a href="https://www.service.nsw.gov.au/transaction/jobsaver-payment"><span style="color: rgb(11, 76, 180);">JobSaver</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>NSW: &nbsp; &nbsp;</strong><a href="https://www.service.nsw.gov.au/transaction/2021-covid-19-micro-business-grant"><span style="color: rgb(11, 76, 180);">Micro-business Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>NSW: &nbsp; &nbsp;</strong><a href="https://www.service.nsw.gov.au/small-business-fees-and-charges-rebate"><span style="color: rgb(11, 76, 180);">Small business fees and charges rebate</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>VIC: &nbsp; &nbsp;</strong><a href="https://business.vic.gov.au/grants-and-programs/small-business-covid-hardship-fund"><span style="color: rgb(11, 76, 180);">Small Business COVID Hardship Fund</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>QLD: &nbsp; &nbsp;</strong><a href="https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants"><span style="color: rgb(11, 76, 180);">2021 COVID-19 Business Support Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>ACT: &nbsp; &nbsp;</strong><a href="https://www.act.gov.au/business/business-support/covid-19-economic-support-for-business"><span style="color: rgb(11, 76, 180);">COVID-19 Business Support Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>ACT: &nbsp; &nbsp;</strong><a href="https://www.act.gov.au/business/business-support/covid-19-economic-support-for-business"><span style="color: rgb(11, 76, 180);">COVID-19 Small Business Hardship Scheme</span></a> (opening soon)</span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>SA: &nbsp; &nbsp;</strong><a href="https://www.treasury.sa.gov.au/Growing-South-Australia/COVID-19"><span style="color: rgb(11, 76, 180);">COVID-19 Business Support Grant &mdash; July 2021</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>SA: &nbsp; &nbsp;</strong><a href="https://www.treasury.sa.gov.au/Growing-South-Australia/COVID-19"><span style="color: rgb(11, 76, 180);">COVID-19 Additional Business Support Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>TAS: &nbsp; &nbsp;</strong><a href="https://www.business.tas.gov.au/covid-19_business_support_packages/border_closure_critical_support_program"><span style="color: rgb(11, 76, 180);">Business Hardship &ndash; Border Closure Critical Support Grant</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>WA: &nbsp; &nbsp;</strong><a href="https://www.smallbusiness.wa.gov.au/lockdown-assistance"><span style="color: rgb(11, 76, 180);">Small Business Lockdown Assistance Grant: Round Two, June 2021</span></a></span></li>
    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="color: #000000;"><strong>NT:</strong>&nbsp; &nbsp; <a href="https://businessrecovery.nt.gov.au/businesses/territory-business-lockdown-payment-program"><span style="color: rgb(11, 76, 180);">Territory Business Lockdown Payment Program &ndash; Lockdown (round 2)&nbsp;</span><span style="color: #0b4cb4;"><strong>&nbsp; &nbsp;&nbsp;</strong></span><span style="color: rgb(11, 76, 180);">payment</span></a></span></li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Summary: State and Territory 2021 COVID-19 business support measures</strong></p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
This summary sets out the key features and conditions of the State and Territory COVID-19 financial support measures currently available to businesses across Australia.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The hyperlinked information for each measure will take you to the landing page where you can find guidance, terms and conditions, further information on eligibility and online application forms.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
This information is current as at 11:00am on 26 August 2021.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;">
    <tbody>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 40.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW COVID-19 Business Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>$7,500</strong> to <strong>$15,000</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">19 July 2021 to 13 September 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$75,000 to $50m in 2019&ndash;20</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 120.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 120.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong>,<strong>&nbsp;&ge; 50%</strong>,<strong>&nbsp;&ge; 70%</strong> in minimum 2-week period from 26 June 2021 to 17 July 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">(27 May 2021 to 17 July 2021 for Southern Border businesses)</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2019</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2020</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">12&ndash;25 June 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Maintain 13 July 2021 headcount</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Wages no more than $10m&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Business costs incurred from 1 June 2021 to 17 July 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant">Service NSW website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW JobSaver</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Employing: <strong>$1,500</strong> to <strong>$100,000</strong> per week</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Non-employing: <strong>$1,000</strong> per week</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">26 July 2021 to 18 October 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$75,000 to $250m in 2019&ndash;20</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> from 26 June 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2019</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2020</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">12&ndash;25 June 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Maintain 13 July 2021 headcount&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Capped at 40% of NSW Weekly Payroll</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.service.nsw.gov.au/transaction/jobsaver-payment">Service NSW website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 55.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW JobSaver extension for larger businesses in tourism, hospitality and recreation industries</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 86.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 86.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Aggregated annual turnover of:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $250m to $500m: up to <strong>$300,000</strong> per week*</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $500m to $1b: up to <strong>$500,000</strong> per week*</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 8px; line-height: normal; font-family: Arial;">* Fortnightly payments will be backdated to the start of the month in which the business first experienced the required decline in turnover on or after the commencement of JobSaver on 18&nbsp;July 2021.</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Can apply from 26 August 2021 (backdated to 18 July 2021) to 18&nbsp;October 2021</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Applications will be manually assessed</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $250,000 to $1b in 2019&ndash;20</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Aggregated annual turnover of:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $250m to $500m: <strong>&ge; 50%</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $500m to $1b: <strong>&ge; 70%</strong><br>
                    </li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Minimum 1-month period within the lockdown (commenced 26 June 2021) compared with the same period in 2019 or another agreed period</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Maintain headcount from the day immediately prior to the month they first experienced the required DIT</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Capped at 40% of NSW Weekly Payroll<br>
                    </li>
                </ul>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.service.nsw.gov.au/jobsaver-payment-guidelines#attachment-d-jobsaver-extension-for-larger-businesses-in-the-tourism-hospitality-and-recreation-industries-with-annual-aggregated-turnover-of-more-than-250-million-up-to-1-billion">Service NSW website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW Micro-business Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>$1,500</strong> per fortnight</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">26 July 2021 to 18 October 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $30,000 to less than $75,000 in 2019&ndash;20</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%&nbsp;</strong>from 26 June 2021<br>
                </p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2019</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in 2020</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">12&ndash;25 June 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Maintain 13 July 2021 headcount</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.service.nsw.gov.au/transaction/2021-covid-19-micro-business-grant">Service NSW website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW Small business fees and charges rebate</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>$1,500</strong> digital voucher</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">April 2021 to 30 June 2022</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">&mdash;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">&mdash;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Wages no more than $1.2m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Fees and charges from 1 March 2021 to 30 June 2022</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.service.nsw.gov.au/small-business-fees-and-charges-rebate">Service NSW website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;  min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Victorian Small Business COVID Hardship Fund</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>$14,000</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Closes until earlier of exhaustion of program funds or 10 September 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">&mdash;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 96.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 96.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 70%&nbsp;</strong><br>
                </p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Minimum 2-week period from 27 May 2021 to 10 September 2021<br>
                </p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Trading in 2019 &mdash; 27 May 2019 to 10 September 2019</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Not trading in 2019 &mdash; 1 February 2021 to 28 July 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Victorian payroll no more than $10m in 2019&ndash;20</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Registered for GST on and from 28 July 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://business.vic.gov.au/grants-and-programs/small-business-covid-hardship-fund">Business Victoria website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Queensland 2021 COVID-19 Business Support Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small: <strong>$10,000</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Medium: <strong>$15,000</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Large (tourism and hospitality businesses only):<strong>&nbsp;$30,000</strong></li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">16 August 2021 to 16 November 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $75,000</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 84.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> Nominated 7-day period (must include at least 1 full day of a lockdown event)&nbsp;<br>
                </p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same 7-day period in July/August 2019</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Same period in July/August 2020</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 59.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 59.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small: annual payroll less than $1.3m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Medium: annual payroll $1.3m&ndash;$10m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Large: annual payroll more than $10m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must be registered for GST</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants">Business Queensland website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>ACT COVID-19 Business Support Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Employing: Up to <strong>$10,000</strong>&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Non-employing: Up to <strong>$4,000</strong></li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">26 August 2021 to 7 August 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">More than $75,000</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> over a consecutive period of 7 days during the 3-week lockdown period compared with a comparable 7-day period in April 2021 to August 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must be registered for GST</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Australian payroll must be less than $10m</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.act.gov.au/business/business-support/covid-19-economic-support-for-business">ACT Government website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>ACT COVID-19 Small Business Hardship Scheme</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 71.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 71.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Up to <strong>$10,000</strong> in form of credit for:</p>
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Payroll tax</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Utilities</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Rates</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Range of business licence fees and charges<br>
                    </li>
                </ul>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Opening soon</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$30,000 to $10m</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">TBA</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.act.gov.au/business/business-support/covid-19-economic-support-for-business">ACT Government website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>SA COVID-19 Business Support Grant &mdash; July 2021</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Employing: <strong>$3,000</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Non-employing: <strong>$1,000</strong></li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">29 July 2021 to 30 September 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$75,000 or more</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> in the week of 20 July 2021 to 26 July 2021 (inclusive) compared to the prior week</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must be registered for GST</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Australian payroll must be less than $10m if employing</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.treasury.sa.gov.au/Growing-South-Australia/COVID-19">SA Department of Treasury and Finance website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>SA COVID-19 Additional Business Support Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 71.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 71.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Employing: <strong>$3,000</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Non-employing: <strong>$1,000</strong><br>
                    </li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Plus further $1,000 if operate from a commercial premise in the Adelaide CBD</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">13 August 2021 to 17 October 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No minimum turnover</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> over the 2 weeks from 28 July 2021 to 10 August 2021 compared to average fortnightly turnover in the June 2021 quarter</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must be registered for GST</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Australian payroll must be less than $10m if employing</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.treasury.sa.gov.au/Growing-South-Australia/COVID-19">SA Department of Treasury and Finance website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 55.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; text-align: center; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Tasmanian Business Hardship &ndash; Border Closure Critical Support Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Sole traders/Small: <strong>$2,000</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small employing: <strong>$5,000</strong>&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Medium: <strong>$10,000</strong></li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">17 August 2021 to 16 September 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Sole trader/Small: $50,000 or more</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small employing: More than $100,000 to $1m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Medium: More than $1m to $10m</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> from 26 June 2021 to 13 August 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with 8 May 2021 to 25 June 2021</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Registered &lsquo;for tax purposes&rsquo;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.business.tas.gov.au/covid-19_business_support_packages/border_closure_critical_support_program">Business Tasmania website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 55.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>WA Small Business Lockdown Assistance Grant: Round Two, June 2021</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>$3,000</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Closes 31 August 2021</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$75,000 or more</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 30%</strong> from 29 June 2021 to 5 July 2021&nbsp;<br>
                </p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Compared with prior week</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 48.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 48.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must be registered for GST</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Australian payroll must be less than $4m</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Specified industries for Perth, Peel and Rottnest regions</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://www.smallbusiness.wa.gov.au/lockdown-assistance">WA Small Business Development Corporation website</a></span></p>
            </td>
        </tr>
        <tr>
            <td colspan="2" style="width: 437.0px; height: 55.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NT Business Lockdown Payment Program &ndash; Lockdown (round 2) payment</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amount</strong></p>
            </td>
            <td style="width: 352.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Lockdown payment 1: <strong>$1,000</strong>&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Lockdown payment 2: <strong>$1,000</strong>&nbsp;</li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Extended closure payment for eligible businesses: <strong>$1,000</strong></li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Program open</strong></p>
            </td>
            <td style="width: 352.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <ul>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Lockdown payment 1: 28 June 2021 to 20 August 2021 <strong>(closed)&nbsp;</strong></li>
                    <li style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Lockdown payment 2: 17 August 2021 to 27 August 2021</li>
                </ul>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Aggregated turnover</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">$75,000 to less than $10m</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Decline in turnover (DIT)</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>&ge; 50%</strong></p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Other key conditions</strong></p>
            </td>
            <td style="width: 352.0px; height: 24.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Must have a valid ABN</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Fewer than 20 full-time equivalent employees</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>More information&nbsp;</strong></p>
            </td>
            <td style="width: 352.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; color: rgb(11, 76, 180);"><span style="text-decoration: underline;"><a href="https://businessrecovery.nt.gov.au/businesses/territory-business-lockdown-payment-program">Business Recovery Northern Territory website</a></span></p>
            </td>
        </tr>
    </tbody>
</table>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Common exclusions</strong></p>
<ul style="list-style-type: square;">
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Businesses located or operating outside of the relevant State or Territory</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Businesses such as sole traders who are eligible to receive the Commonwealth Disaster Payment</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Businesses for which the primary or only (varies between States) source of income is passive (rent, dividends, interest)</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Eligible for another business grant.</li>
</ul>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Use of business grant funds</strong></p>
<ul style="list-style-type: square;">
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Meeting business costs, including utilities, salaries, rent</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Seeking financial, legal or other advice to support business continuity planning</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Developing the business through marketing and communications activities</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Other supporting activities related to the operation of the business.<br>
    </li>
</ul>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>Do you need to pay tax on COVID-19 financial support payments that you receive?</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
There are a number of different schemes providing government help for businesses affected by the COVID-19 pandemic.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
If you receive assistance (whether from the Commonwealth or a State or Territory government), you may be wondering if you need to pay tax on the assistance. Here is what the ATO website advises.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;">
    <tbody>
        <tr>
            <td style="width: 149.0px; height: 42.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial;  min-height: 14px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Assistance</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 42.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial;  min-height: 14px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Income tax treatment</strong></p>
            </td>
            <td style="width: 127.0px; height: 42.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial;  min-height: 14px;"><br></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>GST treatment</strong></p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>COVID-19 Disaster Payment</strong></p>
            </td>
            <td style="width: 148.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Not taxable&nbsp;</p>
            </td>
            <td style="width: 127.0px; height: 23.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">N/A</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 59.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>JobKeeper&nbsp;</strong></p>
            </td>
            <td style="width: 148.0px; height: 59.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable &ndash; but amounts paid to employees that are subsidised by JobKeeper are deductible (see below)</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 127.0px; height: 59.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 36.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Pandemic Leave Disaster Payment</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 36.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable</p>
            </td>
            <td style="width: 127.0px; height: 36.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Small business support payments</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">See below</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Child Care Transition Payment&nbsp;</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable&nbsp;</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST (GST-free supply)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Creative Economy Support Payment</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Creative Economy Concessional Loan</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Not taxable&nbsp;</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Consumer Travel Support Program Grant</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable&nbsp;</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>State Government Voucher Subsidy Scheme Payment</strong></p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 148.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Taxable &nbsp;&nbsp;</p>
            </td>
            <td style="width: 127.0px; height: 35.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">GST payable&nbsp;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 149.0px; height: 48.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Electricity rebate</strong></p>
            </td>
            <td style="width: 148.0px; height: 48.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Not taxable &ndash; but rebate reduces a business&rsquo; deduction for electricity&nbsp;</p>
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 127.0px; height: 48.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #000000 #000000 #000000 #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">No GST</p>
            </td>
        </tr>
    </tbody>
</table>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;  min-height: 12px;"><br></p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Small business support payments</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
Government payments to assist a business to continue operating are generally taxable, whether provided as a one-off lump sum or a series of payments.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
However, payments made under the COVID-19 business support programs listed below (eligible programs) are not taxable (they are what&rsquo;s called non-assessable non-exempt (<strong>NANE</strong>) income) if the recipient&rsquo;s aggregated turnover in the year they receive the payment is less than $50 million.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>NSW support programs&nbsp;</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">2021 COVID-19 Business Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">2021 COVID-19 JobSaver Payment</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">2021 COVID-19 Micro-business Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">NSW Performing Arts COVID Support Package.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Victorian support programs&nbsp;</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Alpine Business Fund</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Alpine Resorts Support Program (Streams 1, 2 and 3)</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Business Continuity Fund</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Business Costs Assistance Program Round Two</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Business Costs Assistance Program Round 2 &ndash; July Extension</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Business Support Fund 3</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Impacted Public Events Support Program</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Independent Cinema Support Program</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Licensed Hospitality Venue Fund</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Licensed Hospitality Venue Fund 2021</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Licensed Hospitality Venue Fund 2021 &ndash; July Extension</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Live Performance Support Program</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Melbourne City Recovery Fund &ndash; Small business reactivation grants</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Outdoor Eating and Entertainment Package</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small Business COVID Hardship Fund</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Sole Trader Support Fund</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Sustainable Event Business Program.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Other support programs</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you receive a government support payment that is not listed above, then it is taxable (at least as at 25 August 2021). This includes:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>QLD</strong>: &nbsp; &nbsp;2021 COVID-19 Business Support Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>ACT</strong>: &nbsp; &nbsp; COVID-19 Business Support Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>SA</strong>: &nbsp; &nbsp;COVID-19 Additional Business Support Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>TAS</strong>: &nbsp; &nbsp;Business Hardship - Border Closure Critical Support Grant</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>WA</strong>: &nbsp; &nbsp;Tourism Business Survival Grants and payments under the Tourism and Travel</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>NT</strong>: &nbsp; &nbsp; &nbsp; &nbsp;Payments under the Territory Business Lockdown Payment Program.&nbsp;<br>
    </li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">However, the Federal Government may declare any such payments to be non-taxable (by declaring the relevant program to be an eligible program).&nbsp;<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Repayments of JobKeeper overpayments</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If your business:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">has repaid or is repaying JobKeeper overpayments, the amount need not be included as assessable income in the business&rsquo; tax return. If the overpaid amount has already been included in an earlier tax return, the return will have to be amended to reduce the assessable income by the repaid amount;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">doesn&rsquo;t need to repay JobKeeper overpayments because the ATO has waived them, the overpaid amounts have to be included as assessable income in the business&rsquo; tax return<br>
    </li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Payroll tax relief</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Where:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">no payroll tax is payable &ndash; the business will have a smaller allowable deduction in their tax return;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">a refund of payroll tax is paid &ndash; the allowable deduction for payroll tax will be less any refunds given.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">There are no GST consequences.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Rent relief&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If a business receives rent relief, its deduction for rent will be reduced. If the business is registered for GST, its entitlement to GST credits is reduced in proportion to the rent reduction.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Land tax relief</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Land tax relief will result in a smaller allowable deduction. GST is not payable on the relief, but the GST payable on rent received by the landowner is reduced in proportion to the rent reduction given to the tenant.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><span style="color: #437028;"><strong><em>Tip!</em></strong></span><strong><em>&nbsp;</em></strong>Check with your tax adviser as to whether specific support government payments are taxable.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>It&rsquo;s tax time again!</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Your business has to lodge its income tax return for the 2020&ndash;21 income year by 31 October 2021 (unless you have a substituted accounting period). If you use a registered tax agent to lodge your return, it is likely that they can lodge the return at a later date, even as late as May 2022 in some cases. &nbsp;<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Lodging a tax return&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Are you a sole trader?</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Even if your income is below the tax-free threshold ($18,200), you still need to lodge a tax return.</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you&rsquo;ve paid throughout the year.<br>
    </li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Are you a partnership?</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you operate your business in a partnership:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">the partnership lodges the partnership tax return, reporting the partnership&rsquo;s net income or loss (assessable income less allowable deductions).</li>
</ul>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">As an individual partner, you report on your individual tax return:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">your share of any partnership net income or loss</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">any other assessable income, such as salary and wages, dividends and rental income.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The partnership doesn&rsquo;t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income (if any) you receive.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Are you a trust?</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you operate your business through a trust, the trust reports its net income or loss (this is the trust&rsquo;s assessable income less allowable deductions).</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The trustee is required to lodge a trust tax return.&nbsp;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">As a trust beneficiary, you report on your individual tax return any income you receive from the trust.</li>
</ul>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Are you a company?</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you operate your business through a company, you need to lodge a company tax return.</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The company&rsquo;s income is separate from your personal income.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Tax losses</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">This has been a difficult year, and your business may have made a tax loss.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for the income year.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If your business makes a tax loss, you may be able to:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">offset the loss in the same income year against other assessable income;&nbsp;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">carry forward the loss and claim it as a business deduction in a later income year; or</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">carry the loss back to an earlier income year (but not before 2018&ndash;19) in which the business has an income tax liability and receive a tax offset (the loss carry back tax offset is available only to companies).</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Meeting the &lsquo;non-commercial loss&rsquo; tests</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
  If you&rsquo;re a sole trader or in a partnership of individuals and want to offset a tax loss, first check if the business activity meets at least one of the &lsquo;commerciality&rsquo; tests under the non-commercial loss rules. (Those rules do not apply to losses made by primary producers and professional artists whose income from other sources is less than $40,000, or to losses made by companies and trusts.)<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you meet one of the &lsquo;non-commercial loss&rsquo; tests, you can offset the loss against other assessable income (such as salary or investment income) in the same income year.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you don&rsquo;t meet any of the &lsquo;non-commercial loss&rsquo; tests, you can defer the loss or carry it forward to future years. For example, you can offset it when you next make a profit.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Non-commercial losses made by an individual whose adjusted taxable income exceeds $250,000 are quarantined.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The rules for record keeping still apply when it&rsquo;s related to business losses. You need to keep records for 5 years for most transactions. However, if you fully deduct a tax loss in a single income year, you only need to keep records for 4 years from that income year.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><span style="color: #437028;"><strong><em>Tip!</em></strong></span><strong><em>&nbsp;&nbsp;</em></strong>Talk to your tax adviser about the best way to utilise tax losses.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Personal services income</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you operate your business through a company or a trust, income earned by the company or trust from the provision of your personal services (personal services income or <strong>PSI</strong>) will be attributed to you unless:&nbsp;</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">the company or trust is carrying on a personal services business (PSB); or&nbsp;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">the PSI was promptly paid to you as salary or wages.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The company or trust will be carrying on a PSB if at least one of a number of tests are satisfied. These are the:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Results test</strong> (this is the primary test) &mdash; this is based on common law criteria for characterising an independent contractor (in contrast to an employee/employer relationship);</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Unrelated clients test</strong> &mdash; this requires the PSI to be earned from at least two unrelated clients who contract your services as a direct result of making offers or invitations (for example, by advertising) to the public to provide your services;</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Employment test</strong> &mdash; this requires at least 20% (by market value) of your work to be performed by employees;</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Business premises test</strong> &ndash; this requires you to use business premises that meet certain conditions (eg you have exclusive use of the premises and the premises must be physically separate from any premises you use for private purposes).</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If 80% or more of your PSI (with certain exceptions) is income from one client (or the client and their associate(s)) and the results test is not met, the company or trust will need to obtain a PSB determination from the ATO.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The company or trust cannot deduct amounts that relate to gaining or producing your PSI, unless you could have deducted the amount as an individual or the company or trust received the PSI in the course of carrying on a PSB.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Even if you don&rsquo;t use a company or trust to derive your PSI, there are limitations on the deductions that you may claim against your PSI. For example, you may not be able to deduct certain home office expenses, eg occupancy expenses such as mortgage interest or rent.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; "><strong><em>Tip!</em></strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The PSI rules are complicated, so talk to your tax adviser if you provide your services through a company or trust.&nbsp;<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Home office</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">A lot more people are working from home because of the COVID-19 pandemic. If you operate your business from a home office, you can deduct the expenses of running that office. A home office is a room in your home that is used exclusively (or almost exclusively) for business activities.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; "><strong>Expenses you can claim a deduction for include:</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Occupancy expenses</strong> &ndash; these include rent, mortgage interest, water rates, land taxes and house insurance premiums. Occupancy expenses are usually calculated by apportioning the expenses between the home office and the rest of the property on a floor area basis (there can be capital gains tax implications when you sell your home if you have claimed occupancy expenses);</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Running expenses</strong> &ndash; these are the increased costs from using your home for your business, including electricity or gas charges for heating, cooling and lighting, cleaning costs and the decline in value and the cost of repairs of deprecating assets such as furniture, furnishings and equipment; and</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Work-related phone and internet expenses</strong>, including the decline in value of the handset &ndash; an apportionment will be required if the phone or computer is not used exclusively for work.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">To make it easier for people to claim deductions for working from home due to the COVID-19 pandemic, the ATO allows a rate of 80 cents per hour for running expenses incurred from 1 March 2020 until 30 June 2021. Under this &lsquo;shortcut&rsquo; method, you don&rsquo;t need a dedicated work area in your home. You need to have kept a record of the hours you have worked from home, such as a diary. Of course, you can still make a claim based on your actual running expenses if it produces a larger deduction.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; "><strong><em>Tip!</em></strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you have a home office, talk to your tax adviser about how to calculate your deduction and the records you must keep.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Company tax rate&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The standard company tax rate is 30%.</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The tax rate for 2020&ndash;21 for companies whose aggregated annual turnover is less than $50m and whose passive income is not more than 80% of the total assessable income (called &lsquo;base rate entities&rsquo;) is 26%. The rate reduces to 25% for 2021&ndash;22 and future income years.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If more than 80% of a company&rsquo;s assessable income is &lsquo;base rate entity passive income&rsquo; (eg dividends, rent, interest, royalties and net capital gains), or its aggregated annual turnover is $50m or more, the company&rsquo;s taxable income will be taxed at the standard 30% rate.&nbsp;<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Small business income tax offset&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">If you are a sole trader, an individual who is a partner in a business partnership or an individual who is a beneficiary of a trust that carries on a business, you may qualify for the small business income tax offset if the business&rsquo; turnover is less than $5 million (yes, $5 million and not the general $10 million small business threshold). The offset is not available to an individual acting as a trustee of a trust.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The tax offset for 2020&ndash;21 is equal to 13% of the income tax payable on the sole trader&rsquo;s or other individual&rsquo;s taxable income that qualifies as their net small business income (the offset rate is 16% for 2021&ndash;22). The offset is capped at $1,000.&nbsp;<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Taxable payments annual report&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Businesses that pay contractors or sub-contractors for certain services may need to lodge a taxable payments annual report (<strong>TPAR</strong>) with the ATO. The services are:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">building and construction services;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">cleaning services;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">courier or road freight services;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">IT services; and</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">security, investigation, or surveillance services.</li>
</ul>
<p style="margin: 0px 0px 8px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The TPAR for 2020&ndash;21 should have been lodged by 28 August 2021<span style="font-family: Helvetica">.</span></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Helvetica;  min-height: 13px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>What were some of the more significant 2020&ndash;21 tax changes for businesses?</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Temporary full expensing of depreciating assets</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">This is an outright deduction for the cost of a depreciating asset first acquired after 7:30pm on 6 October 2020 and first used, or installed ready for use, by 30 June 2022 (although the Federal Government has announced a 12-month extension to 30 June 2023).</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">It is important to note that:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The asset must be located in Australia and principally used in Australia;</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Small and medium businesses (aggregated turnover of less than $50 million), but not larger businesses, can use temporary full expensing for second-hand assets;</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Temporary full expensing is not available if your business disposes of the asset in the same income year you acquire it;</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Your business can opt out of temporary full expensing for an income year on an asset-by-asset basis, unless your business is a small business entity that uses the simplified depreciation rules.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">A consequence of temporary full expensing is that, in 2020&ndash;21 and 2021&ndash;22 (and 2022&ndash;23 when the 12-month extension for temporary full expensing becomes law), small business entities must deduct the full amount of the balance of its general small business pool (provided it is greater than zero).<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Loss carry back&nbsp;</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
A company (but not a sole trader, trust or partnership) can carry back a tax loss made in the 2019&ndash;20, 2020&ndash;21 or 2021&ndash;22 income year to an earlier income year (but not before 2018&ndash;19). This will generate a refundable tax offset called a &lsquo;loss carry back tax offset&rsquo;. This is an alternative to carrying a tax loss forward to set off against profits in a future tax year.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The Government has announced that the loss carry back will be extended by 12 months so that a company will also be able to carry back a tax loss made in the 2022&ndash;23 income year.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Medium businesses&nbsp;</strong><br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">A medium business is one whose aggregated turnover is at least $10 million but less than $50 million. The following small business concessions were extended to medium businesses from 2020&ndash;21:&nbsp;</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">the prepayment rules; and&nbsp;</li>
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">the immediate deduction for certain start-up expenses.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">As noted above, other small business concessions started to apply to medium businesses from 1 July 2021.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>What&rsquo;s new?</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Arial; min-height: 14px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>Tax changes from 1 July 2021</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">A number of changes apply from 1 July 2021. These include:</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Medium businesses (aggregated turnover of at least $10 million but less than $50 million) can use the <strong>simplified trading stock rules</strong>, the GDP-adjusted notional tax method to work out PAYG instalments and the simplified GST accounting method.</li>
</ul>
<ul style="list-style-type: square;">
    <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Single Touch Payroll (STP) reporting:</strong>
        <ul style="list-style-type: disc;">
            <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">STP applies to small employers (1&ndash;19 employees) in relation to closely-held payees (eg family members and directors and shareholders if the employer is a company); and</li>
        </ul>
    </li>
</ul>
<ul style="list-style-type: square;">
    <ul style="list-style-type: disc;">
        <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The quarterly reporting concession for micro employers (1&ndash;4 employees) only applies to employers who report through a registered tax professional and where exceptional circumstances exist.<br>
        </li>
    </ul>
</ul>
<p style="margin: 0px 0px 0px 18px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Note that STP Phase 2 (requiring employers to provide additional payroll information through STP) begins on 1 January 2022.</p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Amending assessments</strong> &ndash; the standard time limit for amending assessments is reduced from 4 years to 2 years for medium businesses (applicable for income years commencing on or after 1 July 2021) &ndash; this is the same as for small businesses.</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Superannuation guarantee &ndash; the <strong>superannuation guarantee charge percentage</strong> increased to 10% (it is legislated to gradually increase each year until 1 July 2025 when it becomes 12%). The maximum contribution base for 2021&ndash;22 increased to $58,920 (from $57,090).</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>R&amp;D tax offset</strong> &ndash; changes in how the offset is calculated, an increase in the expenditure threshold from $100 million to $150 million and new clawback rules.</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>Film incentives</strong> &ndash; once the relevant legislation is passed by Parliament, some of the rules about qualifying Australian production expenditure (<strong>QAPE</strong>) will change, the producer offset for films that are not feature films released in cinemas will increase to 30% of total QAPE and there will be various threshold and integrity changes across the 3 different offsets (location, producer, Post, Digital and Visual Effects (PDV))<span style="font-family: &quot;Times New Roman&quot;; font-size: 12px">.</span><br>
  </li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>FBT changes</strong></p>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Exemptions &ndash; the <strong>fringe benefits tax (FBT) exemptions&nbsp;</strong>for car parking and work-related electronic devices available to small businesses have been extended to medium businesses (aggregated turnover of at least $10 million but less than $50 million) from 1&nbsp;April 2021.</li>
</ul>
<ul style="list-style-type: square;">
  <li style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Retraining &ndash; <strong>retraining and reskilling benefits</strong> provided by an employer to redundant employees to enable them to obtain new employment are exempt from FBT, provided the employer complies with any redundancy obligations under the <em>Fair Work Act 2009</em>. The exemption does not extend to relatives of the employer or, if the employer is a company, shareholders, directors and their relatives. The exemption does not cover tertiary education fees and HELP loan repayments.</li>
</ul>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; "><strong><em>Tip!</em></strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Contact your tax adviser to find out about any changes that might affect your business.&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; font-family: Arial; "><strong>No GDP adjustment for 2021&ndash;22</strong></p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">The GST and PAYG instalment amounts are usually adjusted every year using a formula known as the gross domestic product (GDP) adjustment.<br>
</p>
<p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">However, the ATO has announced that the GDP adjustment to work out quarterly GST and PAYG instalment amounts for the 2021<span style="font-stretch: normal; font-size: 12px; line-height: normal;">&ndash;</span>22 income year is nil. It was also nil for 2020<span style="font-stretch: normal; font-size: 12px; line-height: normal;">&ndash;</span>21.&nbsp;</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;  min-height: 12px;">&nbsp;</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 20px; line-height: normal; font-family: Arial; "><strong>Key tax dates&nbsp;</strong><br>
</p>
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            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px;  " valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; "><strong>Date</strong></p>
            </td>
            <td style="width: 357.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; "><strong>Obligation</strong></p>
            </td>
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            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>21 Sep 2021&nbsp;</strong></p>
            </td>
            <td style="width: 357.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">August monthly BAS due</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>30 Sep 2021</strong></p>
            </td>
            <td style="width: 357.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Finalisation due date by payers of PAYG withholding payments reporting through STP for closely held payees</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>21 Oct 2021</strong></p>
            </td>
            <td style="width: 357.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">September monthly BAS due</p>
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Payment of annual PAYG instalment for 2020&ndash;21</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>28 Oct 2021</strong></p>
            </td>
            <td style="width: 357.0px; height: 25.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">September quarter BAS due</p>
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">Payment of first PAYG instalment for 2021&ndash;22 by quarterly payers</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>31 Oct 2021*</strong></p>
            </td>
            <td style="width: 357.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">2020-21 income tax return due</p>
            </td>
        </tr>
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            <td style="width: 76.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; font-family: Helvetica; min-height: 14px;"><br></p>
            </td>
            <td style="width: 357.0px; height: 39.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">PAYG withholding annual reports due (no ABN withholding; interest, dividend and royalty payments paid to non-residents; and payments to foreign residents)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 76.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;"><strong>21 Nov 2021*</strong></p>
            </td>
            <td style="width: 357.0px; height: 11.0px; border-style: solid; border-width: 1.0px 1.0px 1.0px 1.0px; border-color: #99c87a #99c87a #99c87a #99c87a; padding: 4.0px 4.0px 4.0px 4.0px;" valign="top">
                <p style="margin: 0px; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial;">October monthly BAS due</p>
            </td>
        </tr>
    </tbody>
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<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 8px; line-height: normal; font-family: Arial;">* These dates fall on a Sunday, so the due date is the next business day.</p>
<p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; min-height: 12px;"><br>
</p>
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                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; ">DISCLAIMER</p>
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            <td style="width: 438.0px; height: 47.0px; border-style: solid; border-width: 1.0px 1.0px 0.0px 1.0px; border-color: #ffffff #000000 transparent #000000; padding: 4.0px 4.0px 4.0px 4.0px;" valign="middle">
                <p style="margin: 0px; text-align: justify; font-stretch: normal; font-size: 11px; line-height: normal; font-family: Arial; ">TaxWise&reg; News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.</p>
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Helping businesses recover
Tax depreciation incentives to help businesses recover
In 2020, the Government introduced tax depreciation incentives to help businesses recover from the impact of the COVID-19 pandemic.
To help eligible business entities understand which tax depreciation incentives are available, the ATO published a useful snapshot to explain the depreciation incentives that may apply and when businesses could consider using them.

What incentives are available?
The tax depreciation incentives that are available to eligible businesses are:

  • Temporary full expensing;
  • Instant asset write-off; and
  • Accelerated depreciation (“Backing business investment”).

These have been discussed in previous issues of TaxWise® News, including:

Key points to note:

  • The instant asset write-off and accelerated depreciation are available only where the asset is first used, or installed ready for use, before 1 July 2021 – temporary full expensing is available until 30 June 2023 (it was extended by 12 months in the Budget);
  • Temporary full expensing is available to businesses with an aggregated turnover of less than $5 billion a year – the instant asset write-off and accelerated depreciation are not available to businesses that have an aggregated turnover of $500 million or more a year;
  • Temporary full expensing and accelerated depreciation apply only to new assets, but the instant asset write-off can be used for second-hand assets as well as new ones;
  • Under the instant asset write-off, the asset must cost less than $150,000 – there is no cost restriction under temporary full expensing or accelerated depreciation;
  • Businesses with aggregated turnover of at least $10 million a year can opt out of temporary full expensing and accelerated depreciation (but not the instant asset write-off) on an asset-by-asset basis.

So, if you are contemplating buying a second-hand depreciating asset that costs less than $150,000 and you want an immediate deduction for the full cost (i.e. under the instant asset write off), you need to buy the asset (and first use it or install it ready for use) before 1 July 2021. If you wait until after 30 June 2021, you will have to depreciate the asset under the uniform capital allowance system or the simplified depreciation rules (if you are using them).
You can download the ATO snapshot of the depreciation incentives here.

Small business tax time errors
It is almost the end of the current tax year (2020–21) and the start of a new one (2021–22). It may not be long before you start thinking about lodging your 2020–21 tax return.
If you anticipate a tax refund, the quicker you lodge the return the quicker you will get that refund. But if you believe you will have to pay more tax (i.e. in addition to the PAYG instalments you have paid), then it might be worth delaying the return as long as possible.
If you don’t use a tax adviser to lodge your return, you will have to do it by 1 November 2021 (you get an extra day this year because 31 October is a Sunday). Of course, if you use your tax adviser to lodge your return, you may have until May 2022 to complete it.
The ATO has identified the most common errors small businesses make when completing their tax returns. They are failing to:

  • declare all income – this includes cash and online sales, dividends, interest, capital gains and one-off transactions such as selling equipment or other capital items;
  • account for private use of business funds or assets, such as trading stock taken for private use and shareholder loans; and
  • keep all required records or have adequate record keeping systems.

Tip! If your tax adviser prepares and lodges your return on your behalf, find out when it is due under their lodgment program; and make sure they have all relevant information.

How to work out PAYG instalments
When you pre-pay your income tax using pay as you go (PAYG) instalments, you can usually choose between 2 options to work out how much you pay:

  • Option 1 – Using the instalment amount: The ATO calculates the amount of each instalment from information reported on your latest tax return. This is the simplest option as you don’t need to work anything out.
  • Option 2 – Using the instalment rate: You work out your instalment amount yourself using the instalment rate the ATO provides and your instalment income.

Option 1 – Using the instalment amount
You can use the instalment amount option if you are an individual (including sole traders), a trust or a super fund that:      

  • is an annual payer; or
  • has business and/or investment income of $2 million or less.

A company can use the instalment amount option if it:

  • is an annual payer;
  • has business and/or investment income of $2 million or less; or
  • is a small business entity with an aggregated turnover of less than $10 million a year.

 From 1 July 2021, business entities with an aggregated turnover of more than $10 million but less than $50 million a year will also be able to use the instalment amount option to pay PAYG instalments.

Option 2 – Using the instalment rate
All taxpayers can use this option, although some taxpayers must use it (your tax adviser will know).
The advantage of using the instalment rate option is that your payments are based on your income as you earn it (e.g. in the quarter or month just gone). This helps with your cash flow management. For example, if your income decreases in a quarter, you apply the instalment rate to that lower income and therefore pay a lower instalment amount.

Varying PAYG instalments
Remember, as discussed in the February 2021 Business edition of TaxWise® News, you can vary your instalments multiple times throughout the year.
Be careful not to underestimate your PAYG instalment amount, income or rate as you could be subject to interest (the GIC) and penalties if the varied instalment turns out to be too low (although the ATO will not apply penalties or charge interest to varied instalments relating to the 2020–21 financial year if you have made your best attempt to estimate your end of year tax liability).

Tip!  Talk to your tax adviser before varying a PAYG instalment or if you are thinking of switching from one payment option to the other.

Simplified trading stock rules
Under the simplified trading stock rules, you don’t have to:

  • conduct a formal stocktake;
  • account for the changes in your trading stock’s value.

You can use the simplified trading stock rules if you:

  • are a small business with an aggregated turnover of less than $10 million a year (or from 1 July 2021, with an aggregated turnover of at least $10 million but less than $50 million a year); and
  • reasonably estimate that the value of your trading stock changed by less than $5,000 in the year.

Electronic invoicing
As reported in the May 2021 Special Budget edition of TaxWise® News, the Government will spend $15.3 million to enhance the value of electronic invoicing to help businesses reduce costs and increase productivity. This is part of the Government’s Digital Economy Strategy.
According to the ATO website, the Australian Peppol Authority (ATO) and Treasury will deliver activities, including:

  • pilots to gain insights into the use of e-invoicing and e-procurement;
  • educational activities to raise business awareness;
  • working with payment providers (for example, EFTPOS, Visa, Mastercard, NPP Australia) to explore opportunities on how e-invoicing can complement the payment experience for business; and
  • further consultation on potential regulatory and non-regulatory ways to accelerate e-invoicing adoption.

R&D applications – new online portal
A new customer portal has been launched to make it easier for companies to manage their applications for the Research and Development (R&D) tax incentive.
Applications can be submitted via the portal from 5 July 2021, but you can log in now to become familiar with the new portal and start drafting your application.
The portal’s web address is https://incentives.business.gov.au.
In the future, you’ll also be able to use the portal to apply for and manage your Advance and Overseas Finding applications, request to withdraw or vary your R&D tax incentive application, apply for an extension of time, and even check the status of your submitted applications.


FBT: Do you provide car parking for employees?
If you provide car parking for your employees, you may have to pay fringe benefits tax (FBT) on those benefits.
A car parking fringe benefit will generally arise if an employer provides car parking to an employee and various conditions are satisfied, including:

  • the car is parked at premises owned or leased by, or otherwise under the control of, the provider (usually the employer);
  • the car is parked for a total of more than 4 hours between 7am and 7pm on any day of the week;
  • the car is parked at or near the employee’s primary place of employment on that day;
  • the car is used by the employee to travel between home and work (or work and home) at least once on that day;
  • there is a commercial parking station that charges a fee for all-day parking within one kilometre of the premises on which the car is parked;
  • at the beginning of the FBT year (1 April 2021 for the current FBT year), the commercial parking station fee for all-day parking was more than the car parking threshold ($9.25 for the current FBT year) – provided the fee is not substantially greater or less than the average (over a 4-week period) of the lowest fee charged to members of the public for all-day parking.

A recent court case decided that Virgin Airlines did not have to pay FBT on car parking provided at airports to its flight and cabin crew, primarily because their primary place of employment was the aircraft they flew on – and clearly an employee’s car was not parked at or near the aircraft.

Exemptions
Car parking benefits are exempt from FBT where the benefits are provided:

  • by employers who meet the conditions of the small business car parking benefits exemption (see below);
  • by certain research, education, religious and charitable institutions; and
  • for employees with a disability (irrespective of the type of employer).

Small business car parking benefits exemption
The small business car parking benefits exemption applies if the following conditions are satisfied:

  • the parking is not provided in a commercial car park; and
  • for the last income year before the relevant FBT year, either the employer’s
  • gross total income was less than $10 million or their turnover was less than $10 million (less than $50 million for benefits provided on or after 1 April 2021).

This exemption is not available to government bodies, listed public companies, or subsidiaries of listed public companies.

Tip!  In 2019, the ATO changed its views on aspects of the car parking fringe benefits rules, especially in relation to what qualifies as a commercial car parking station. The changed views will not apply until 1 April 2022. But talk to your tax adviser before then if you provide car parking for employees.

FBT rates and thresholds
Various rates and thresholds relevant for calculating FBT are updated on 1 April each year. Updated figures for the current FBT year (i.e. 2021–22) include:

  • record-keeping exemption threshold – $8,923 (previously $8,853);
  • statutory or benchmark interest rate – 4.52% (previously 4.80%);
  • car parking threshold – $9.25 (previously $9.15).

The cents-per-km rates (for motor vehicles other than cars) for the 2021-22 FBT year are:


0-2500cc

Over 2500cc

Motor cycles

56c

67c

17c

These are unchanged from the 2020–21 FBT year.


 

Weekly food and drink expenses
The weekly food and drink expenses for the 2021–22 FBT year that the ATO accepts as reasonable for a living-away-from-home allowance (LAFHA) paid to employees living away from home within Australia are:

 

Per week $

1 adult*

283

2 adults

425

3 adults

567

1 adult and 1 child

354

2 adults and 1 child

496

2 adults and 2 children

567

2 adults and 3 children

638

3 adults and 1 child

638

3 adults and 2 children

709

4 adults

709

Each additional adult

142

Each additional child

71

*A person is considered an adult for LAFHA purposes if they were 12 years or older before the beginning of the FBT year.

The weekly food and drink expenses for the 2021–22 FBT year that the ATO accepts as reasonable for a living-away-from-home allowance (LAFHA) paid to employees living away from home outside of Australia are set out in Taxation Determination TD 2021/3.

Year-end tax tips

Reduce your tax bill
If you are a sole trader or a partner in a partnership, or your business is carried on through a trust and you are a beneficiary, here are some key amounts:

  • $37,501 – the low income tax offset (maximum $700) starts to phase out;
  • $45,001 – the 19% tax rate increases to 32.5%;
  • $90,001 – the maximum low and middle income tax offset ($1,080) starts to phase out;
  • $120,001 – the 32.5% tax rate increases to 37%;
  • $180,001 – the 37% tax rate increases to 45%.

$90,001 (singles) and $180,001 (families) are also relevant if working out if you qualify for the private health insurance tax offset (or insurance premium reduction) or are liable for the Medicare levy surcharge – but add $1,500 for each dependent child after the first one.

Defer assessable income
If your taxable income for the income year is approaching any of those thresholds, you might want to consider deferring assessable income so your taxable income for the year will remain below the relevant threshold.
For example, you could delay issuing an invoice so you won’t be paid until after 30 June – that way, the income will be taxed next year. This won’t work if you account for income on an accruals basis – in that case, delay issuing the invoice. Of course, cash flow issues might mean you want to be paid asap.
If you are in the process of selling property and the profit will be taxable as a capital gain, you could defer the sale until the next income year – but remember that the liability to pay CGT arises when you exchange contracts and not on settlement.

Increase deductions
Another way to keep taxable income below a relevant threshold is to increase deductions. For example, you could bring forward the purchase of one or more depreciating assets (new assets are deductible outright under temporary full expensing). An immediate deduction is also available for start-up costs and certain prepaid expenses.
Charitable donations are a good way to increase your deductions. If you are not sure if a donation will be deductible, you can check the deductibility status of charities. In certain circumstances, you can claim a deduction if you donate trading stock. Don’t forget to ask for a receipt.

Private company loans
Shareholders of private companies operating businesses may dip into the company’s coffers to fund their lifestyle or other business interests. If you have done this, or are contemplating doing it, you need to be aware of what is known as a “Division 7A deemed dividend”.
Division 7A of the Income Tax Assessment Act 1936 contains the rules dealing with loans and and other payments by private companies to shareholders.
Under the rules in Division 7A, a cash advance to a shareholder will be treated as a taxable dividend in the hands of the shareholder, unless it is documented by a written loan agreement specifying certain matters, including the maximum term (e.g. 7 years if the loan is unsecured) and the minimum interest rate, which cannot be less than the benchmark rate. The benchmark rate for the current tax year (2020–21) is 4.52%.
Division 7A may also apply where a private company forgives a debt owed by a shareholder or certain benefits are provided to shareholders from trusts where a private company has an unpaid present entitlement (UPE) to the profits of the trust.
Payments, etc, to an associate of a shareholder (e.g. their spouse, child, sibling or parent) are treated the same as payments, etc, to the shareholder.
Division 7A does not apply to payments made to a shareholder (or an associate) in their capacity as an employee. FBT may apply instead.

Online services for sole traders
Sole traders with an ABN who use the ATO’s online services for individuals now have access to improved functionality, making it easier for them to interact with the ATO online.
Useful new features now available include:

  • requesting a refund or fund transfers between accounts;
  • lodging super guarantee charge statements;
  • sending secure messages;
  • submitting STP (Single Touch Payroll) deferrals and exemptions; and
  • lodging private ruling, objection and further information forms.

If you are managing other entity ABNs as well as your sole trader ABN, you should continue to use Online services for business when interacting with the ATO.

The black economy
The black economy is a complex, multi-faceted phenomenon operating across Australia’s workplace relations, financial, welfare, procurement and migration systems.
Black economy behaviours include:

  • demanding or paying for work cash-in-hand to avoid obligations;
  • not reporting or under-reporting income;
  • underpayment of wages;
  • identity fraud;
  • visa fraud and bypassing visa restrictions;
  • ABN, GST, and duty fraud;
  • dealing in illegal drugs and tobacco;
  • sham contracting – presenting an employment relationship as a contracting arrangement;
  • illegal phoenixing – liquidating and re-forming a business to avoid obligations (the ATO now has the discretion to retain tax refunds in relation to taxpayers engaging in phoenixing);
  • money laundering; and
  • dealing in counterfeit goods.

The ATO uses a range of education, engagement and enhanced enforcement activities to address the tax and superannuation aspects of the black economy.
The ATO’s data and analytic systems, strategies and targeted approaches help it to:

  • combat black economy behaviours – including under-reporting income and overclaiming expenses;
  • ensure businesses meet their employer obligations when paying employees or contractors;
  • address employers paying cash-in-hand, underpaying wages, failing to withhold tax or not contributing to super;
  • address illegal phoenix activity – businesses liquidating and re-forming to avoid obligations;
  • prevent tax fraud;
  • deal with illicit tobacco, duty and excise evasion;
  • target intermediaries and agents who enable behaviour; and
  • prosecute the worst offenders.

myGov email scam
The ATO and Services Australia are warning the community about a new email impersonation scam that is doing the rounds. The fake emails claim to be from “myGov” and include screen shots of the myGovID app.
The email asks people to click a link to verify their identity using a “secure form” which takes them to a fake myGov page requesting personal identifying information and banking details.
ATO Assistant Commissioner Ben Foster said this new phishing scam contains classic warning signs that it is not legitimate, for example, asking people to click a link to confirm their details and spelling errors.

Affected by a natural disaster?
The ATO has reminded businesses and individuals affected by the NSW and South-East Queensland floods in March, and by bushfires in Western Australia and Cyclone Seroja, that it can help if they are having trouble meeting tax and super obligations. Depending on the particular circumstances, the ATO may:

  • give extra time to pay a debt or lodge tax forms such as activity statements;
  • help re-construct tax records that are lost or damaged;
  • fast track refunds;
  • set up a payment plan tailored to individual circumstances, including interest free periods;
  • remit penalties or interest.

For more information about support available, visit ato.gov.au/disasters or phone 1800 806 218.

Note!  Disaster recovery grant payments in relation to the storms and floods that occurred in February and March 2021 will be exempt from tax once the enabling legislation (presently in Parliament) becomes law.

Tip!  If you have been affected by floods, bushfires or other natural disasters, you can discuss your options with your tax adviser.

COVID-19 and permanent establishments
Are you a foreign company with employees in Australia? The ATO has updated its guidance on whether the presence of employees in Australia, due to the impacts of COVID-19, may create a permanent establishment (PE) for tax purposes.
The ATO says that it will not apply compliance resources to determine if you have a PE in Australia if:

  • you did not otherwise have a PE in Australia before the effects of COVID-19;
  • the temporary presence of employees in Australia continues to solely be as a result of COVID-19 related travel restrictions;
  • those employees temporarily in Australia will relocate overseas as soon as practicable following the relaxation of international travel restrictions; and
  • you have not recognised those employees as creating a PE or generating Australian source income in Australia for the purpose of the tax laws of another jurisdiction.

This approach will apply until 31 December 2021.

Tip!  Talk to your tax adviser if you are uncertain whether you have a PE in Australia. Your adviser can also let you know the tax consequences if you have a PE here.

What has Parliament been up to?
A recent Bill contains amendments that will:
  • exempt employers from FBT if they provide training or education to a redundant, or soon to be redundant, employee in order to assist that employee gain new employment (this was announced in last year’s Budget) – applies to benefits provided on or after 2 October 2021;
  • extend the low and middle income tax offset for 12 months (this was announced in this year’s Budget);
  • exempt from CGT a granny flat arrangement if certain requirements are met, including that the individual having the granny flat interest has reached pension age or has a disability, and that the arrangement is in writing and is not of a commercial nature (this was announced in last year’s Budget) – if the Bill becomes law by the end of June, the change will take effect on 1 July 2021, otherwise it will take effect on 1 July 2022;
  • extend the operation of the junior minerals exploration incentive for a further 4 years (this was announced in this year’s Budget); and
  • ensure that New Zealand retains exclusive taxing rights over income derived by NZ sportspersons (and support staff) playing in cross-border-leagues where, due to COVID-19, they spend more than 183 days in Australia in a 12-month period.

Tip!  Talk to your tax adviser if you think any of these measures may affect you.

Key tax dates


Date

Obligation

21 June 2021   

May monthly BAS due

30 June 2021 

Super guarantee contributions must be paid by this date to qualify for a tax deduction in 2020-21

14 July 2021

Issue PAYG payment summaries if not reporting through STP
Finalisation declaration due if reporting through STP

21 July 2021

June monthly BAS due

28 July 2021

Lodge and pay June quarterly BAS
Pay June quarterly PAYG instalment 
Employee super guarantee contributions due 

1 Aug 2021*

Fuel tax credit rates change

14 Aug 2021*

PAYG withholding annual report due if not reporting through STP

21 Aug 2021*

July monthly BAS due

28 Aug 2021*

June quarter SG charge statement due
Taxable payments annual report due

21 Sep 2021

August monthly BAS due

30 Sep 2021

Lodge annual TFN withholding report (trustee of a closely held trust)

*Next business day


DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

ATO warns on ‘copy/pasting’ claims


The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

Assistant Commissioner Tim Loh noted that COVID-19 has changed up people’s work habits,
so the ATO expects their work-related expenses will reflect this.

“We know many people started working from home during COVID-19, so a jump in these
claims is expected,” Mr Loh said.
“But, if you are working at home, we would not expect to see claims for travelling between
worksites, laundering uniforms or business trips.”

Last year, the value of car and travel expenses decreased by nearly 5.5%, but there was
a slight increase of around 2.6% in clothing expenses. With uniform and laundry claims
significantly lower, this increase was driven by frontline workers’ first-time need for things
like hand sanitiser and face masks.

“While it’s good to see most people have been doing the right thing, our data analytics will
be on the lookout for unusually high claims this tax time. Particularly where someone’s
deductions are much higher than others with a similar job and income.”
“We will also look closely at anyone with significant working from home expenses, that
maintains or increases their claims for things like car, travel or clothing expenses.”
“You can’t simply copy and paste previous year’s claims without evidence.”
“But we know some of these unusual claims may be legitimate. So, if you explain your claim
with evidence, you have nothing to fear.”
“We also want to reassure the community that we will be sympathetic to legitimate mistakes
where good faith efforts have been made. However, where we spot people deliberately
claiming things they’re not entitled to, we will take firm action,” Mr Loh said.

During 2020, the ATO had to shift focus on getting stimulus benefits out the door as quickly
as possible to support so many businesses in need.

In 2021, the ATO will be continuing to balance its role in supporting taxpayers through this
very challenging time, while recommencing its focus on addressing overclaiming of work-related expenses.
How COVID-19 has changed work-related expenses

Working from home expenses
The temporary shortcut method for working from home expenses is available for the full
2020/21 financial year. This allows an all-inclusive rate of 80 cents per hour for every hour
people work from home, rather than needing to separately calculate costs for specific
expenses.
All taxpayers need to do is multiply the hours worked at home by 80 cents, keeping a record
such as a timesheet, roster or diary entry that shows the hours they worked.
Note that the shortcut method is temporary. If a taxpayer wants to claim part of an expense
over $300 (such as a desk or computer) in future years, they need to keep their receipt.

Personal protective equipment (‘PPE’)
If an employee’s specific duties require physical contact or close proximity to customers
or clients, or their job involves cleaning premises, they may be able to claim items such as
gloves, face masks, sanitiser, or anti-bacterial spray.
This includes industries like healthcare, cleaning, aviation, hair and beauty, retail and hospitality.
To claim their PPE, they will need to have purchased the item for use at work, paid for it
themselves, and not been reimbursed. The employee will also need a record to support the
claim (e.g., a receipt).

Clothing and laundry, self-education, car and travel expenses
In 2020, the ATO saw a decrease in the value of work-related expenses for cars, travel, nonPPE clothing and self-education as a result of the introduction of travel restrictions and limits
on the number of people who could gather in groups. The ATO expects this trend to continue
in the 2021 tax returns.
If an employee is working from home due to COVID-19, but needs to travel to their regular
office sometimes, they cannot claim the cost of travel from home to work, as these are still
private expenses.

Case study — overclaiming work-related expenses
A Canberra administrative worker fraudulently received nearly $7,000 in refunds after
claiming work-related car, travel, clothing and self-education expenses he wasn’t entitled to.
He had his fraudulent claims knocked back in 2014, after he couldn’t provide any receipts,
instructing the ATO to “just process the return”. He tried it again in his 2015 and 2016 returns,
this time providing a fake letter from his employer.
Given the brazen and repetitive nature of the fraud, the taxpayer was prosecuted and now
has a criminal record. He was also fined $1,800.

Additional information
To help people find out what they can and can’t claim, the ATO has created nearly 40
occupation and industry guides. They have added three new guides this year for gaming
attendants, community support workers and recruitment consultants.
Visit ato.gov.au/occupations.
Ref: ATO media release, 20 May 2021


COVID-19 measures: how your business might be affected
JobKeeper scheme

The JobKeeper scheme ended on 28 March 2021. Your business does not have to do anything, but it will need to complete the March monthly business declaration by 14 April 2021. The final payment will be processed in April.

Your business must keep all relevant records for five years in case the ATO decides to look at its JobKeeper claims in detail.

Don’t forget that JobKeeper payments are assessable and should be included in your business’ tax return as income.

If your business has employees and their wages were effectively subsidised by JobKeeper payments, the full wages are still deductible.

If your business decides voluntarily to repay any JobKeeper payments it did not actually need, it will only get a tax deduction if the repayment is appropriate to achieve, or directed at achieving, the objectives of the business. According to the ATO, examples would include where a payment is made to:

  • prevent reduction in business; or
  • publicise and promote a business in the short-term.

Of course, as pointed out by the ATO, if your business deducts from the repayment the amount of tax paid on the payment, the tax outcome will be neutral.

If your business wishes to make a voluntary repayment, it should contact the ATO first as voluntary repayments cannot be made through usual ATO payment channels and require a special Payment Reference Number (PRN).

JobMaker hiring credit scheme

Don’t overlook the JobMaker Hiring Credit scheme (JobMaker) which was discussed in the February 2021 Business edition of TaxWise® News. Just to remind you, under JobMaker, the Government may pay your business up to $200 per week if it hires a new employee aged 16 to 29 and up to $100 a week if it hires a new employee aged 30 to 35. The new employee must commence employment between 7 October 2020 and 6 October 2021.

Your business must register with the ATO by 30 April 2021 if it wants to make a claim for the first JobMaker period (1 February to 30 April 2021).

To qualify, the employee headcount and payroll must genuinely increase. Your business cannot claim JobMaker if it merely replaces an employee aged over 35 with one aged between 16 and 35.

JobMaker cannot be claimed for certain new employees, including:

  • relatives, partners if your business is operated through a partnership;
  • directors and shareholders if your business is operated through a company; and
  • certain contractors and subcontractors your business engaged at any time between 6 April 2020 and 6 October 2020.

Tip! The JobMaker scheme is complicated. Contact your tax adviser if you think your business may qualify for JobMaker or if your business is thinking of hiring one or more new employees.

Stimulus vouchers: How to report this in your tax
Most States and Territories are providing assistance to help boost local economies affected by COVID-19. Many governments are doing this by issuing vouchers to eligible customers to pay towards purchases from eligible businesses for dining out, entertainment or accommodation.

If your business accepts stimulus vouchers from customers, you may be wondering how to deal with this for tax purposes.

When your business accepts a voucher, it needs to:

  • treat the amount the voucher covers and the customer’s payment as income;
  • report GST on the total of payments received.

SME loan guarantee scheme
The Government has announced an extension of the SME Recovery Loan Scheme, as well as various changes to the Scheme. Phase 1 operated until 30 September 2020 and Phase 2 is due to end on 30 June 2021.

As a result of the changes, the Scheme will be open only to businesses (including self‑employed individuals and non-profit businesses) with up to $250 million turnover which received the JobKeeper payment between 4 January 2021 and 28 March 2021. Participating lenders will be offering guaranteed loans on the following terms:

  • the Government guarantee will be 80% of the loan amount (up from 50%);
  • lenders are allowed to offer borrowers a repayment holiday of up to 24 months (the time was previously unspecified);
  • loans can be used for a broad range of business purposes, including to support investment (see below);
  • borrowers can access up to $5 million in total, in addition to the Phase 1 and Phase 2 loan limits;
  • loans are for terms of up to 10 years (up from 5 years);
  • loans can be either unsecured or secured (excluding residential property); and
  • the interest rate on loans will be determined by lenders, but will be capped at around 7.5%, with some flexibility for interest rates on variable rate loans to increase if market interest rates rise over time (previously capped at 10%).

Lenders can offer any product suitable to the borrower – with the exception of credit cards, charge cards, debit cards or business cards. Loans issued under the Scheme may take any other form of credit, provided the Scheme’s eligibility criteria are met.

Loans will be available from 1 April 2021 and must be approved prior to 31 December 2021.

Loans backed by the Scheme will be available through participating commercial lenders. The decision on whether to extend credit, and management of the loan, will remain with the lender.

Eligible loan uses

Loans may be used to refinance any pre-existing debt of an eligible borrower, including those from Phase 1. Loans that are more than 30 days in arrears cannot be refinanced and borrowers who have entered external administration, or are insolvent, cannot refinance debts.

Loans can be used to purchase non-residential real property (such as commercial property) or for the acquisition of another business.

Loans issued under the Scheme can be used to refinance existing loans or for a broad range of businesses purposes (including to support investment) but cannot be used to purchase residential property or financial products and cannot be lent to an associated entity. Loans also cannot be used to lease, rent, hire or hire purchase existing assets that are more than half way into their effective life.

FBT issues
New FBT thresholds and rates for 2021–22
The ATO has released new thresholds and rates for the 2021­–22 fringe benefits tax (FBT) year (the year commencing on 1 April this year):

  • statutory or benchmark interest rate (e.g. for loan fringe benefits) – 4.52%; and
  • record keeping exemption (also relevant for eligibility to use the base rate method to calculate FBT) – $8,923.

The cents-per-kilometre rates (for where a motor vehicle other than a car is used privately) are:

  • vehicles with an engine capacity of up to 2,500cc – 56 cents/km;
  • vehicles with an engine capacity of over 2,500cc – 67 cents/km; and
  • motorcycles – 17 cents/km.

The car parking threshold for 2021–22 will be announced once the relevant CPI figure is available.

Living-away-from-home allowances

The ATO has issued the weekly amounts of food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit that it treats as being reasonable for the 2021–22 FBT year. These amounts may be relevant in working out the FBT payable on the LAFHA benefits.

The reasonable weekly amounts for employees in Australia are set out in the table below.
See Taxation Determination TD 2021/3 for the 2021–22 reasonable weekly amounts for employees outside Australia.

Amounts of reasonable food and drink – within Australia

 

Per week $

1 adult*

283

2 adults

425

3 adults

567

1 adult and 1 child

354

2 adults and 1 child

496

2 adults and 2 children

567

2 adults and 3 children

638

3 adults and 1 child

638

3 adults and 2 children

709

4 adults**

709

*An adult is a person who attained the age of 12 years before 1 April 2021.
** For larger family groupings, add $142 for each additional adult and $71 for each additional child.

Tip! If your business provides LAFHA fringe benefits to employees, talk to your tax adviser if uncertain whether the food and drink expenses need to be substantiated, or if uncertain how to work out the amount of FBT that is payable.

FBT exemptions

If your business provides fringe benefits to employees, there are a number of FBT exemptions that are likely to be more significant during the COVID-19 pandemic.

Work laptop, other portable electronic device and tools of trade

Your business may have given or loaned certain eligible work-related items to employees to facilitate them working at home, or may have reimbursed them for expenditure they incurred on such items.

An eligible work-related item is exempt from FBT (including where the cost is reimbursed) if it is:

  • primarily for use in the employee’s employment; and
  • not a duplicate of something with a substantially identical function that has already been provided to the employee in the FBT year (unless it is a replacement). There is an exception for small and medium businesses (see below).

An eligible work-related item is:

  • a portable electronic device – e.g. a laptop, tablet, smart phone and calculator, but not a desktop computer;
  • computer software;
  • protective clothing;
  • a briefcase; and
  • a tool of trade.

A small business (aggregated annual turnover less than $10 million) can provide multiple portable electronic devices to an employee and claim the exemption for each item, even where the items have substantially identical functions.

This exemption for multiple devices will be extended from 1 April 2021 to businesses that have an aggregated annual turnover of at least $10 million but less than $50 million.

General office equipment

If your business lends general office equipment (e.g. desks, chairs, cabinets, stationery and computer monitors) to employees during temporary working from home arrangements due to COVID-19, the relevant fringe benefit is exempt from FBT if:

  • the equipment is ordinarily located on business premises; and
  • is wholly or principally used directly in connection with business operations.

The ATO considers that office equipment that your business loans to an employee to support a working from home arrangement that will continue on a long-term basis is unlikely to be exempt.

However, a fringe benefit may be exempt if your business makes a “no-private-use declaration” that covers all office equipment loaned to employees to support their working from home arrangements where:

  • the equipment is subject to a consistently enforced policy in relation to its use; and
  • this use means the benefits would have a taxable value of nil.

The exemption is not lost just because there is some incidental use of the equipment outside of work hours while it is located at an employee’s home.

Counselling and health care

Counselling services provided to support an employee’s working from home arrangement may be exempt from FBT under the rules for work-related counselling. Similarly, health care provided to an employee to support their working from home arrangement may also be exempt from FBT if it is the provision of work-related preventative health care.

Minor benefits

Where the taxable value of an item (or the amount reimbursed) is less than $300 (including GST), the benefit will be exempt if it qualifies a minor benefit. This depends on the frequency and regularity with which similar or identical benefits are provided.

Tip! If you are uncertain whether any fringe benefits your business provides to employees are exempt, e.g. as a minor benefit, or how to calculate the taxable value of any benefits that are not exempt, talk to your tax adviser. For example, the otherwise deductible rule may apply to reduce the taxable value of a fringe benefit.

FBT return

Don’t forget that your business must lodge its FBT return for 2020–21, and pay any FBT liability, by 21 May 2021. This date may differ if the return is lodged through a tax agent.

The ATO may grant an extension of time to lodge and pay if your business is experiencing difficulties because of COVID-19 or floods.

Do you use trading stock for private purposes?

It is common for certain business owners (e.g. sole traders, individuals and partnerships, etc.) to use trading stock for private purposes. If you do this, you are treated as having sold it for its cost just before you use it and as having bought it back for the same amount. 

Because it is difficult in many cases to keep accurate records of transactions involving goods taken from stock for private use, the ATO publishes each year standard values (excluding GST) that can be used by proprietors of certain businesses. The latest amounts (for the current tax year ending on 30 June 2021) were published in early January (in Taxation Determination TD 2021/1).

TYPE OF BUSINESS

AMOUNT (EXCLUDING GST) FOR ADULT/CHILD OVER 16 YEARS

AMOUNT (EXCLUDING GST) FOR CHILD 4 to16 YEARS OLD

Bakery

$1,350

$675

Butcher

$900

$450

Restaurant/café (licensed)

$4,640

$1,810

Restaurant/café (unlicensed)

$3,620

$1,810

Caterer

$3,830

$1,915

Delicatessen

$3,620

$1,810

Fruiterer/greengrocer

$930

$465

Takeaway food shop

$3,670

$1,835

Mixed business (includes milk bar, general store and convenience store)

$4,460

$2,230

Do you operate your business through a company or trust?
It is fairly common for professionals, such as IT specialists, engineers and business consultants, to operate their business through a company or a trust. If you are in this position, you need to be aware of the rules that will treat the income earned by the company or trust from the provision of your own services (personal services income or PSI) as your personal income. These rules (the PSI rules) also deny a deduction for certain types of expenditure.
We discussed the PSI rules in the September 2020 Individual edition of TaxWise® News. Since then, the ATO has issued a draft ruling (TR 2021/D2) providing general guidance on the operation of the rules. The draft ruling considers a number of issues including:

  • the meaning of PSI and income that does not qualify as PSI;
  • determining whose PSI it is;
  • the effect of the PSI rules; and
  • the various tests to determine if a PSB is being carried on (the results, unrelated clients, employment and business premises tests).

Even if the PSI rules do not apply where your services are hired out through a company or trust, the ATO points out that the general anti-avoidance rules may still apply to the arrangement.
Tip!The PSI rules (and the general anti-avoidance rules) are complicated. Talk to your tax adviser if you provide your services through a company or trust or are thinking of doing it.

From the ATO
Easier to pay your tax bill

The ATO has improved how your business can use and manage its credit or debit card details in Online services for business, making it easier to pay a tax or super bill.

The new payment features allow your business to:

  • add and manage up to three credit or debit cards in its account profile;
  • set up a payment plan with automatic direct debits from a card;
  • make one-off payments using a card.

Online services for business offers a simplified process to make it easier to create a payment plan if your business owes less than $100,000.

If you’re worried your business will have difficulty paying on time, or are having trouble setting up a payment plan online, you can contact the ATO on 13 11 42 for help (or talk to your tax adviser).

Check your business’ PAYG instalments

Now is a good time to check your business’ pay as you go (PAYG) instalments still reflect its expected end of year tax liability.

If the business’ circumstances have changed and you think it will pay too much (or too little) in instalments for the year, the instalments can be varied on the next activity statement.

Instalments can be varied multiple times throughout the year. The varied amount or rate will apply for the remaining instalments for the tax year or until another variation is made.

If your business is affected by COVID-19, the ATO has said it will not apply penalties or charge interest to varied instalments relating to the 2020–21 tax year. This applies when the business has made its best attempt to estimate its end of year tax liability.

If an amount or rate is varied online, paper activity statements and instalment notices will no longer be issued. These will be issued electronically. Your business will need to consider this when deciding how to lodge, revise and vary future activity statements and instalment amounts.

Tip! Registered tax agents and BAS agents can help you with your business’ activity statements and tax returns.

STP reporting: Changes from 1 July 2021
If your business has employees, it should be reporting through Single Touch Payroll (STP) unless it only employs closely held payees or is covered by a deferral or exemption.

There are some changes to STP reporting from 1 July 2021:

  • small employers (less than 20 employees) with closely held payees must report their closely held payees through STP. You can choose to report these payees each pay day, monthly or quarterly;
  • the STP quarterly reporting concessions for micro employers (less than 5 employees) will only be available to employers who meet certain eligibility requirements, including the need for exceptional circumstances to exist. Employers can apply for this concession through the online deferral tool from 1 July 2021.

A closely held payee is an individual directly related to the entity from which they receive payments, e.g.:

  • family members of a family business;
  • directors or shareholders of a company;
  • beneficiaries of a trust.

Further changes will start on 1 January 2022. We will advise you of those nearer the date.

Tip! Talk to your tax adviser if your business has employees and it has not started reporting through STP but does not have a deferral or exemption. It needs to start reporting now.

Bad debts
Your business may be able to claim a deduction for income that cannot be recovered from a customer or debtor. This unrecoverable income is known as a “bad debt”.

If your business accounts for assessable income on an accruals basis, an amount your business earns may be included in assessable income before payment is received (this cannot happen if your business accounts for assessable income on a cash basis). If your business determines there is no or little likelihood that an amount included in assessable income will be recovered from the debtor, that amount may be deductible as a bad debt.

To claim a deduction for the assessable income that cannot be recovered, your business needs to write off the unpaid amount as a bad debt (see below).

If your business subsequently recovers an amount that it wrote off as a bad debt and claimed as a tax deduction, the amount recovered must be included in its assessable income when it receives it.

Writing off a debt as bad is not the same as waiving or forgiving a debt. There are different tax consequences for debt forgiveness or waiver and there may also be tax consequences for the debtor.
How to write off a debt as bad
To claim a bad debt deduction for an amount included in your business’ assessable income that has not been recovered, it must:

  • include the income in a tax return (whether in the current tax year or an earlier year);
  • determine the debt is bad – there must be a debt owing to your business and it must be genuinely bad (i.e. it is unlikely to be recovered through any reasonable and commercial attempts); and
  • write off the debt – this means that your business must have made the decision to write off the debt and recorded that decision in writing before the end of the tax year in which deduction is claimed.

If your business is a company, it must also satisfy the continuity of ownership or continuity of business test, as appropriate.

GST consequences

If your business has made a taxable sale and has paid GST to the ATO for that sale, but it has not received the consideration, either in whole or in part, and the debt is written off as bad, your business can claim a decreasing adjustment for the bad debt.

Tip! Talk to your tax adviser if your business is owed money – you may be able to claim a tax deduction.

Other matters to consider
Company tax rate
The tax rate for companies with an aggregated turnover under $50 million will reduce from 26% to 25% from 1 July 2021. The tax rate for other companies will remain at 30%.

Employees now have more choice with super
Changes to the law mean new workplace determinations and enterprise agreements made on or after 1 January 2021 must offer employees the right to choose the super fund to which your business pays their compulsory super contributions.

Once a new determination or agreement is in place, your business will need to offer choice of super fund to:

  • existing employees who request to choose their super fund;
  • all new employees;

Employees can nominate their chosen fund by completing the standard choice form through ATO online services linked to their myGov account.

Alternatively, your business can give its employees a Superannuation standard choice form to complete. Your business must then pay the employee’s compulsory super to their nominated fund.

If an employee doesn’t nominate a fund, your business can continue to pay their super to the same fund it previously contributed to, or into the default fund.

Key tax dates


Date

Obligation

14 April 2021

March JobKeeper monthly business declaration due

21 April 2021    

Lodge and pay March 2021 monthly BAS

28 April 2021

Lodge and pay March 2021 quarterly BAS
Pay March 2021 quarterly instalment notice
Employee super guarantee contributions due

11 May 2021

2021-22 Federal Budget

21 May 2021    

Lodge and pay April 2021 monthly BAS
Lodge and pay annual FBT return (if your business lodges one)

28 May 2021 

Lodge and pay March 2021 quarterly SGC (if required)

28 June 2021

Lodge and pay May 2021 monthly BAS

28 July 2021

Lodge and pay June 2021 quarterly BAS
Lodge and pay June 2021 monthly BAS
Pay June 2021 quarterly instalment notice
Employee super guarantee contributions due 


DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

COVID-19 measures
JobMaker hiring credit

The JobMaker Hiring Credit scheme (“JobMaker”) is a new government incentive in response to the COVID-19 economic crisis. Eligible employers can access JobMaker for each eligible additional employee aged 16 to 35 they hire between 7 October 2020 and 6 October 2021. The program will last for 2 years until 6 October 2022.
Are you eligible?

To be eligible for JobMaker, you must:

  • operate a business in Australia (not-for-profit organisations operating in Australia and certain deductible gift recipients (DGRs) are also eligible);
  • hold an active ABN;
  • be registered for PAYG withholding;
  • satisfy the payroll increase and the headcount increase conditions – see below;
  • not have claimed JobKeeper payments for a fortnight that started during the JobMaker period (see the table below for the JobMaker periods);
  • be up to date with income tax and GST returns for the 2 years up to the end of the JobMaker period for which you are claiming (this requirement is adjusted for new businesses);
  • be registered with the ATO for the scheme – see below; and
  • satisfy reporting requirements, including up to date Single Touch Payroll (STP) reporting (see the table below).

Certain categories of employer are not eligible, for example, companies in liquidation or provisional liquidation, individuals who have entered bankruptcy, major banks and Australian government agencies.

Payroll and headcount conditions

You must employ one or more eligible additional employees, resulting in a genuine increase in both:

  • your total employee headcount from 30 September 2020 (a different reference point applies for the last 4 JobMaker periods); and
  • your payroll for the JobMaker period, compared to the 3 months up to 6 October 2020.

An individual is an “eligible additional employee” if they:

  • were employed by you at any time during the JobMaker period;
  • commenced employment between 7 October 2020 and 6 October 2021;
  • were aged between 16 and 35 years at the time they commenced employment;
  • worked or were paid for an average of 20 hours a week for each whole week they were employed by you during the JobMaker period; and
  • received certain income support payments, e.g. JobSeeker or Parenting Payment, for at least 28 consecutive days (or 2 fortnights) within the 84 days (or 6 fortnights) before being hired.

The employee must also provide you with a notice containing relevant information.
Certain individuals cannot qualify as an eligible additional employee, including:

  • relatives;
  • partners if your business is operated through a partnership;
  • directors and shareholders if your business is operated through a company; and
  • anyone who, at any time between 6 April 2020 and 6 October 2020, you engaged as a contractor or a subcontractor and who performed substantially similar duties to those performed by the individual as an employee.

Registration and claims

You must register before the end of the first JobMaker period you are claiming for (see the key dates below). For example, if you want to make a claim for the first JobMaker period (7 October 2020 to 6 January 2021), you must register by 30 April 2021.

You can claim JobMaker from 1 February 2021. You can only claim JobMaker for each additional eligible employee for up to 12 months from the time they commence employment.

You will need to provide certain information to the ATO about each additional eligible employee, including their full name, date of birth and tax file number. You will also need to provide certain information about your business, such as headcount and payroll expenses.

How much do you receive?

The amount of JobMaker you receive depends on the age of the eligible additional employee when they commence employment with you.

You may receive up to $200 per week for each eligible additional employee aged 16 to 29 and up to $100 per week for each eligible additional employee aged 30 to 35.

Key dates


Dates for JobMaker periods, STP reporting and claim periods

Period

JobMaker period 

STP reporting due date

Claim period

1

7 October 2020 – 6 January 2021

27 April 2021

1 February 2021 – 30 April 2021

2

7 January 2021 – 6 April 2021

28 July 2021

1 May 2021 – 31 July 2021

3

7 April 2021 – 6 July 2021

28 October 2021

1 August 2021 – 31 October 2021

4

7 July 2021 – 6 October 2021

28 January 2022

1 November 2021 – 31 January 2022

5

7 October 2021 – 6 January 2022

27 April 2022

1 February 2022 – 30 April 2022

6

7 January 2022 – 6 April 2022

28 July 2022

1 May 2022 – 31 July 2022

7

7 April 2022 – 6 July 2022

28 October 2022

1 August 2022 – 31 October 2022

8

7 July 2022 – 6 October 2022

28 January 2023

1 November 2022 – 31 January 2023

(Table from the ATO website)

Integrity measures

You will not be eligible for JobMaker if you enter into an arrangement to artificially inflate your headcount or payroll, by terminating or reducing the hours of an existing employee in an attempt to access JobMaker or increase payments.

If you claim JobMaker, you will not be able to claim other Australian Government wage subsidies, such as the Supporting Apprentices and Trainees Wage subsidy and the Australian Apprentice Wage subsidy.

Tax consequences

All JobMaker payments are assessable as ordinary income. Salary and wages paid to employees that are subsidised by JobMaker continue to be deductible.

JobMaker is:

  • not subject to GST; and
  • does not need to be included in your business activity statements (BAS).

Tip! Talk to your tax adviser if you think you may qualify for JobMaker. 

JobKeeper

Don’t forget that the JobKeeper scheme ends on 28 March 2021.

The second JobKeeper extension has started and covers the JobKeeper fortnights between Monday 4 January and Sunday 28 March 2021.

If eligible, you can enrol for the second JobKeeper extension until the end of the program. To be eligible you will need to show that your actual GST turnover declined in the December 2020 quarter relative to a comparable period (generally the December 2019 quarter).

You might be eligible for the second JobKeeper extension even if you weren’t eligible for the first extension.

The payment rates for your eligible employees in the second extension period are:

  • Tier 1 – $1,000 per fortnight (before tax)
  • Tier 2 – $650 per fortnight (before tax).

Investment incentives
We have previously told you about 2 temporary measures to encourage business investment:

  • full expensing for the cost of new depreciating assets acquired from 7:30pm (AEDT) on 6 October 2020 (i.e. 2020–21 Budget night) and first used or installed by 30 June 2022 (see the October 2020 Special Budget Edition of TaxWise News); and
  • an accelerated rate of depreciation for new depreciating assets first held on or after 12 March 2020 and first used or installed ready for use on or after 12 March 2020 and before 1 July 2021 (see the April 2020 edition of TaxWise News).

The law has been changed so that you can now choose not to apply full expensing or accelerated depreciation to particular depreciating assets. But once you make that choice, you are locked in (i.e. you cannot reverse it).

Tip! Talk to your tax adviser if you are contemplating buying new assets for your business.

Victorian business support

Just before Christmas, the Federal Government declared that various COVID-19 related business grants provided by the Victorian Government are not taxable (technically, they are non-assessable non-exempt income). These are:

  • Alpine Business Fund;
  • Business Support Fund 3;
  • Licensed Hospitality Venue Fund;
  • Melbourne City Recovery Fund – Small business reactivation grants;
  • Outdoor Eating and Entertainment Package; and
  • Sole Trader Support Fund.

Varying your PAYG instalments

To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage your instalments to suit your circumstances. If you are a PAYG instalment payer, you can vary your PAYG instalments on your activity statement.

You can vary your instalments if you think using the current amount or rate will result in you paying too much by instalments when compared to your estimated tax for the year.

The ATO has said that it will not apply penalties or charge interest to varied instalments that relate to the 2020–21 income year (including if you have a substituted accounting period) when you have made your best attempt to estimate your end of year tax liability.

You should review your tax position regularly. You can vary your instalments multiple times throughout the year. Your varied amount or rate will apply for all your remaining instalments for the income year or until you make another variation.

If you realise you’ve made a mistake working out your PAYG instalment, you can correct it by lodging a revised activity statement or varying a subsequent instalment.

Tip! Talk to your tax adviser if you think you may need to vary your PAYG instalments or if you have made a mistake working out your instalments.

What has the ATO been doing?
Trading stock taken for private use

It is common in a number of industries for trading stock to be used for private purposes. If you do this, you are treated as having sold it for its cost just before you use it and as having bought it back for the same amount. 

Because it is difficult in many cases to keep accurate records of transactions involving goods taken from stock for private use, the ATO publishes each year standard values (excluding GST) that can be used by proprietors of certain businesses. The latest amounts (for the 2020–21 tax year) were published in early January.


Type of Business

Amount (excluding GST) for Adult/Child over 16 years

Amount (excluding GST) for Child 4 to 16 years old

Bakery

$1,350

$675

Butcher

$900

$450

Restaurant/café (licensed)

$4,640

$1,810

Restaurant/café (unlicensed)

$3,620

$1,810

Caterer

$3,830

$1,915

Delicatessen

$3,620

$1,810

Fruiterer/
greengrocer

$930

$465

Takeaway food shop

$3,670

$1,835

Mixed business (includes milk bar, general store and convenience store)

$4,460

$2,230

(Table taken from Taxation Determination TD 2021/1)

Property sales

The ATO regularly receives data relating to the purchase and sale of properties from State and Territory revenue offices around Australia.

Where property transfers are made by businesses, they are potentially taxable, and the ATO matches this information against what has been reported on activity statements. If you sold property and did not include it in your activity statement, the ATO may contact you. You will be asked to review your records and revise the relevant activity statement, without penalty, by a specified date.

Tip! Talk to your tax adviser if you have sold property.

Online sales – data-matching

The ATO will acquire data on Australian sales made through online selling platforms through to 2022–23. The collected data may include business names, ABNs, addresses (e.g. business, postal and email), contact details, account names, account registration information and the number and value of monthly and yearly sales transactions.

The ATO estimates the total number of account records obtained will be between 20,000 and 30,000 each financial year. It expects around half of the matched accounts will relate to individuals.

These records will be electronically matched with ATO data holdings to identify non-compliance with registration, lodgment, reporting and payment obligations under taxation laws.

Tip! If you have online sales transactions, talk to your tax adviser to make sure you are complying with all your taxation obligations.

Vehicle registrations – data-matching

The ATO will acquire motor vehicle registry data from State and Territory motor vehicle registry authorities through to 2021–22. The collected data may include identification details (e.g. names, addresses and ABNs) and transaction details (e.g. date and type of transaction, sale price of the vehicle and market value of the vehicle).

The ATO estimates that records relating to approximately 1.5 million individuals will be obtained each financial year.

The data will be acquired and matched to the ATO’s internal data holdings to identify relevant cases for administrative action. For example, the data may be used to identify taxpayers buying, selling or acquiring motor vehicles who are at risk of not complying with their taxation obligations. That could be a licensed motor vehicle dealer who may not be complying with luxury car tax obligations or a business with little reported income buying a very expensive vehicle.

Don’t forget that if you are contemplating buying a new car for your business (e.g. to take advantage of full expensing), your deduction cannot exceed the car limit ($59,136 for 2020–21).

Tip! Buying a car for your business can have various tax implications, e.g. depreciation, GST and FBT. If you are contemplating buying a car, discuss the potential tax implications with your tax adviser.

ATO prosecutions

The ATO has publicised a number of successful prosecutions for tax fraud, presumably to remind taxpayers that dishonesty does not pay.
In one case, a concreter from New South Wales was fined for making false and misleading statements.
The concreter originally lodged his 2017 income tax return via a tax agent, but he lodged an amendment via myGov four months later. In the amendment, he falsely claimed he had worked for a second employer, where he received wages and had tax withheld. He also reported additional amounts for work-related expenses and the cost of managing tax affairs.

The false claims would have given the concreter a $7,974 refund, but an ATO audit revealed the truth.

He was fined $2,000 and ordered to pay a further $5,000 directly to the ATO. He was also placed on a 2-year good behaviour bond.

In another case, a Queensland bricklayer was sentenced to 2 years and 6 months in jail for evading nearly $100,000 in tax.

Over the course of a year, the bricklayer reported sales of $85,359 in his quarterly business activity statements (BAS). But an audit found he had actually received more than 4 times this amount, resulting in a GST shortfall of $26,570.

Data from the taxable payments reporting scheme (TPRS) also showed that he had quoted the ABN of his bricklaying trust to a number of entities, despite telling ATO officers it was no longer trading.

In addition to this, the bricklayer understated income on his income tax return, which caused a tax shortfall of $70,441.

Other News
Insolvency reforms

Important changes to Australia’s insolvency laws commenced on 1 January 2021. The Assistant Treasurer has said that they are the most important changes to Australia’s insolvency framework in 30 years.

The changes introduce a new, simplified debt restructuring process for eligible small businesses. The process allows financially distressed small businesses to access a single, streamlined process to restructure their debts, while allowing the owners to remain in control of their business. According to a Treasury fact sheet, this will support more small businesses to survive, meaning better outcomes for businesses, creditors, employees and the economy.

Link to fact sheet

Simplified debt restructuring process

To be eligible to access this new process, your company must:

  • be incorporated under the Corporations Act (so the new rules do not apply to partnerships and sole traders);
  • have total liabilities (excluding employee entitlements) that do not exceed $1 million on the day the company enters the process;
  • resolve that it is insolvent or likely to become insolvent at some future time and that a small business restructuring practitioner should be appointed; and
  • appoint a small business restructuring practitioner to oversee the restructuring process, including working with you to develop your debt restructuring plan.

A list of restructuring practitioners that can undertake this work is available on ASIC’s website.

The debt restructuring plan

The debt restructuring plan sets out how a company’s creditors are to be repaid. For example, the plan could specify how creditors will be repaid as a proportion of the debt owing to them, or what “cents in the dollar” they will receive.

The company must put the debt restructuring plan to its creditors for a vote within 20 business days of entering the process (an extension of up to 10 business days may be allowed if reasonable). Once the plan is put to creditors, they have 15 business days to vote to accept or reject the plan.

A plan is accepted if more than 50% of the creditors by value that vote, vote to accept the plan. Once a plan is made, payments must be disbursed to a company’s creditors in accordance with the terms set out in the plan.

All admissible debts and claims rank equally upon repayment of the plan. That means that all creditors are paid the same “cents in the dollar” and all are paid at the same time.

If the restructuring plan is not accepted, the restructuring process ends.

Giving you time

The Government recognises you may need some time to find a small business restructuring practitioner and has therefore extended the temporary insolvency relief (including relief from liability for trading while insolvent) for up to 3 months.

To access this relief, you can declare your intention to access the restructuring process by publishing the declaration on the published notices website from 1 January 2021. Your company’s period of temporary restructuring relief begins on the day the declaration is published.

You also need to notify ASIC within 5 business days that you’ve made this declaration. The appropriate form is available on the ASIC website.

Staying in control

Once your company enters the restructuring process, it remains in control of the process and may undertake transactions that are in the ordinary course of business.

$10,000 + cash transactions

Do you remember the Government’s proposal to ban cash transactions in excess of $10,000? It was contained in a Bill – the Currency (Restrictions on the Use of Cash) Bill 2019 – which we discussed in the November 2019 edition of TaxWise. The Bill had been passed by the House of Representatives, but it was stuck in the Senate.
The Bill would have made it a criminal offence for businesses to make or accept cash payments of $10,000 or more. Fines would have applied up to 60 penalty units (300 penalty units for corporations), and 120 penalty units or a 2-year prison for offences involving a greater level of culpability. The measures would not have applied to consumer-to-consumer transactions.

Well it seems that the Government has decided to scrap the proposal, as the Bill has been discharged from the Senate Notice Paper. Of course, the measures could be re-introduced at a later date, but it is probably safe to assume this will not happen during the current Parliament.

Key tax dates


Date

Obligation

14 Feb 2021*

January JobKeeper monthly business declaration due 

21 Feb 2021*

Lodge and pay January 2021 monthly BAS

28 Feb 2021*

Lodge and pay December 2020 quarterly BAS

 

Lodge and pay December 2020 quarterly instalment notice

 

Lodge annual GST return (if no tax return due)

 

Lodge and pay December 2020 SGC (if required)

 

Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised)                         

14 Mar 2021*

February JobKeeper monthly business declaration due

21 Mar 2021*

Lodge and pay February 2021 monthly BAS

31 Mar 2021

Lodge and pay tax return for companies and super funds with income >$2 million (unless due earlier)

14 Apr 2021

March JobKeeper monthly business declaration due

21 Apr 2021

Lodge and pay March 2021 monthly BAS

28 Apr 2021

Lodge and pay March 2021 quarterly BAS
Pay March 2021 quarterly instalment notice
Employee super guarantee contributions due

21 May 2021    

Lodge and pay April 2021 monthly BAS
Lodge and pay annual FBT return (if your business lodges one)

28 May 2021 

Lodge and pay March 2021 quarterly SGC (if required)

 *Next business day


DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

Budget measures now law
A number of measures announced in the Federal Budget 2020–21– and which we reported in the special Budget edition of TaxWise News – are now law. These are:

  • bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available (see below);
  • retaining the low and middle income tax offset for 2020–21;
  • introducing a temporary loss carry back for corporate tax entities with an aggregated turnover of less than $5 billion – so a company will be able to carry back losses incurred in 2019–20, 2020–21 or 2021–22 to 2018–19, 2019–20 or 2020–21 and obtain a refundable tax offset when the 2020–21 or 2021–22 income tax return is lodged;
  • the full expensing of depreciating assets first held, and first used or installed ready for use for a taxable purpose, at or after 7:30pm on 6 October 2020 and before 1 July 2022 by entities with an aggregated turnover of less than $5 billion;
  • extending some small business concessions to medium businesses (annual aggregated turnover between $10 million and $50 million); and
  • R&D changes that apply from 1 July 2021.

Some of the measures benefiting medium businesses don’t start until the 2021–22 income year or FBT year (as appropriate) e.g. the simplified trading stock rules and the FBT exemptions for car parking and multiple work-related portable electronic devices. The immediate deduction for certain start-up costs and prepayments apply from the current income year (2020–21).

Tip! Talk to your tax adviser about how to make the best of these new tax concessions.

JobKeeper update
New alternative decline in turnover test
To claim JobKeeper, you must have suffered a significant decline in turnover.
Generally, this is measured by comparing a relevant quarter in 2020 (called the turnover test period) with the equivalent quarter in 2019. However, there are alternative decline in turnover tests that apply in certain situations, such as:

  • the business did not commence until early in 2020;
  • there was a significant increase in turnover before the turnover test period;
  • the business was affected by drought or other natural disaster; or
  • in the case of a sole trader or small partnership, turnover was affected by leave, injury or illness.

An additional alternative decline in turnover test has been added – this applies to businesses that temporarily ceased trading for some or all of the relevant comparative period.
The new decline in turnover test requires the entity to have suffered the necessary decline based on its actual GST turnover for the September 2020 and/or the December 2020 quarter and not its projected turnover.

JobKeeper rates
The standard rate of JobKeeper of $1,500 per fortnight has been replaced with a two-tiered rate of JobKeeper from 28 September 2020. The higher rate of JobKeeper from 28 September 2020 to 3 January 2021 is $1,200 (per fortnight) and the lower rate is $750 (per fortnight).
On 4 January 2021, the higher rate of JobKeeper reduces from $1,200 to $1,000 (per fortnight) and the lower rate reduces from $750 to $650 (per fortnight).
Whether the higher rate of JobKeeper applies is based on whether the individual worked 80 hours or more in the ‘reference period’. The higher rate will apply to:

  • eligible employees whose total hours of paid work, paid leave and paid absence on public holidays was 80 hours or more in the 28-day period ending at the end of the most recent pay cycle that ended before 1 March 2020 or 1 July 2020 (the employer may choose which period applies);
  • eligible business participants (including sole traders) who were actively engaged in the business carried on by the entity for 80 hours or more in February 2020. The individual must provide a notice to that effect to the entity (or to the Commissioner if the individual is a sole trader).

The lower rate will apply to all other eligible employees/business participants.
The JobKeeper scheme is scheduled to end on 28 March 2021.

JobKeeper overpayments
The ATO has published on its website a useful guide explaining what happens if you have incorrectly self-assessed yourself (or your employees) as eligible for a JobKeeper payment.
If the ATO considers it was an honest mistake, you may not have to repay the payment if:

  • you relied in good faith on a statement made by an employee in their nomination notice;
  • you fully passed on the benefit of the JobKeeper payment to the relevant employee;
  • the mistake was made in the early days of JobKeeper when less public guidance was available.

If the ATO considers the mistake was not an honest one – which could include where the ATO has contacted you about a claim potentially being ineligible and you have not taken reasonable steps to check the eligibility before making future claims – the ATO will contact you and advise:

  • why they think there has been an overpayment;
  • how much you need to repay; and
  • how to make the repayment.

There is a third scenario – the ATO decides that another entity that directly or indirectly benefited from the overpayment is also liable to repay the overpayment. The ATO can pursue you or the other entity for repayment (including for the whole amount).

Tip! If you think you have received a JobKeeper payment by mistake, talk to your tax adviser or the ATO as soon as you discover the error.

What has the ATO been up to?
PAYG withholding – new ATO schedules
If you have employees, you need to make adjustments in your payroll processes and systems to ensure the personal tax cuts announced in the Federal Budget 2020–21 (and which are now law) are reflected in your employees’ take-home pay.

You must make sure you withhold the correct amount from salary or wages paid to employees for any pay runs processed from no later than 16 November 2020 onwards.
The ATO has updated the tax withholding schedules to reflect the tax cuts. They are available on the ATO website.

Single Touch Payroll (STP) – having problems?
Are you having problems with STP? The ATO has published troubleshooting tips on its website (see Troubleshooting STP reporting) dealing with issues such as:

  • You have started reporting and your software is not connecting to the ATO.
  • You use multiple payroll solutions and you are unsure which Business Management Software (BMS) ID to use.
  • You submitted an STP report when you didn’t mean to, or your report contained a significant amount of incorrect data.
  • You have entered an incorrect ABN in your STP report.
  • You missed sending an STP report.
  • Your last STP report employees’ year-to-date information does not match the information in your payroll software.

Need an STP exemption?
The ATO will consider granting an exemption for reporting through STP for:

  • a financial year; and/or
  • a particular employee or group of employees.

Small employers with 19 or fewer employees may be exempt from STP reporting if they meet any of the following criteria:

  • no or low digital capability;
  • no or unreliable internet service;
  • other special circumstances.

Employers who run their business in an area with no internet service can seek an exemption for one or more financial years.
Don’t forget that a quarterly STP reporting concession may be available until 30 June 2021 for micro employers (1 to 4 employees) who use a registered tax or BAS agent.
Employers with 19 or fewer employees and are exempt from STP reporting for payment made to their closely held payees until 30 June 2021.

Tip! Your tax adviser can apply for an exemption on your behalf or let you know if you qualify for the temporary quarterly STP reporting concession.

Shareholder loans – minimum yearly repayments
If you have a loan from a private company you control (or from an interposed entity) and a complying loan agreement is in place, you must make a minimum yearly repayment by the end of the company’s income year throughout the loan term. Failure to do so may result in your being taken to have received an unfranked dividend.
The ATO realises that, as a result of the COVID-19 pandemic, some borrowers are facing difficult circumstances beyond their control. If you are in that situation, and were unable to make the minimum repayment for 2019–20 by the due date (30 June 2020 in most cases), the ATO will look favourably on a request to extend the repayment period (up to 30 June 2021). Note the minimum yearly repayment for 2020–21 is due as normal by 30 June 2021.
You can request an extension by completing a streamlined online application form.

Advising businesses through early engagement
The ATO recommends that you engage early with them to avoid mistakes if entering into complex tax and super arrangements. The ATO will work with you and your tax adviser to:

  • explore your tax arrangement;
  • provide advice to help you arrive at the right outcome; and
  • request a draft application for a ruling (if relevant).

Foreign investment real estate rules
A foreign person must apply for foreign investment approval before they purchase Australian residential real estate and vacant land, unless they purchase it as joint tenants with a permanent resident or Australian citizen.
If you think you may have broken the foreign investment rules, you should contact the ATO. If you tell the ATO about your breach of the rules, the penalty amount may be lower than if the ATO detects your breach.
The ATO also encourages people to provide information about someone else who may be breaking the foreign investment rules. The ATO will investigate all reports of suspected breaches if enough information is provided.
You can complete the tip-off form on the ATO website or in the Contact us section of the ATO app, or phone the tip-off hotline on 1800 060 062.

Tax tips
Varying your PAYG instalments
You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for the year.
To assist businesses affected by the COVID-19 pandemic, the ATO won’t apply penalties or interest for the 2020–21 income year for excessive variations when you make your best attempt to estimate your end of year tax. However, general interest charges may apply to outstanding PAYG instalment balances.
Variations don’t carry over into the new income year, so if you made variations in the 2019–20 income year, you may need to vary again in 2020–21. Your varied amount or rate will apply for all your remaining instalments for the income year, or until you make another variation.
Calculating and paying the right PAYG instalment amounts will help you manage your cashflow.

Tip! Talk to your tax adviser if you want to vary your PAYG instalments.

Small business CGT concessions
The small business CGT concessions (aggregated turnover under $2 million – not $10 million) are important, but very complex. Disputes with the ATO about the concessions are not uncommon.
In good news for small business, the Full Federal Court recently found that as the small business CGT concessions are intended to “help small business”, they should be construed beneficially rather than restrictively.
This approach assisted a taxpayer (Mr E) who sold a property used to store materials, tools, equipment and vehicles used in a building, bricklaying and paving business operated by Mr E (and his wife) through a family trust. Some materials, etc. were stored in two 4m × 3m sheds and other materials, etc. were stored in the open. The property was visited a number of times a day in between jobs and tools and other items were collected on a daily basis.
The Court decided that the property was “used, or held ready for use, in the course of carrying on a business” and was therefore an “active asset”. This meant that Mr E could access the small business CGT concessions to reduce the capital gain made on the sale of the property.
Tip! If you are thinking about selling a business or business assets, talk to your tax adviser about how to minimise the tax that might be payable if you make a profit on the sale.

Calculating aggregated turnover
Whether a business is entitled to certain tax concessions – e.g. the simplified depreciation rules and the small business CGT concessions – depends on the business’ “aggregated turnover”.
Aggregated turnover is generally the business’ annual turnover plus the annual turnovers of affiliates of the entity and entities connected with the entity.
Annual turnover is all ordinary income the business derived in the ordinary course of carrying on a business for the income year.
The ATO has confirmed that JobKeeper payments are not included in annual turnover. This is because they are not derived in the ordinary course of carrying on a business, even though they are ordinary income (and therefore should be included in your assessable income). Other amounts that are not included in annual turnover are:

  • GST charged on a transaction;
  • amounts borrowed for the business;
  • proceeds from selling business capital assets;
  • insurance proceeds for the loss or destruction of a business asset; and
  • amounts received from farm management deposit repayments

Closing a small business
Unfortunately, some businesses may need to close their doors – either temporarily or permanently – due to the COVID-19 pandemic. The ATO has called on such businesses that are closing temporarily to “do their best to keep up with tax and superannuation obligations”.
If you are in this situation and you need additional time or support, you should contact your registered tax professional or the ATO on 1800 806 218.
If a business is forced to close permanently as a result of the COVID-19 pandemic, or for any other reason, it must still lodge any outstanding activity statements and instalment notices, make GST adjustments on the final activity statement and lodge final tax returns. This will enable the ATO to finalise the taxpayer’s account and issue any refunds that might be owed.
Once the entity’s tax affairs are finalised, the ABN and GST registration should also be cancelled. Business records must be kept for at least 5 years after the end of the financial year in which a business is sold or closed.

Other matters
Are your ABN details up-to-date?
Did you know that emergency services and government agencies use ABN details to help identify businesses in affected areas during times of emergency or natural disaster? It is therefore important to ensure your ABN details are correct, including:

  • authorised contacts;
  • the physical location of the business;
  • the postal address and the email address; and
  • the phone number.

It is advisable to list your own contact details and not your tax adviser’s details.
The fastest way to update your details is through the Australian Business Register (ABR) online services.
Log in using myGovID and Relationship Authorisation Manager (RAM).

Are you changing your business structure?
If you are changing your business structure, for example from a sole trader to a company, you will need a new ABN. Other situations where you need to cancel your ABN and apply for a new ABN include where changing from:

  • individual/sole trader to partnership or trust;
  • individual/sole trader to company or trust
  • partnership to company or trust.

You must ensure that your ABN details are updated on your tax invoices. This is essential as your ABN is used to:

  • identify your business identity to others when ordering and invoicing; and
  • claim GST credits.

Other businesses and entities must withhold payment at the top marginal tax rate if the ABN quoted on the invoice is incorrect or the details do not match up.
Remember to ensure that you update your GST registration details whenever you get a new ABN.

Tip! Contact your tax adviser if you are considering changing your business structure. There are likely to be tax issues.

Working out if you have to pay superannuation for your workers
It is not always easy to work out when you have to make contributions under the superannuation guarantee (SG) scheme.
Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to make SG contributions on top of their wages. This includes a family member working in your business.
If your employee is under 18, they must work for more than 30 hours per week to qualify.
You are required to make SG contributions regardless of whether the employee:

  • is full-time, part-time or casual – working holiday-makers are also included;
  • receives a superannuation pension or annuity while still working; or
  • is a company director.

Although you generally don’t need to make SG contributions for independent contractors, you may be required to make contributions for a contractor where the contract engaging them is wholly or principally for their labour.

Tip! It is not always easy to decide if a person working for you is an employee or an independent contractor. If you are at all uncertain, talk to your tax adviser.

Key tax dates


Date 

Obligation 

8 Nov 2020*

Wage condition deadline for JobKeeper fortnight 16

14 Nov 2020*

October JobKeeper monthly business declaration due 

21 Nov 2020*

October monthly BAS due 

22 Nov 2020*

Wage condition deadline for JobKeeper fortnight 17

28 Nov 2020*

Lodge and pay September quarterly SGC (if required) 

1 Dec 2020 

Full self assessment companies – pay 2019–20 income tax
Non-full self assessment companies – lodge 2019-20 return

6 Dec 2020*

Wage condition deadline for JobKeeper fortnight 18

14 Dec 2020 

November JobKeeper monthly business declaration due

19 Dec 2020*

Wage condition deadline for JobKeeper fortnight 19

21 Dec 2020 

Lodge and pay November monthly BAS

3 Jan 2021*

Wage condition deadline for JobKeeper fortnight 20

14 Jan 2021 

December JobKeeper monthly business declaration due

21 Jan 2021 

Lodge and pay December monthly BAS 

31 Jan 2021*

Closely held trust – lodge December quarterly TFN report 

14 Feb 2021*

January JobKeeper monthly business declaration due 

21 Feb 2020*

Lodge and pay January monthly BAS 

28 Feb 2021*

Lodge and pay December quarterly BAS 
Lodge and pay December quarterly instalment notice 
Lodge annual GST return (if no tax return due)
Lodge and pay December quarterly SGC (if required)  
Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised)  

 *Next business day
Note! Talk to your tax agent to confirm the correct due dates for your own tax obligations. For example, you may have more time to lodge and pay if impacted by the COVID-19 pandemic.


DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.



Changes to JobKeeper
The JobKeeper scheme was discussed in the June 2020 edition of TaxWise News. Since then, the Government has announced a number of changes.

  • The scheme will continue for an additional 6 months until 28 March 2021.
  • More employees are eligible for JobKeeper.
  • The eligibility rules will be revised.
  • The payment rates will be reduced. 

At the date of publication of this edition of TaxWise News, not all of the changes had been implemented.

Eligible employees – from 3 August 2020
A person is an eligible employee for a JobKeeper fortnight starting on or after 3 August 2020 if they are:

  • employed by an eligible employer (including if they were stood down or re-hired) at any time in the JobKeeper fortnight; and
  • an eligible employee for a JobKeeper fortnight ending before 3 August 2020 using either the 1 March 2020 or 1 July 2020 employment test.

To meet the 1 July 2020 employment test, the employee must, on 1 July 2020:

  • be employed by the eligible employer (or another entity in their wholly owned group), either as a non-casual employee (whether full-time, part-time or fixed-term) or a long term casual employee (employed on a regular and systematic basis during the 12 month period that ended on 1 July 2020);
  • not be a permanent employee of any other employer; and
  • be aged 18 years or older (a person aged 16 or 17 can also qualify if independent or not undertaking full time study on 1 July 2020).

The employee must also meet the existing residency tests and not be in receipt of parental leave, dad and partner pay or workers compensation for total incapacity for work.

If a person started work with their current employer after 1 July 2020, the employer will not be eligible to claim JobKeeper payments for that employee.

Additional turnover test – from 28 September 2020
From 28 September 2020, your business (including if you are a sole trader) will be required to re-assess its eligibility with reference to actual GST turnover in the September 2020 quarter. The business will need to demonstrate that it has met the relevant decline in turnover test in this quarter to be eligible for JobKeeper from 28 September 2020 to 3 January 2021.

Your business will need to further reassess its eligibility in January 2021. The business will need to demonstrate that it has met the relevant decline in turnover test in the December 2020 quarter to remain eligible for JobKeeper from 4 January to 28 March 2021.

Revised payment rates – from 28 September 2020
The JobKeeper payment rates will reduce from 28 September 2020 as shown in the table below.

Period

Full rate per fortnight

Lower rate per fortnight

28 Sep 2020 to 3 Jan 2021

$1,200

$750

4 Jan 2021 to 28 Mar 2021

$1,000

$650

The full rate applies to:

  • eligible employees who, in the 4 weeks before 1 March 2020 or 1 July 2020 (as appropriate), were working for 20 hours or more a week on average; and
  • eligible business participants (eg sole traders) who were actively engaged in the business for 20 hours or more per week on average in February 2020 or in June 2020 (as appropriate).

The lower rate will apply to all other eligible employees/business participants.

Other requirements
If you are enrolling for JobKeeper payments for the first time, you must enrol your business and business participant (if appropriate) by the end of the month you wish to claim for.
Don’t forget you must make a business declaration each month (no later than the 14th day) to claim JobKeeper payments for the previous month.

Tax consequences
Don’t forget to include JobKeeper payments in your business’ tax return (or your tax return if you’re a sole trader) as assessable income. But the wages that are effectively subsidised by JobKeeper payments are deductible.

JobKeeper payments received by your business are not subject to GST, and do not have to be taken into account in working out the decline in turnover.
 
Tip!  The JobKeeper scheme is complicated. Talk to your tax adviser to see if your business is eligible.

Cash flow boost change
Legislation has been enacted to clarify that the cash flow boost is available to eligible small and medium businesses that are required to pay an amount to the ATO because they receive an alienated personal services payment. Broadly, this is a payment received by a personal services entity (eg a company or trust) that is ultimately treated as forming part of the income of an individual under the personal services income rules and has not been promptly paid to the individual as salary or wages.

Payment of an amount to the ATO in these circumstances gives rise to an entitlement to the cash flow boost in the same way as payment to the ATO of an amount withheld from an employee’s salary or wages.

As discussed in the April 2020 edition of TaxWise News, the cash flow boost allows eligible small and medium businesses to receive up to a maximum of $100,000 in total in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.

Cash flow boosts are tax-free and not subject to GST. However, this can give rise to later tax consequences when the tax-free amounts are paid out of companies and unit trusts. This is complicated so talk to your tax adviser.

No GDP adjustment to PAYG instalments for 2020-21
The GST and PAYG instalment amounts are usually adjusted every year using a formula known as the gross domestic product (GDP) adjustment.

A recent law change means there is no GDP adjustment to work out quarterly GST and PAYG instalment amounts for the 2020-21 income year. This change is in response to the COVID-19 pandemic.

Superannuation guarantee amnesty expires soon
The superannuation guarantee amnesty is your chance to catch up on unpaid super without incurring penalties or paying administration fees. But you don’t have long to apply for the amnesty as it ends on 7 September 2020.

Once you’ve applied, the ATO will advise you within 14 days which quarters are eligible for the amnesty. You will be given a payment reference number (PRN) to make amnesty payments.

Any amnesty amounts you pay before 7 September 2020 are tax deductible. Payment arrangements may be available if you’re having difficulty paying but only payments made by 7 September are deductible.

It’s Tax Time again!
Your business has to lodge its income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next year in some cases).

This edition of TaxWise News outlines some tax changes for 2019-20 and provides a few tax tips.

Lodging a tax return
Are you a sole trader?

  • Even if your income is below the tax-free threshold of $18,200, you still need to lodge a tax return.
  • Do you pay PAYG instalments? Lodge your activity statements and pay all due PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you’ve paid throughout the year.

Are you a partnership?
If you operate your business in a partnership:

  • the partnership lodges the partnership tax return, reporting the partnership’s net income or loss (assessable income less allowable deductions).

As an individual partner, you report on your individual tax return:

  • your share of any partnership net income or loss
  • any other assessable income, such as salary and wages, dividends and rental income.

The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income you receive.

Are you a trust?

  • If you operate your business through a trust, the trust reports its net income or loss (this is the trust’s assessable income less allowable deductions).
  • The trustee is required to lodge a trust tax return.
  • As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a company?

  • If you operate your business through a company, you need to lodge a company tax return.
  • The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.

The company’s income is separate from your personal income.
Tip!  Registered tax and BAS agents can help you with your tax obligations.

Tax changes for 2019-20

Some of the 2019-20 tax changes for small businesses include:

  • Instant asset write-off;
  • Accelerated depreciation;
  • PAYG withholding obligations;
  • Restructuring a small business;
  • Bushfire payments;
  • Single Touch Payroll;
  • Director penalties; and
  • Closely held trusts.

Instant asset write-off
As discussed in the June 2020 edition of TaxWise News, the instant asset write-off (IAWO) for depreciating assets has been expanded. Since then, the IAWO has been extended by 6 months to 31 December 2020.
The cost caps for small and medium businesses (total annual turnover under $50m) are:


Date asset first used or installed ready for use by a small or medium business           

Cap (asset must cost less than)

1 July 2019 – 11 March 2020

$30,000

12 March 2020 – 31 December 2020

$150,000

You should note that:

  • the increased caps apply to assets acquired by small business entities (total annual turnover less than $10m) at or after 7.30 pm (AEST) on 12 May 2015;
  • a medium business (total annual turnover $10m or more and under $50m) can access the instant asset write-off for depreciating assets first acquired in the period beginning at or after 7.30 pm (AEST) on 2 April 2019 and ending on 31 December 2020. The threshold depends on when the asset was first used or installed ready for use. If the asset was first used or installed ready for use:
    • before 12 March 2020 — the threshold is $30,000;
    • on or after 12 March 2020 to 31 December 2020 — the threshold is $150,000;
  • the threshold for a “low value” pool for a small business entity (total annual turnover under $10m) is $150,000 for 2019-20 (and also 2020-21 if the entity’s income year ends on or before 31 December 2020) – the total value of the pool is deductible at the end of the income year if it is below the threshold; and
  • the lock-out rule – which locks a small business entity out of the simplified depreciation rules for 5 years if the business stops using those rules – will begin to apply again from the first income year that ends after 31 December 2020 (ie 2021-22 for businesses that balance at 30 June).

The cost caps for larger businesses (total annual turnover $50m or more and under $500m) are:

Date asset first used or installed ready for use by a large business

Cap (asset must cost less than)

12 March 2020 – 31 December 2020

$150,000

You should note that:

  • the increased cap applies to assets acquired in the period beginning at or after 7.30 pm (AEST) on 2 April 2019 and ending on 31 December 2020; and
  • a large business that has adopted a substituted accounting period can access the $150,000 instant asset write-off for depreciating assets first acquired in the period beginning on 2 April 2019 and ending on 31 December 2020.

Accelerated depreciation
The June 2020 edition of TaxWise News also discussed the accelerated rate of depreciation. This applies to new depreciating assets first held on or after 12 March 2020 and first used or installed ready for use on or after 12 March 2020 and before 1 July 2021. The asset must be used principally in a business in Australia or located in Australia.
The accelerated rate for small businesses is 57.5% (instead of 15%). The accelerated rate does not apply if you deduct immediately the cost of the asset using the instant asset write-off.
Failure to comply with PAYG withholding obligations
If your business fails to comply with a PAYG withholding obligation, eg failing to withhold an amount from an employee’s salary or wages or failing to report the withheld amount to the ATO, your business won’t get a deduction for the relevant amount (eg the amount not withheld or the amount not paid to the ATO).
You may be able to reinstate the lost deduction by making a voluntary disclosure to the ATO.

Restructuring a small business
If you are a small business owner and you restructure the business, capital gains or losses that would arise from transferring the business assets to another entity are deferred where there is no change in the ultimate economic ownership of the asset. This is called the small business restructure roll-over. It may apply where, for example, you are a sole trader and you transfer the business to a company you control.
Roll-over relief can apply to an asset used in a business carried on by your affiliate or a connected entity (that is also a small business).
A legislative amendment in 2020 fixed up a drafting error which incorrectly set the turnover threshold for an affiliate or entity connected with a small business at $2 million instead of $10 million. The change to set the threshold at $10 million goes back to 1 July 2016, which is when this roll-over commenced.

Bushfire payments
Government payments and non-cash benefits (including local government payments and benefits) made directly as a result of bushfires in Australia in 2019-20 are not taxable (they are what is called non-assessable non-exempt income).

Director penalties
The director penalty regime has been extended to cover unpaid GST, luxury car tax and wine equalisation tax owed by a company, in relation to GST instalment quarters and tax periods (as appropriate) that start on or after 1 April 2020. The ATO has issued guidelines (PCG 2020/2) explaining how it intends to administer these changes.

Closely held trusts
A “closely held trust” is a discretionary trust or a trust where 20 or fewer individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to 75% or more of the income or capital of the trust.
Family trusts and trusts that are interposed entities are now classified as closely held trusts (from the 2019-20 tax year) for the purposes of applying a set of complex integrity rules.
The effect of the change is that the trustee of a closely held trust may be liable to pay trustee beneficiary non-disclosure tax (TBNT) in relation to a “circular trust distribution”. This is where a share of the net income of a trust is included in the assessable income of a trustee beneficiary, the trustee of the closely held trust becomes presently entitled to an amount that is reasonably attributable to the whole or a part of the untaxed part of that share and TBNT has not previously been payable in respect of that share, and that pattern continues through a chain or trusts. This is not a common arrangement.

Tip!  Contact your tax adviser to find out about all the tax changes in 2019-20 that might affect your business.

Tax losses
This has been a difficult year, and your business may have made a tax loss.
A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for an income year.
If your business makes a tax loss, you may be able to:

  • offset the loss in the same income year against other assessable income; or
  • carry forward the loss and claim it as a business deduction in a later year.

If you’re a sole trader or in a partnership and want to offset a tax loss, first check if the business activity meets at least one of the “commerciality” tests under the non-commercial loss rules. (Those rules do not apply to losses made by primary producers and professional artists whose income from other sources is less than $40,000.)
If you do meet one of the “commerciality” tests, then you can offset the loss against other assessable income (such as salary or investment income) in the same income year.
If you don’t meet the “commerciality” tests, you can defer the loss or carry it forward to future years. For example, you can offset it when you next make a profit.
Non-commercial losses made by an individual with adjusted taxable income exceeding $250,000 are quarantined.
If your business is a company, you can generally choose the year you want to claim a loss.
If your business has made more than one tax loss in a year, you will need to consider each tax loss separately.
The rules for record keeping still apply when it’s related to business losses. You need to keep records for five years for most transactions. However, if you fully deduct a tax loss in a single income year, you only need to keep records for four years from that income year.

Personal services income
If you operate your business through a company or a trust, income earned by the company or trust from the provision of your personal services (personal services income or PSI) will be attributed to you unless:

  • the company or trust is carrying on a personal services business (PSB); or
  • the PSI was promptly paid to you as salary or wages.

The company or trust will be conducting a PSB if at least one of a number of tests are satisfied. These are:

  • the results test (the most important test) – this is based on common law criteria for characterising an independent contractor (in contrast to an employee/employer relationship);
  • the unrelated clients test – this requires the PSI to be earned from at least 2 unrelated clients who contract your services as a direct result of an advertisement or other public offer of your services. A recent Full Federal Court case has confirmed that the test can be satisfied if your services are advertised through LinkedIn and the work is obtained as a direct result of that advertising;
  • the employment test – this requires at least 20% (by market value) of your work to be performed by employees who are not your associates;
  • the business premises test – this requires you to use business premises that meet certain conditions (eg you have exclusive use of the premises and the premises must be physically separate from any premises you use for private purposes).

If 80% or more of your PSI (with certain exceptions) is income from one client (or the client and their associate(s)) and the results test is not met, the company or trust will need to obtain a PSB determination from the ATO. Otherwise, the company or trust will not be conducting a PSB.

The company or trust cannot deduct amounts that relate to gaining or producing your PSI, unless you could have deducted the amount as an individual or the company or trust received the PSI in the course of carrying on a PSB.

If the company or trust does not conduct a PSB, additional PAYG withholding obligations can arise.

Even if you don’t use a company or trust to derive your PSI, there are limitations on the deductions that you may claim against your PSI. For example, you may not be able to deduct certain home office expenses, eg occupancy expenses such as mortgage interest or rent.

Tip!  The PSI rules are complicated so talk to your tax adviser if you provide your services through a company or trust.

Home office
A lot more people are working from home because of the COVID-19 pandemic. If you operate your business from a home office, you can deduct the expenses of running that office. A home office is a room in your home that is used exclusively (or almost exclusively) for business activities.

Expenses you can claim a deduction for include:

  • occupancy expenses – these include rent, mortgage interest, water rates, land taxes and house insurance premiums. Occupancy expenses are usually calculated by apportioning the expenses between the home office and the rest of the property on a floor area basis;
  • running expenses – these are the increased costs from using your home for your business, including electricity or gas charges for heating, cooling and lighting, cleaning costs and the decline in value and the cost of repairs of deprecating assets such as furniture, furnishings and equipment; and
  • work-related phone and internet expenses, including the decline in value of the handset – an apportionment will be required if the phone or computer is not used exclusively for work.

If you are an employee working from home, you may be able to claim a portion of your running expenses and work-related phone and internet expenses.

To make it easier for people to claim deductions for working from home due to the COVID-19 pandemic, the ATO will allow a rate of 80 cents per hour from 1 March 2020 until 30 September 2020 for all additional running expenses. This also applies to anyone working from home, even if not operating a business.

This is different from the 52 cents per hour claim that covers fewer types of expenses. Talk to your tax adviser about what method is most appropriate for your circumstances.

Government grants
If your business has received a grant or payment from the Australian Government or a State or Territory government, you will need to include it in your tax return if it is assessable.

Grants and payments that are assessable income include:

  • JobKeeper payments;
  • fuel tax credits and product stewardship for oil benefit;
  • wine equalisation tax producer rebate;
  • grants, such as an amount you receive under the Australian Apprenticeships Incentives Program; and
  • subsidies for carrying on a business.

There are some government grants and payments that you do not need to pay tax on. One example of this is the cash flow boost.

Company tax rate
The 2019-20 tax rate for a company whose total annual turnover is less than $50m (called a “base rate entity”) is 27.5%. This rate reduces to 26% for 2020-21.

However, if more than 80% of the company’s assessable income is “base rate entity passive income” (eg dividends, rent, interest, royalties and net capital gains), the standard 30% rate applies.

Small business tax offset
A sole trader, an individual who is a partner in a partnership or an individual who is a beneficiary of a trust may qualify for the small business tax offset if the sole trader, partnership or trust qualifies as a small business entity (total annual turnover less than $10m). The offset is not available to an individual acting as a trustee of a trust.

The offset for 2019-20 is equal to 8% of the income tax payable on the sole trader’s or other individual’s taxable income that qualifies as their net small business income (the offset rate is 13% for 2020-21). The offset is capped at $1,000.

Taxable payments annual report 
Businesses that pay contractors for certain services may need to lodge a taxable payments annual report (TPAR) with the ATO. This is the first year that businesses that pay contractors to provide road freight, information technology, security, investigation, or surveillance services may need to lodge a TPAR with the ATO. This is in addition to those businesses providing building and construction, cleaning, or courier services that are already required to report.

The TPAR for 2019-20 should have been lodged by 28 August 2020.

Scammers abound
It was recently Scams Awareness Week and the ATO published a reminder about keeping personal and financial information safe.

Scammers will often try to “phish” for information by impersonating government agencies like the ATO. They can use the information to drain their victim’s bank account, take out loans in their name, or gain access to their online government services. Besides having a devastating financial impact, it can take years to recover a stolen identity.

Businesses should:

  • ensure their computer security systems are up to date;
  • discuss the importance of securing personal information with their staff;
  • check their staff understand what is appropriate to discuss on social media or via email;
  • make sure their staff have the appropriate access and permissions associated with their myGovID.

The ATO said that scammers have more opportunities than ever to trick people into handing over their valuable information.

Check out the Scamwatch website for helpful tips and resources.

Key tax dates


Date

Obligation

7 Sep 2020

Deadline for application for superannuation guarantee amnesty

14 Sep 2020   

August JobKeeper monthly business declaration due

21 Sep 2020

August monthly BAS due

30 Sep 2020

Finalisation due date by payers of PAYG withholding payments reporting through STP for closely held payees where the employer has 20 or more employees.

Small employers (19 or fewer employees) who only have closely held payees have until the payee’s income tax return due date to lodge their STP finalisation for the financial year ended 30 June 2020.

6 Oct 2020

2020-21 Federal Budget

14 Oct 2020

September JobKeeper monthly business declaration due

21 Oct 2020

September monthly BAS due
Payment of annual PAYG instalment for 2019-20

28 Oct 2020

September quarter BAS due
Payment of first PAYG instalment for 2020-21 by quarterly payers

31 Oct 2020*

2019-20 income tax return due

 

PAYG withholding annual reports due (no ABN withholding; interest, dividend and royalty payments paid to non-residents; and payments to non-residents)

14 Nov 2020*

October JobKeeper monthly business declaration due

21 Nov 2020*

October monthly BAS due

*Next business day.
Note!  Talk to your tax agent to confirm the correct due dates for your own tax obligations. For example, you may have more time to lodge and pay if impacted by bushfires or COVID-19.


DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

EXTENSION OF THE JOBKEEPER PAYMENT

The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus.  The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.

Summary

The JobKeeper Payment, which was originally due to run until 27 September 2020, will now
continue to be available to eligible businesses (including the self-employed) and not-for-profits
until 28 March 2021.

The payment rate of $1,500 per fortnight for eligible employees and business participants will
be reduced to $1,200 per fortnight from 28 September 2020 and to $1,000 per fortnight from
4 January 2021. From 28 September 2020, lower payment rates will apply for employees and
business participants that worked fewer than 20 hours per week.

From 28 September 2020, businesses and not-for-profits seeking to claim the JobKeeper
Payment will be required to demonstrate that they have suffered an ongoing significant decline
in turnover using actual GST turnover (rather than projected GST turnover).

From 28 September 2020, businesses and not-for-profits will be required to reassess their
eligibility with reference to their actual GST turnover in the June and September quarters 2020.
They will need to demonstrate that they have met the relevant decline in turnover test in both
of those quarters to be eligible for the JobKeeper Payment from 28 September 2020 to
3 January 2021.

From 4 January 2021, businesses and not-for-profits will need to further reassess their turnover
to be eligible for the JobKeeper Payment. They will need to demonstrate that they have met the
relevant decline in turnover test with reference to their actual GST turnover in each of the June,
September and December quarters 2020 to remain eligible for the JobKeeper Payment from
4 January 2021 to 28 March 2021.

To be eligible for JobKeeper Payments under the extension, businesses and not-for-profits will
still need to demonstrate that they have experienced a decline in turnover of:

• 50 per cent for those with an aggregated turnover of more than $1 billion;

• 30 per cent for those with an aggregated turnover of $1 billion or less;

• 15 per cent for Australian Charities and Not for profits Commission-registered charities
(excluding schools and universities).

If a business or not-for-profit does not meet the additional turnover tests for the extension
period, this does not affect their eligibility prior to 28 September 2020.

The JobKeeper Payment will continue to remain open to new recipients, provided they meet the
existing eligibility requirements and the additional turnover tests during the extension period.

Other eligibility rules for businesses and not-for-profits and their employees remain unchanged.
Further information on those rules is at: www.ato.gov.au/General/JobKeeper-Payment/.

The JobKeeper Payment rate

From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be:

• $1,200 per fortnight for all eligible employees who, in the four weeks of pay periods
before 1 March 2020, were working in the business or not-for-profit for 20 hours or more
a week on average, and for eligible business participants who were actively engaged in the
business for 20 hours or more per week on average in the month of February 2020; and

  • $750 per fortnight for other eligible employees and business participants.

 

From 4 January 2021 to 28 March 2021, the JobKeeper Payment rates will be:

• $1,000 per fortnight for all eligible employees who, in the four weeks of pay periods
before 1 March 2020, were working in the business or not-for-profit for 20 hours or more
a week on average and for business participants who were actively engaged in the
business for 20 hours or more per week on average in the month of February 2020; and

• $650 per fortnight for other eligible employees and business participants.

Businesses and not-for-profits will be required to nominate which payment rate they are
claiming for each of their eligible employees (or business participants).

The Commissioner of Taxation will have discretion to set out alternative tests where an
employee’s or business participant’s hours were not usual during the February 2020 reference
period. For example, this will include where the employee was on leave, volunteering during
the bushfires, or not employed for all or part of February 2020.

Guidance will be provided by the ATO where the employee was paid in non-weekly or
non-fortnightly pay periods and in other circumstances the general rules do not cover.

The JobKeeper Payment will continue to be made by the ATO to employers in arrears.
Employers will continue to be required to make payments to employees equal to, or greater
than, the amount of the JobKeeper Payment (before tax), based on the payment rate that
applies to each employee. This is called the wage condition.

Additional turnover tests

In order to be eligible for the JobKeeper Payment after 27 September 2020, businesses and
not-for-profits will have to meet a further decline in turnover test for each of the two periods of
extension, as well as meeting the other existing eligibility requirements for the
JobKeeper Payment.

In order to be eligible for the first JobKeeper Payment extension period of 28 September 2020
to 3 January 2021, businesses and not-for-profits will need to demonstrate that their actual GST
turnover has significantly fallen in the both the June quarter 2020 (April, May and June) and the
September quarter 2020 (July, August, September) relative to comparable periods (generally
the corresponding quarters in 2019).

In order to be eligible for the second JobKeeper Payment extension period of 4 January 2021 to
28 March 2021, businesses and not-for-profits will again need to demonstrate that their actual
GST turnover has significantly fallen in each of the June, September and December 2020
quarters relative to comparable periods (generally the corresponding quarters in 2019).

The Commissioner of Taxation will have discretion to set out alternative tests that would
establish eligibility in specific circumstances where it is not appropriate to compare actual
turnover in a quarter in 2020 with actual turnover in a quarter in 2019, in line with the
Commissioner’s existing discretion. Information about the existing discretion is at
https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/JobKeeper-tests/Applying-theturnover-test/?anchor=Alternativetest#Alternativetest.

Businesses and not-for-profits will generally be able to assess eligibility based on details
reported in the Business Activity Statement (BAS). Alternative arrangements will be put in place
for businesses and not-for-profits that are not required to lodge a BAS (for example, if the entity
is a member of a GST group).

As the deadline to lodge a BAS for the September quarter or month is in late October, and the
December quarter (or month) BAS deadline is in late January for monthly lodgers or late
February for quarterly lodgers, businesses and not-for-profits will need to assess their eligibility
for JobKeeper in advance of the BAS deadline in order to meet the wage condition (which
requires them to pay their eligible employees in advance of receiving the JobKeeper payment in
arrears from the ATO). The Commissioner of Taxation will have discretion to extend the time an
entity has to pay employees in order to meet the wage condition, so that entities have time to
first confirm their eligibility for the JobKeeper Payment.

To be eligible for JobKeeper Payments under the extension, businesses and not-for-profits will
need to demonstrate that they have experienced the following decline in turnover (which
remains the same as existing rules):

• 50 per cent for those with an aggregated turnover of more than $1 billion;

• 30 per cent for those with an aggregated turnover of $1 billion or less; or

• 15 per cent for Australian Charities and Not-for-profits Commission-registered charities
(excluding schools and universities).

Registered religious institutions responsible for religious practitioners will continue to be eligible
to receive the JobKeeper Payment provided they meet existing eligibility requirements and the
additional turnover tests during the extension period.

Employees

The eligibility rules for employees remain unchanged. This means you are eligible if you:

  •  are currently employed by an eligible employer (including if you were stood down or rehired)
  • were for the eligible employer (or another entity in their wholly-owned group) either:

– a full-time, part-time or fixed-term employee at 1 March 2020; or
– a long-term casual employee (employed on a regular and systematic basis for at
least 12 months) as at 1 March 2020 and not a permanent employee of any other
employer.

• were aged 18 years or older at 1 March 2020 (if you were 16 or 17 you can also qualify for
fortnights before 11 May 2020, and continue to qualify after that if you are independent
or not undertaking full time study).

  • were either:

– an Australian resident (within the meaning of the Social Security Act 1991); or

– an Australian resident for the purpose of the Income Tax Assessment Act 1936 and
   the holder of a Subclass 444 (Special Category) visa as at 1 March 2020.

• were not in receipt of any of these payments during the JobKeeper fortnight:

– government parental leave or Dad and partner pay under the Paid Parental Leave
Act 2010; or

– a payment in accordance with Australian worker compensation law for an
individual’s total incapacity for work.

Only one employer can claim the JobKeeper Payment in respect of an employee.

The self-employed will be eligible to receive the JobKeeper Payment where they meet the
relevant turnover test, and are not a permanent employee of another employer.

Employees will continue to receive the JobKeeper Payment through their employer during the
period of the extension if they and their employer are eligible and their employer is claiming the
JobKeeper Payment. However, the amount of the JobKeeper Payment will change at the rates
set out above.

Further information for employees is at: www.ato.gov.au/General/JobKeeperPayment/Employees/.

Retesting turnover under the JobKeeper extension

Carmen owns and runs the City Café. Carmen started claiming the JobKeeper Payment for
her eligible staff and herself as a business participant when the JobKeeper Payment
commenced on 30 March 2020.

At the time, Carmen estimated that the projected GST turnover for City Café in April 2020 would be 70 per cent below its actual GST turnover in April 2019. To be eligible for the JobKeeper Payment from 30 March 2020 to 27 September 2020, Carmen needed to show the turnover for the City Café was estimated to decline by at least 30 per cent.

As a monthly BAS lodger, Carmen submitted her BAS for the City Café in April, May and
June. For each of these, her actual turnover was as follows:

                                                            2020                        2019
April                                                    20,000                     200,000
May                                                     50,000                     200,000
June                                                     100,000                   200,000
Total for June quarter                          170,000                   600,000
Decline for June quarter:  72 per cent

From July to September, actual turnover improved as follows:

                                                             2020                        2019
July                                                      110,000                 200,000
August                                                 140,000                 200,000
September                                            150,000                 200,000
Total for September quarter                 400,000                 600,000
Decline for September quarter: 33 per cent

The actual turnover decline for both the June and September 2020 quarters was still
greater than 30 per cent, so City Café was eligible for the Jobkeeper Payment for the
period of 28 September 2020 to 3 January 2021.

Business continued to improve for the City Café, and actual turnover for the December
2020 quarter was 20 per cent less than the December quarter 2019, so the City Cafe was
no longer eligible to claim the JobKeeper for the second extension period starting from
4 January 2021.

Working out the JobKeeper Payment rate to be claimed

In the scenario above, Carmen also needs to calculate how much to claim for each of her
staff, and for herself as a business participant.

As Carmen was working full-time at the café herself throughout February 2020, she is
entitled to claim $1,200 per fortnight from 28 September 2020 to 3 January 2021, as an
eligible business participant.

She has three full-time employees who are also eligible to be paid $1,200 per fortnight
because they each worked 20 hours or more per week throughout February 2020.

Carmen has an employee, Chris, who works part-time with different hours every other
week: 14 hours one week; and 22 hours the next week. During the two pay fortnights prior
to 1 March 2020, Chris was employed for 36 hours in each fortnight. On average, Chris
worked less than 20 hours per week for City Café. Carmen is eligible to claim
$750 per fortnight for Chris, from 28 September 2020 to 3 January 2021.

Cathy is an eligible employee who worked on a long-term casual basis during
February 2020. To determine what rate of JobKeeper Payment to claim for Cathy, Carmen
looks at pay records for the two fortnightly pay periods before 1 March 2020. She sees
that Cathy was employed on average less than 20 hours per week, so Carmen claims
$750 per fortnight for Cathy, from 28 September 2020 to 3 January 2021.

Carmen also started employing Charles from September 2020. Because Charles was not
employed at City Café on 1 March 2020, Carmen cannot claim the JobKeeper Payment
for Charles.

Further information about how the JobKeeper Payment works is available at: www.ato.gov.au/general/JobKeeper-Payment

Economic Response to the Coronavirus-JobKeeper Extension.  Last updated:21 July 2020

JobKeeper

The JobKeeper scheme is the most significant measure to assist businesses during the COVID-19 crisis – even if it is going to cost a lot less than initially thought. Although we told you about the scheme in the Special April Edition of the Business TaxWise, there have been a few changes and clarifications – so it seems a good idea to remind you of some of the key points of the scheme.

Fall in turnover – basic test

JobKeeper is available to employers and other “business participants” (eg sole traders, partnerships, beneficiaries of a trust and shareholders) that anticipate a significant fall in turnover – at least a 30% fall if annual turnover is $1bn or less (otherwise at least 50% or, for most registered charities, at least 15%).

GST turnover is used to measure the fall in turnover, but the test is modified in certain circumstances – e.g. if a business entity is part of a GST group, GST turnover is calculated as if it wasn’t part of the group.

The ATO expects entities to use the GST accounting method (cash or accruals) they usually use in working out turnover.

The fall in turnover is measured by comparing anticipated GST turnover for a month or quarter in this year (the test period) with actual GST turnover for the same period in 2019 (the comparison period), e.g. June 2020 with June 2019 or the July-September 2020 quarter with the same quarter in 2019.

Most non-profit organisations that are registered charities have to show a 15% fall in turnover.

Alternative fall in turnover tests

There is an alternative fall in turnover test where it is not appropriate to compare the test period with the comparison period. This includes where:

  • you did not commence business until after the comparison period;
  • the business is not the same now as in the comparison period, e.g. because of a business restructure, acquisition or disposal;
  • your turnover for the comparison period was unusually low (e.g. because of drought) – and not because of cyclical or regular seasonal variance; or
  • turnover has increased significantly in the period before the test period (e.g. by 25% or more if looking at the 6-month period immediately before the test period).

There is also an alternative fall in turnover test where a special purpose service entity provides employee labour to other members of a group and the service entity does not satisfy the basic fall in turnover test.

Employers – eligible employees

An employer can only JobKeeper for eligible employees only. They must be employed for each fortnight for which you claim JobKeeper (including those who are stood down or re-hired).

An employee is an eligible employee is they are full-time, part-time or fixed term, or a long-term casual (someone employed on a regular and systematic basis for at least the previous 12 months). They must 18 or older and an Australian citizen or the holder of a specified class of visa (working holiday makers are not eligible employees).

If a person has more than one job, only one of their employers can claim JobKeeper for that person.

If you decide to participate in the JobKeeper scheme, you should nominate all eligible employees who have chosen to participate.

Sole traders etc

If you are a sole trader or other business participant (e.g. a company director or a partner), you cannot claim JobKeeper unless you are actively engaged in operating a business. You cannot be an employee of the particular business entity or a permanent employee of any other entity.

In addition, you must be 16 or older at 1 March 2020 (18 or older if a beneficiary of a trust) and either an Australian citizen or the holder of a specified class of visa.

The relevant business entity must:

  • have had an ABN on 12 March 2020; and
  • have disclosed either assessable business income in the 2018-19 tax return or a supply in a BAS or GST return for any tax period between 1 July 2018 and 12 March 2020. The supply can be a GST-free or input taxed supply.

In limited circumstances, the ATO has a discretion to treat those 2 requirements as being satisfied even if they are not.

Only one payment per entity can be claimed. For example, in the case of a partnership, only one partner can claim JobKeeper.

Amount of JobKeeper

The amount of the JobKeeper payment is $1,500 a fortnight for each eligible employee or business participant. Employers must pay each eligible employee at least $1,500 per fortnight before tax.

The 2 fortnightly periods beginning in June are 8 June to 21 June and 22 June to 5 July. The last fortnightly period will be from 14 September to 27 September (this year).

If you usually pay your employees less frequently than fortnightly, the payment can be allocated between fortnights in a reasonable manner. For example, if you pay your employees on a monthly pay cycle, your employees must have received the monthly equivalent of $1,500 per fortnight ($1,500 x 26/12 = $3,250).

You may lose the JobKeeper payment if you enter into a scheme designed to create an entitlement to JobKeeper or to increase the amount paid. The ATO has issued guidelines on how it may apply this rule in certain situations – e.g. where a business uses a service entity to employ workers.

Claiming JobKeeper

You have to enrol with the ATO to participate in the JobKeeper scheme. You can do this online. You had to enrol by 31 May 2020 if claiming for payments in April and May 2020.

If you are an employer, the process differs depending on whether you report through Single Touch Payroll.

You have to identify each person for whom you will claim the JobKeeper payment. You only need to identify eligible employees or the eligible business participant once.

If you are an employer, you have to notify all eligible employees they are receiving JobKeeper.

Monthly declaration

You will have to provide a monthly declaration to the ATO – this can be done from the 1st to the 14th day of each month, to receive reimbursements for the payments you have made to your employees in the previous month. The declaration requires you to reconfirm your eligible employees and provide information on your current and projected GST turnover. You will also need to notify the ATO if your eligible employees change or leave your employment.

Tax consequences

JobKeeper payments form part of the business entity’s assessable income. Of course, an employer can claim a deduction for wages paid to employees even if subsidised by JobKeeper.
Tip! The JobKeeper scheme is complicated, so talk to your tax adviser to see if you qualify. Your tax adviser can also enrol you for JobKeeper on your behalf.

Cash flow support for employers

Don’t forget the temporary cash flow support (the cash flow boost) for eligible small and medium businesses during COVID-19 crisis. Eligible businesses will receive between $20,000 and $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.

You do not need to apply for the cash flow boost. All you need to do is lodge your upcoming activity statements.

If you’re eligible, the cash flow boost will be automatically credited to your activity statement account.

If you’re lodging online through our Business Portal, you now need to log in using your myGovID.

The cash flow boost is not taxable.

Tip! Talk to your tax agent or BAS agent for more information about the cash flow boost, e.g. the amount you will be credited.

Tax breaks for the 2020 tax return
Instant asset write-off

Businesses can claim an immediate deduction (the instant asset write-off) and reduce the tax payable when buying business assets such as machinery, cars, delivery vehicles, office furniture and display cabinets. The instant asset write-off is also available for second-hand assets (but not where you dispose of an existing asset and then buy it back).

Cost caps apply depending on when the asset is first used or installed ready for use – see below.

For businesses claiming GST, the tax write-off cost excludes GST.

For businesses not claiming GST, the tax write-off cost includes GST.

Small businesses (total turnover less than $10 million)

The cost caps for a small business are:


Date asset first used
or installed ready for use                 

Cap (asset must cost less than)

1 July 2019 – 11 March 2020

$30,000

12 March – 30 June 2020

$150,000

Other businesses

If you are a medium business with total turnover of $10 million or more but less than $50 million, the instant asset write-off is available for assets costing less than $30,000 if first used, or installed ready for use, for a taxable purpose before 12 March 2020.

If an asset is first used, or installed ready for use, for a taxable purpose between 12 March and 30 June 2020, the instant asset-write off threshold increases from $30,000 to $150,000. In other words, the instant asset write-off is available where the asset costs less than $150,000.

If you are a business with total turnover of $50 million or more but less than $500 million, the instant asset write-off is available for assets costing less than $150,000 where the asset is first used, or installed ready for use, for a taxable purpose between 12 March and 30 June 2020.

Note!If the asset is a car, the instant asset write-off is limited to the business portion of $57,581 (the car depreciation limit – this will increase to $59,136 from 1 July 2020).
Tip! Always talk with your tax adviser before buying any business assets. In particular, the timing of when you first used an asset, of first install it ready for use, is important.

Example
Jane owns a café which is a small business. In January 2020 she bought a new fridge freezer for $7,500 and a new espresso machine for $3,400. They are installed ready for use on 24 January.

Jane can take advantage of the instant asset write off for both items because each one costs less than $30,000.

In April 2020 Jane buys a new van for $43,650, which she immediately starts to use in the business. She can take advantage of the instant asset write off for the van because it cost less than $150,000. If she had bought and started using the van before 12 March 2020, the instant asset write-off would not have been available.

Note!

  • You can use the instant asset write-off multiple times. However, each asset must cost less than the relevant cap.
  • If you are thinking of buying assets for your business, you should do so before 1 July this year when the instant asset write-off threshold is due to revert to $1,000. Although no one will be surprised if the Government extends the higher threshold (e.g. $30,000) beyond 1 July, you cannot rely on that happening.

Accelerated depreciation

As we discussed in the Special April Edition of the Business TaxWise, an accelerated rate of depreciation is available for new business assets first held on or after 12 March 2020 and first used or installed ready for use for a taxable purpose on or after 12 March 2020 and before 1 July 2021. The asset must be used principally in a business in Australia or located in Australia.

The accelerated rate of depreciation is not available:

  • for assets written off immediately under the instant asset write-off rules;
  • for second-hand assets (with certain exceptions, e.g. trading stock);
  • for assets used in a primary production business (e.g. fencing, fodder storage assets or horticultural plants); or
  • if you were committed before 12 March to acquiring or constructing the asset – you cannot restructure an existing contract to try to get around this rule.

You cannot split an asset or merge assets to try to qualify for the accelerated depreciation.

The rules for working out the accelerated depreciation vary depending on whether or not you use the simplified depreciation rules. We explained them in the Special April Edition.

In all cases, you cannot deduct more than what you pay for the asset.

From the ATO
Affected by bushfire or COVID-19?

If you live in one of the identified postcodes impacted by the bushfires, the ATO automatically deferred any lodgments or payments you have due. For example, the 2019-20 FBT return is not due until 25 June 2020.
You, or your agent, don’t need to apply for these deferrals.

If you use a tax professional to lodge on your behalf, you may have a different deferred due date.

The ATO will also consider lodgment and payment deferrals for businesses affected by COVID-19. However, deferrals are not automatic so you or your tax or BAS agent will need to contact the ATO.

Tip! Contact your tax or BAS agent to check your due date for lodgment or payment. If necessary, they can contact the ATO to seek a deferral.

Employee super contributions – claiming a deduction

The ATO has reminded employers that super contributions are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them (if the employer uses the SBSCH).

To ensure you can claim a deduction for the 2019–20 income year, you need to allow processing time for your super payments to be received by your employees’ super funds before the end of the 2019-20 income year. The ATO says that payments need to be accepted by the SBSCH by 23 June 2020.

Remember to check with your employees if you need to update their super fund details in your SBSCH account, including a change of ownership of a superannuation product.

There is no change to when SG quarterly payments are due – the next quarterly due date is 28 July 2020.

Note! From 1 January this year, you cannot use an employee’s salary sacrificed super contributions to satisfy your super guarantee obligations. Talk to your tax adviser about your super guarantee obligations.

STP exemption for small employers
If you are a small employer (19 or fewer employees), the ATO has extended to 1 July 2021 the Single Touch Payroll (STP) exemption in relation to closely-held payees. A closely held (related) payee is someone who is directly related to the business, company or trust that pays them, such as family members of a family business, directors or shareholders of a company or beneficiaries of a trust.

This STP exemption for closely-held payees applies automatically and you do not need to apply to the ATO to access it. However, you should keep records to support your decision to apply the concession. Alternatively, you can notify the ATO and apply for the exemption through the Business Portal. Your registered tax agent can also apply for an exemption on your behalf.

If you have any other employees (also known as arm’s length employees), they must be reported through STP on or before each payday, unless you are eligible for a micro employer (1-4 employees) reporting concession.

Micro employers who need more time to move to STP reporting can ask their registered tax or BAS agent to report on their behalf on a quarterly basis. This can continue until 30 June 2021.

End-of-year finalisation through STP

The ATO has reminded employers that they need to make a finalisation declaration.

The declaration generally has to be made by 14 July each year. However, if you started reporting through STP in the 2019-20 financial year and have 19 or fewer employees, you have until 31 July 2020 to make the finalisation declaration.

If you have 20 or more employees, you should be reporting closely held payees each pay day along with arms-length employees. The finalisation due date for closely held payees is 30 September 2020.

If you have 19 or fewer employees and are voluntarily reporting your closely held payees, you can also finalise by 30 September 2020 for the 2019-20 financial year.

Benefits of e-invoicing

The ATO has been promoting the benefits of e-invoicing – by simplifying and automating the exchange and processing of invoices.

According to the ATO the benefits for business include cost savings, fewer errors and reduced payment times. In addition:

  • a business will save time by not having to re-key or scan invoices, or chase missing information; and
  • the e-invoicing network provides a safer and more secure channel than email.

E-invoicing is also environmentally friendly.

The ATO recommends that you keep an eye out for digital service providers rolling out e-invoicing solutions in the second half of 2020.

Applying for a government contract?

Businesses and their first-tier subcontractors tendering for Commonwealth Government contracts over $4 million (including GST) must supply a statement of tax record (STR) provided by the ATO. If you received one last year, you may need to apply for a new one.

The STR must show satisfactory engagement with the tax system, so it’s important to keep your tax obligations up to date, including registration, lodgment and payment.

Apply early to allow time for processing before the tender closing date. The ATO generally takes 4 business days to process applications.

Your tax agent can apply on your behalf.

An STR is valid for 6 or 12 months depending on if you have an Australian tax record of less or more than 4 years.

Company directors beware

Company directors can be liable for unpaid PAYG withholding amounts – both where the company fails to deduct PAYG amounts from salaries and wages and where, if it makes deductions, it fails to pay those amounts to the ATO. This is known as the director penalty regime. It also applies to unpaid superannuation guarantee charge.

The director penalty regime has now been extended to unpaid GST, luxury car tax and wine equalisation tax. This applies in relation to GST instalments, net amounts and assessed net amounts for GST instalment quarters and tax periods (as appropriate) that start on or after 1 April 2020.

Tip! If you are running a company and it is experiencing difficulties in meeting its tax obligations, talk to your tax adviser without delay. They can discuss the matter with the ATO and may be able to arrange for additional time to pay.

Are you ready for tax time? Quick tips to help you this EOFY

The end of the financial year is looming – it really is that time of year again. Tax time is always busy so we’re sharing a few quick tips to help you sail through lodgment season.

Some tax time tips…

  • Gather and sort your business records now, including cash, online, EFTPOS, bank statements, credit or debit card transactions covering:
    • sales and other business income
    • expenses you can claim as a business deduction such as staff wages, contractor expenses, operating expenses and business travel expenses.
  • If you changed your record keeping software during the year, check that all your information has transferred over correctly.

Are you a sole trader?

  • Even if your income is below the tax-free threshold, you still need to lodge a tax return.
  • Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return, so your income tax assessment takes into account the instalments you’ve paid throughout the year.

Are you a partnership?

If you operate your business in a partnership:

  • the partnership lodges a partnership tax return, reporting the partnership’s net income (assessable income less allowable expenses and deductions)

As an individual partner, you report on your individual tax return:

  • your share of any partnership net income or loss
  • any other assessable income, such as salary and wages (shown on a Payment Summary), dividends and rental income.

The partnership doesn’t pay income tax on the income it earns. Instead, you and each of the partners pay tax on the share of net partnership income you receive.

Are you a trust?

If you operate your business through a trust, the trust reports its net income or loss (this is the trust’s income less expenses and deductions) and the trustee is required to lodge a trust tax return.

As a trust beneficiary, you report on your individual tax return any income you receive from the trust.

Are you a company?

If you operate your business through a company, you need to lodge a company tax return.

The company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.

The company’s income is separate from your personal income.

Tip! Registered tax and BAS agents can help you with your tax.

Not-so-small list of small business concessions…

Here is a list of small business tax concessions that may be available to you.

Tip! Speak to your tax adviser to find out which concessions you can tap into.

Income tax

  • Lower company tax rate – 27% for 2019-20 and 26% for 2020-21
  • Small business income tax offset – 8% rate for 2019-20 and 13% rate for 2020-21
  • PAYG instalment concession

Deductions

  • Simplified depreciation rules – instant asset write-off
  • Accelerated depreciation for primary producers
  • Deductions for professional expenses for start-ups
  • Immediate deductions for prepaid expenses

Simplified record-keeping

  • Simplified trading stock rules
  • Two-year amendment period

GST, BAS and excise

  • Simpler BAS
  • Accounting for GST on a cash basis
  • Annual apportionment of GST input tax credits
  • Paying GST by instalments
  • Excise concession

Capital gains tax (CGT)

  • Small business restructure rollover
  • CGT 15-year asset exemption
  • CGT 50% active asset reduction
  • CGT Retirement exemption
  • CGT Rollover
  • Contributions of small business CGT concession amounts to your super fund

Fringe benefits tax (FBT)

  • FBT car parking exemption
  • FBT work-related devices exemption

Superannuation

  • Superannuation clearing house
  • Contributions of small business CGT concession amounts to your super fund.

Key tax dates


Date

Obligation

21 June 2020*   

May monthly BAS due

30 June 2020   

Super guarantee contributions must be paid by this date to qualify for a tax deduction in 2019-2020

14 July 2020

Issue PAYG payment summaries if not reporting through STP

21 July 2020

June 2020 BAS due

28 July 2020

Lodge and pay June 2020 quarterly BAS
Pay June 2020 quarterly PAYG instalment 
Employee super guarantee contributions due 
June quarter SG due

31 July 2020

Finalisation declaration due if reporting through STP

1 Aug 2020*

Fuel tax credit rates change

14 Aug 2020

July monthly BAS due
PAYG withholding annual report due if not reporting through STP

28 Aug 2020

June quarter SG charge statement due
Taxable payments report due

7 Sep 2020

Deadline for application for super guarantee amnesty

*Next business day
Note!
Talk to your tax agent to confirm the correct due dates for your own tax obligations. For example, you may have more time to lodge and pay if impacted by bushfires or COVID-19.

DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

This special edition of TaxWise Business contains information about government and ATO measures in response to the Coronavirus (COVID-19) crisis. But we have also taken the opportunity to tell you about the super guarantee amnesty. 

COVID-19 stimulus measures

The main tax measures are:

  • enhancing the instant asset write-off;
  • an accelerated depreciation rate; and
  • boosting cash flow for employers.

Other measures include relief for financially stressed businesses and a guarantee of lending to SMEs.

We will look at these measures in more detail but contact your tax agent if you have any questions.

Instant asset write-off changes

There are 2 changes:

  • the instant asset write-off threshold has been increased from $30,000 to $150,000 for the period from 12 March to 30 June 2020; and
  • the turnover threshold has also been extended to $500 million – see below.

This means that a small business with an aggregated turnover of less than $10 million can write-off in the current income year the total cost of a depreciating asset costing less than $150,000, provided the asset is first used or installed ready for use in the business on or after 12 March 2020 and before 1 July 2020.

The increased threshold also applies to assets a small business (but not a medium business) acquired before 12 March but had not used, or installed ready for use, by that date.

Remember that if you purchase a car for your business, the instant asset write-off is limited to the business portion of the car limit of $57,581.

You cannot claim the instant asset write-off for an asset costing between $30,000 and $150,000 if you had used it, or installed it ready for use, before 12 March. For example, if you sell an asset you are already using and buy it back (for between $30,000 and $150,000) you won’t be able to claim the instant asset write-off for the re-purchase.

Small and medium businesses may also be able to claim a deduction for an amount included in the second element of the cost of a depreciating asset. The amount of the cost must be less than $150,000 and the cost must be incurred on or after 12 March 2020, but before 1 July 2020.

If you are a small business, only assets costing $150,000 or more, and costs of $150,000 or more relating to depreciating assets, need be allocated to the general small business pool. If the balance of the pool falls below $150,000 at the end of the current income year, the entire balance of the pool can be deducted.

Instant asset write-off – medium businesses

The instant asset write-off turnover threshold has been extended from $50 million to $500 million.

This means that a medium sized business that has an aggregated turnover of $10 million or more but less than $500 million can immediately deduct the cost of an asset if the asset:

  • has a cost of less than $150,000; and
  • was first used or installed ready for use for a taxable purpose on or after 12 March 2020 and on or before 30 June 2020.

If a medium sized business that has an aggregated turnover of $10 million or more but less than $50 million has depreciating assets that do not meet the timing requirements for the $150,000 threshold, the earlier $30,000 threshold continues to apply prior to 12 March 2020. Note also that you can’t claim the instant access write-off if you sell an asset you already use in your business and buy it back.

Tip! If you are planning to buy a depreciating asset for use in your business, talk to your tax agent first. There is only a 3-month window of opportunity – to 30 June this year – to take advantage of the increased thresholds.
 
https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/

Accelerated depreciation

Another COVID-19 measure is an accelerated rate of depreciation for businesses with an aggregated turnover less than $500m. To be eligible for the accelerated depreciation, the depreciating asset must:

  • be new and not previously held by another entity (other than as trading stock);
  • be first held on or after 12 March 2020; and
  • be first used or first installed ready for use for a taxable purpose on or after 12 March 2020 and before 1 July 2021 (yes – 2021 – it is not a typo!).

A depreciating asset will not qualify for the accelerated depreciation if:

  • depreciation deductions have already been applied to the asset or the asset is written off immediately under the instant asset write-off rules;
  • it will not be used principally in a business in Australia or located in Australia;
  • it is used in a primary production business (e.g. fencing, fodder storage assets or horticultural plants); or
  • you were committed before 12 March to acquiring or constructing the asset – you cannot restructure existing contracts to try to get around this rule.

You cannot split an asset or merge assets to try to qualify for the accelerated depreciation.

The rules for working out the accelerated depreciation vary depending on whether or not you use the simplified depreciation rules.

In all cases, you cannot deduct more than what you pay for the asset.

Small business using simplified rules

If you are a small business and you use the simplified depreciation rules, those assets over the instant asset threshold which are eligible for the accelerated depreciation are added to the general small business pool. You can deduct an amount equal to 57.5% (rather than 15%) of the business portion of a new depreciating asset in the year you add it to the pool. In later years the asset will be depreciated as part of the general small business pool rules.

Other businesses

Other businesses with an aggregated turnover less than $500m – including small businesses that do not use the simplified depreciation rules – will be able to deduct in the income year the asset is first used or installed ready for use:

  • 50% of the cost (or adjustable value where applicable) of the depreciating asset; plus
  • the amount of the usual depreciation deduction that would otherwise apply but calculated after first offsetting a decline in value of 50%.

Tip! The rules for working out the accelerated depreciation are fairly complicated so speak to your tax agent before investing in new depreciating assets.

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Backing-business-investment—accelerated-depreciation/

Boosting cash flow for employers

The ATO will provide temporary cash flow support (called the cash flow boost) to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with the COVID-19.

Cash flow boosts are tax free and not subject to GST. You will still be entitled to a deduction for PAYG withholding paid. There is no effect on tax paid by employees in respect of their salary and wages.

Cash flow boosts will not have to be repaid once times improve (although if you are overpaid, the excess will have to be repaid).

How does the cash flow boost work?

Eligibility requirements

You will be eligible to receive the cash flow boost if you are a small or medium business (whether a sole trader, company, partnership or trust) that:

  • held an ABN on 12 March 2020 and continues to be active;
  • has an aggregated annual turnover under $50 million – this is generally based on the most recent prior year income tax assessment, but if you do not have any prior year assessments, you may still be eligible if the ATO is satisfied that you are in business and would have an aggregated annual turnover under $50 million; and
  • made eligible payments you are required to withhold from (even if the amount you need to withhold is zero).

Eligible payments include:

  • salary and wages;
  • director fees;
  • eligible retirement or termination payments;
  • compensation payments;
  • voluntary withholding from payments to contractors.

In addition, you must also have either:

  • derived business income in the 2018-19 income year and lodged your 2019 tax return on or before 12 March 2020; or
  • made GST taxable, GST-free or input-taxed sales in a previous tax period (since 1 July 2018) and lodged the relevant activity statement on or before 12 March 2020.

To be eligible, not-for-profit organisations (excluding charities) must have all of the following:

  • held an active ABN on 12 March 2020;
  • have an aggregate annual turnover of less than $50 million; and
  • made payments to employees.

Charities registered with the Australian Charities and Not-for-profits Commission are eligible, regardless of when they were registered, if they meet the other eligibility requirements.

Initial cash flow boost

You will receive a credit equal to 100% of the amount withheld, up to a maximum of $50,000. The minimum credit will be $10,000, even if the amount required to be withheld is zero. However, you will not be eligible to receive any more cash flow boosts until your PAYG withholding exceeds $10,000 over the relevant periods.

Monthly lodgers will receive a credit that is calculated at three times the rate (300%) in the March 2020 activity statement, to align with quarterly lodgers.

The total of all initial cash flow boosts across all of the relevant periods cannot exceed $50,000.

The initial cash flow boost will be delivered as a credit in the activity statement system from 28 April 2020. If you lodge early (i.e. before 28 April 2020), you will not receive the cash flow boost before that date.

If you lodge quarterly, you will be eligible to receive the credit for:

  • quarter 3, March 2020 (lodgment due date 28 April 2020); and
  • quarter 4, June 2020 (lodgment due date 28 July 2020).

 If you lodge monthly, you will be eligible to receive the credit for the March, April, May and June lodgment periods.

As the cash flow boost is generated on lodgment of an eligible activity statement, if the ATO has granted a lodgment deferral, the cash flow boost will generally be made at the time of the deferred lodgment.

Additional cash flow boosts

If you receive an initial cash flow boost, you will receive additional cash flow boosts, for the periods June to September 2020. The amount received will be equal to the total amount of the initial cash flow boost.

The additional cash flow boosts will be delivered in 2 or 4 instalments, depending on your reporting period. If you report quarterly, you will receive 50% of the initial cash flow boost for each BAS.

Delivery of the cash flow boost

You do not need to apply for the cash flow boosts. If you are eligible, the cash flow boosts will be automatically applied to your account when you lodge your BAS for the relevant period. The cash flow boosts will be applied to reduce liabilities arising from the same BAS. This will result in eligible entities being required to pay less to the ATO.

The ATO has said that if you do not need to lodge a BAS in respect of your PAYG withholding, it is working through a solution and will update its website with more information on what you need to do.

Where a credit exceeds your other tax liabilities, the excess amount will be refunded.

You may also receive a refund if you overpay because your system was unable to take the cash flow boost into consideration when working out how much was payable.

The ATO has said that it will generally deliver any refund within 14 days.

Warning

You will not be eligible for cash flow boosts if you (or a representative) take steps to make you eligible for cash flow boosts, or to increase the amount of your cash flow boosts.

This may include restructuring your business or the way you usually pay your workers, as well as increasing wages paid in a particular month to maximise the cash flow boost amount.

Tip! Talk to your tax agent before restructuring your business. There will be other tax issues you need to know about, such as capital gains tax.  

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/

JobKeeper payment

If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees. Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of 6 months.

Employers will be eligible for the subsidy if:

  • their turnover is less than $1 billion and it will be reduced by more than 30%; or
  • their turnover is $1 billion or more and it will be reduced by more than 50%.

The reduction in turnover is relative to a comparable period a year ago (of at least a month).
Not-for-profit organisations are eligible for the JobKeeper payment, but not the major banks.

You will have to apply to the ATO to participate in the scheme. You will need to demonstrate the appropriate downturn and you will have to report the number of eligible employees on a monthly basis.

If you are an eligible employer, you will receive the payment for each eligible employee that was on your books on 1 March 2020 and you continue to employ. Part-time employees, stood down employees and long-term casuals are all eligible, as well as full-time employees.
A long-term casual is one employed on a regular basis for at least the previous 12 months as at 1 March 2020.

An employee must be an Australian citizen or the holder of a specified class of visa. Working holiday makers are not covered. 

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet_supporting_businesses_4.pdf

Other Federal government measures

Other government measures to assist financially distressed individuals and businesses include:

  • temporarily increasing from $5,000 to $20,000 in the minimum amount of debt required to be owed before a creditor can initiate involuntary bankruptcy proceedings against a debtor;
  • temporarily extending the time for a debtor to respond to a bankruptcy notice from 21 days to 6 months; and
  • temporarily extending from 21 days to 6 months the timeframe in which a debtor is protected from enforcement action by a creditor following presentation of a declaration of intention to present a debtor’s petition.

The government will also enter into risk-sharing agreements with financial institutions to ensure that credit continues to flow to small and medium enterprises so they can continue to meet their immediate financing needs during the uncertain economic conditions caused by COVID-19.

The government also announced that individuals may access their super if adversely affected by COVID-19 (up to a maximum of $20,000 in 2 instalments) and a reduction by 50% in the minimum annual payment required for certain pensions and annuities.

What is the ATO doing?

PAYG instalment variations

The ATO will allow businesses impacted by COVID-19 to vary PAYG instalment amounts as from the March 2020 quarter.

A quarterly PAYG instalments payer can vary their PAYG instalments on their BAS for the March 2020 quarter. This can be done by lodging a revised BAS before an instalment is due, and before the business lodges its income tax return for the year.

Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters.

Changing to monthly reporting

The ATO will allow businesses on a quarterly reporting cycle to opt into monthly GST reporting to get quicker access to any GST refunds. Changing the GST reporting cycle to monthly doesn’t mean that a business has to change its PAYG withholding reporting cycle. Rather, business can manage this by specifying the roles it is changing.

Once a business chooses to report and pay GST monthly, the ATO says it must keep reporting monthly for 12 months before it can elect to revert to quarterly reporting.

Other measures

Other ATO administrative measures to assist businesses impacted by COVID-19 are:

  • deferring by up to 4 months the payment of BAS amounts (including PAYG instalments), income tax, FBT and excise;
  • remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities; and
  • allowing affected businesses to enter into low-interest payment plans for their existing and ongoing tax liabilities.

These assistance measures will not be implemented automatically by the ATO (unlike the relief measures for the 2019-20 bushfires – see below). Therefore, if you are an individual, sole trader, small or medium business and you need further assistance managing your tax and super obligations, contact the ATO Emergency Support Infoline (tel: 1800 806 218) or talk to your tax agent. Once you or your agent contacts the ATO, a support plan will be tailored for you.

The ATO has set up a “one stop shop” on its website for essential tax and super info on Coronavirus stimulus measures.

https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/

State and Territory Coronavirus measures

The States and Territories have also announced various measures to help people and businesses during the COVID-19 epidemic, including waiving various government fees and charges, providing grants and interest-free loans and providing rent relief for tenants in government owned properties.

Various revenue related measures are listed below. For full details, however, talk to your tax agent or visit the relevant government website.

NSW

  • Waiver of payroll tax for businesses with payrolls of up to $10 million for 3 months (the rest of 2019-20).
  • Deferral of payroll tax for business with payrolls over $10 million for six months.
  • The $1m payroll tax threshold will be brought forward 12 months to 1 July this year.
  • Deferral of gaming tax for clubs, pubs and hotels, and lotteries tax for 6 months, conditional on these funds being used to retain staff.
  • Deferral of the parking space levy for 6 months.

Victoria

  • SMEs with a payroll of less than $3 million – full payroll tax refunds for the 2019-20 financial year and deferral of payroll tax for the first 3 months of the 2020-21 financial year until 1 January 2021.
  • Deferral of 2020 land tax payments for eligible small businesses.

Queensland

  • Small and medium businesses (payroll up to $6.5M) – a 2-month refund of payroll tax, a 3-month payroll tax holiday and deferral of all payroll tax payments for the rest of 2020.
  • Larger businesses (payroll over $6.5M) affected by COVID-19 – 2-month payroll tax refund and deferral extended for all of 2020.
  • $500 rebate on electricity bills for all Queensland small and medium sized businesses that consume less than 100,000 kilowatt hours.

South Australia

  • A 6-month payroll tax waiver for all businesses with an annual payroll up to $4 million.
  • Employers with grouped annual wages above $4m can defer payroll tax for 6 months.
  • Land tax payment deferral for 6 months for those with outstanding quarterly bills for 2019-20.

Western Australia

  • Businesses with a payroll between $1 million and $4 million will receive a one-off grant of $17,500.
  • The $1 million payroll tax threshold is brought forward by six months to 1 July 2020.
  • Small and medium sized businesses affected by COVID-19 can apply to defer payment of their 2019-20 payroll tax until 21 July 2020.

Tasmania

  • Payroll tax liabilities will be waived for hospitality, tourism and seafood industry businesses for the last 4 months of 2019-20.
  • Other businesses with payrolls of up to $5 million will be able to apply, based on the impact of virus, to have their payroll tax waived for April to June 2020.

ACT

  • Interest free deferrals of payroll tax commencing 1 July 2020 for all businesses up to a payroll threshold of $10 million.

Super guarantee amnesty

The super guarantee (SG) amnesty is now official. Under the amnesty, employers have a 6-month window until 7 September this year to disclose, lodge and pay unpaid SG amounts for their employees.

To be eligible for the amnesty, you must declare and pay your SG shortfalls and interest charges. Payments made during the amnesty can be claimed as tax deductions.

SG shortfalls for any quarter between 1 July 1992 and 31 March 2018 may be eligible for the amnesty if they haven’t been disclosed previously or aren’t subject to a current or previous audit.

Applications for the amnesty close at 11.59pm on 7 September 2020. The closing date cannot be changed, even if you are impacted by bushfires or COVID-19.

After the amnesty ends, the ATO’s ability to remit penalties applied as a result of an audit is limited by law. This means shortfalls will have a minimum penalty of 100% applied but can be as much as 200%.

The ATO has also said that its audit program will continue during the amnesty period.

How to apply for the amnesty

To apply for the amnesty, you must:

  • lodge one approved SG amnesty form (XLS 613KB);
  • complete one form per quarter using the instructions contained in the form;
  • check amounts are correct and there are no errors on the forms;
  • complete the declaration to confirm you are applying for the amnesty;
  • save the form as an .xls file.

Do not use the SGC calculator in the Business Portal if you want to apply for the amnesty.

To ensure the correct calculation of the amount of SGC you owe and efficient processing of your amnesty application you need to:

  • use the Mail function in the Business Portal;
  • select New message;
  • type Topic: Superannuation;
  • type Subject: Lodge SG amnesty;
  • attach the completed SG amnesty form (XLS 613KB) for each quarter to the secure mail message. You can attach up to 6 forms totalling no more than 4MB.

The ATO will tell you which quarters are eligible for the amnesty once they receive the forms.

If you are eligible for the amnesty, you:

  • will be informed in writing within 14 business days of the ATO receiving your application;
  • won’t be charged the administration component ($20 per employee per quarter) or part 7 penalty;
  • will need to pay or set up a payment plan to pay the total amount of SGC you owe. We will send you your payment reference number (PRN).

Payment plan

The ATO has said that it will work with employers to establish a payment plan that is flexible to help them to continue making payments. These arrangements include:

  • flexible payment terms and amounts which the ATO will adjust if circumstances change;
  • the ability to extend the payment plan to beyond 7 September 2020, the end of the amnesty period – only payments made by 7 September 2020 will be deductible.

It is important to note that if you agree a payment plan with the ATO, but you are unable to maintain payments, you will be disqualified from the amnesty and the amnesty benefits will be removed. The disqualification will only apply to any unpaid quarters – the administration component of $20 per employee will be re-applied. The ATO will take your circumstances into account when deciding whether a Part 7 penalty should be applied.

If you previously lodged an SGC statement

If you previously disclosed unpaid SG to the ATO in anticipation of the SG amnesty, you don’t need to lodge again or apply on the SG amnesty form.

The ATO will review all disclosures received between 24 May 2018 and 6 March 2020 and advise you of your eligibility. The $20 per employee per quarter administration charge will be refunded if you meet the amnesty criteria.

If you have made payments of SGC or contributions to employee super funds in 2017-18 or 2018-19 that are eligible for income tax deductions, you should include this deduction in your tax return for the relevant year. Once the ATO has amended your return it will pay any refund due as soon as possible (generally within 14 days).

Tip! Your professional advisor can provide further advice on participating in the amnesty, based upon your particular circumstances.

https://www.ato.gov.au/Business/Super-for-employers/Superannuation-guarantee-amnesty/

Key tax dates

Date

Obligation

21 Apr 2020

Lodge and pay March 2020 monthly BAS

28 Apr 2020

Lodge and pay March 2020 quarterly BAS
Pay March 2020 quarterly instalment notice 
Employee super guarantee contributions due 

21 May 2020

April monthly BAS due
Lodge and pay annual FBT return (if your business lodges one)

28 May 2020

Lodge and pay March 2020 quarterly SGC (if required)

21 June 2020*   

May monthly BAS due

30 June 2020   

Super guarantee contributions must be paid by this date to qualify for a tax deduction in 2019-2020

21 July 2020

June 2020 BAS due

28 July 2020

Lodge and pay June 2020 quarterly BAS
Pay June 2020 quarterly PAYG instalment 
Employee super guarantee contributions due 
June quarter SG due

*Next business day

Note!

Talk to your tax agent to confirm the correct due dates for your own tax obligations. For example, you may have more time to lodge and pay if impacted by bushfires.

DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

Bushfire Tax Assistance legislation becomes law

The government has passed legislation* to make disaster relief payments being made to individuals and businesses impacted by the devastating bushfires effectively tax exempt.
(*) The Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Act 2020
The exemption extends to payments such as:

  • Disaster Recovery Allowance payments made to individuals; and
  • Payments that would otherwise be taxable under the Disaster Recovery Funding Arrangements, such as grants that may be made to small businesses and primary producers.

The legislation also allows taxpayers to claim income tax deductions for donations to two organisations established by the Business Council of Australia in response to the bushfires (the Australian Volunteers Support Trust and the Community Rebuilding Trust).
The legislation also gives effect to the Prime Minister’s announcement on 29 December 2019 that the government would, in cooperation with the NSW government, provide tax-free financial support to volunteers in the NSW Rural Fire Service who are employed by small or medium businesses and had volunteered for an extended period to assist in combatting the bushfires (these arrangements have now been extended to other impacted States and Territories)
Further information on the support being provided can be found on the ATO website.
Ref: Treasurer’s media release, 6 February 2020

Further small business support for bushfire affected communities

The government has announced a comprehensive suite of measures to immediately support impacted small businesses and make it easier for those who have suffered direct fire damage, or have been indirectly economically impacted following the bushfires, to get back on their feet.
The immediate priorities for small businesses include:

  • Grant funding- businesses and organisations that have sustained damage as a result of the fires can access up to $50, 000 in grant funding (tax free, as discussed above);
  • Concessional loans to ensure small businesses have cash flow to run their operations- to provide maximum flexibility for eligible businesses, concessional loans of up to $ 500, 000 for up to 10 years will be offered for businesses that have suffered significant asset loss or a significant loss of revenue, and can be used for the purposes of restoring or replacing damaged assets and for working capital;
  • Tax relief- the Commissioner of Taxation has agreed to provide a range of assistance measures to businesses in identified bushfire impacted postcodes to help to alleviate cash flow pressures and assist these businesses with their recovery efforts, including deferred lodgement dates (as reported in last month’s edition of voice);
  • A dedicated and single contact point to help them access the support that is available (the Small Business Bushfire Financial Support Line) and provide financial counselling services that are targeted to help small and family business owners deal with the emotional and financial challenges they face.

The Registered Agent Natural Disaster Infoline is 1800 700 724, and the general Emergency Support Infoline is 1800 806 218.
The Federal Government will also work with local and state governments, business groups and other community organisations to develop Local Economic Recovery Plans.
Ref: Prime Minister’s Media Release, 20 January 2020
Editor: Note that we have an ATO Deputy Commissioner on this month’s edition of ‘Tax on the Couch’, speaking about the ATO’s response to the bushfires.

Bushfire relief

How the ATO can help

The ATO has announced various measures to help businesses and individuals in local government areas impacted by the bushfires. These include:

  • automatic deferrals for lodgement of income tax, SMSF, FBT and excise returns and activity statements, and their associated payments, until 28 May 2020 (so there is no need to apply for a deferral);
  • automatic priority for any refunds due;
  • the remission of interest and penalties applied to tax debts since the commencement of the bushfires;
  • the suspension of debt recovery action – for taxpayers with a tax debt or outstanding obligation, the ATO will not institute recovery action until at least 28 May 2020; and
  • the temporary suspension of current audit activity.

(https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/Bushfires-2019-20/ )

These measures apply to businesses, individuals and self-managed funds in the local government areas impacted by the bushfires. The ATO website lists the affected postcodes. Note that the deferrals do not apply to large withholders.

Here is the link to the postcodes:

(https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/Bushfires-2019-20/?anchor=Ifyourpostcodeisnotinthislist#Ifyourpostcodeisnotinthislist )

If you have lost documents in a bushfire, or they are damaged, the ATO can reissue income tax returns, business activity statements and notices of assessment, help you re-construct tax records and help you find your tax file number.

If you are impacted by the bushfires but you are not in an affected postcode (as included in the list on the ATO website) or are a large withholder, you can call the ATO’s Emergency Support infoline on 1800 806 218 for assistance. The Commissioner of Taxation, Mr Chris Jordan, has said that he expects ATO staff to be “flexible, reasonable and pragmatic” when considering each request for assistance.

Monthly GST credits

If you are making purchases to replace stock and other losses, and you report and pay GST quarterly, you can elect to change to monthly reporting and payment, to get quicker access to net amount refunds. You can only change from the start of a quarter, so a change now will take effect from 1 April 2020.
Once you choose to report and pay GST monthly, you must keep reporting monthly for 12 months before you can elect to elect to revert to quarterly reporting (unless your GST turnover is more than $20 million, in which case you must report and pay monthly).
Changing your GST reporting cycle to monthly doesn’t mean you have to change your PAYG withholding reporting cycle. You can manage this by specifying the roles you are changing.

If you’re registered for fuel tax credits, and change your GST reporting from quarterly to monthly, you will also need to claim your fuel tax credits monthly.

You can change your GST reporting cycle through your tax or BAS agent, in the business portal, or by phoning the ATO on 13 72 26.

PAYG instalments

If you are a quarterly pay as you go (PAYG) instalments payer, you can vary your PAYG instalments to nil on your activity statement for the December 2019 quarter by lodging a revised activity statement before you lodge your income tax return for the year.

You can also vary your PAYG instalments in future periods. The ATO won’t apply penalties or charge interest to varied instalments for taxpayers within the impacted postcodes in the 2019–20 financial year.

If you have already lodged

  • If you’ve already lodged any quarterly activity statements for 2019–20, you can claim a credit (at item 5B) on your next activity statement for the instalment amount you paid in the previous quarters, to receive a refund of the amount paid.
  • You can also revise your latest lodged activity statement to nil, and claim a credit for amounts previously paid.
  • If you realise you’ve made a mistake working out your PAYG instalment, you can correct it by lodging a revised activity statement or varying a subsequent.

Exemption for disaster relief payments 

The Government has announced that various disaster relief payments received by individuals as a result of the 2019-20 bushfires will be tax exempt. The exemption will apply to the following payments:

  • Disaster Recovery Allowance payments
  • Payments that would otherwise be taxable under the Disaster Recovery Funding Arrangements, such as grants that may be made to small businesses and primary producers
  • Payments made to eligible Rural Fire Service Volunteers for loss of income where they have been called out for extended periods of service.

Super guarantee obligations unchanged 

The ATO has reminded employers impacted by the bushfires that they still need to meet ongoing super guarantee obligations for their employees. The ATO does not have the power to vary the contribution due date or waive the superannuation guarantee charge but, if an employer needs help, the ATO can agree to a payment plan.  

https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/missed-and-late-payments/employers-affected-by-disaster/

What has the ATO been doing?

Looking at your lifestyle

Do you own “lifestyle assets” such as an expensive car, fine art or a boat? If so, the ATO may be checking to see that your declared income can support your lifestyle. 

The ATO has instructed over 30 insurance companies to provide information on clients with any of the following assets: 

  • aircraft valued at $150,000 or more;
  • marine vessels valued at $100,000 or more;
  • fine art valued at $100,000 or more per item;
  • motor vehicles valued at $65,000 or more;
  • thoroughbred horses valued at $65,000 or more. 

Approximately 350,000 individuals are being targeted. 

Trading stock taken for private use 

It is common in a number of industries for trading stock to be used for private purposes. If you do this, you are treated as having sold it for its cost just before the change in use and as having bought it back for the same amount. 

Because it is difficult in many cases to keep accurate records of transactions involving goods taken from stock for private use, the ATO publishes each year standard values (excluding GST) that can be used by proprietors of certain businesses. The latest amounts (for the 2019-20 tax year) were published in early January.

TYPE OF BUSINESS

AMOUNT (EXCLUDING GST) FOR ADULT/CHILD OVER 16 YEARS

AMOUNT (EXCLUDING GST) FOR CHILD 4 to16 YEARS OLD

Bakery

$1,350

$675

Butcher

$850

$425

Restaurant/café (licensed)

$4,640

$1,750

Restaurant/café (unlicensed)

$3,500

$1,750

Caterer

$3,790

$1,895

Delicatessen

$3,500

$1,750

Fruiterer/greengrocer

$880

$440

Takeaway food shop

$3,440

$1,720

Mixed business (includes milk bar, general store and convenience store)

$4,260

$2,130

Table taken from Taxation Determination TD 2019/1

https://www.ato.gov.au/law/view/document?docid=TXD/TD20201/NAT/ATO/00001 

When labour costs might not be deductible

It is commonly assumed that all labour costs are deductible when you incur them. But the ATO has released a draft taxation ruling saying that labour costs will not be deductible if they are incurred “specifically for constructing or creating capital assets”. Capital assets can be intangible (e.g. licences, intellectual property and trademarks) as well as tangible. 

The cost of workers or employees whose role has a remote connection with constructing or creating capital assets, or who have a broader role that involves incidental activities, are likely to be deductible. An example would be 
a security guard who is responsible for the security of a project site where capital assets are being constructed. In some cases, the labour costs may have to be apportioned between deductible expenses and capital. 

Tip! 

Talk to your tax agent if you are not sure how labour costs should be treated. And even if labour costs are not deductible when you incur them, you may be able to write them off as part of the cost of a depreciating asset. 

Do you provide car parking fringe benefits?

If you do, and you have engaged an arm’s length valuer to value the benefits, the ATO may contact you from February.

According to the ATO, some valuers have prepared reports using a daily rate that doesn’t reflect the market value. As such, the taxable value of the benefits is significantly discounted or even reduced to nil.

The ATO said that it is your responsibility to confirm the basis on which valuations are prepared. You must examine any valuation you suspect is incorrect or which considerably reduces your liability.

https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Valuing-car-parking-fringe-benefits/

Activity statement financial processing

The ATO has come up with another acronym – ASFP – which stands for “activity statement financial processing”. The ASFP project has moved all activity statement and franking deficit tax financial information into the one ATO system, delivering a single accounting system with multiple accounts.

The ATO says your business will benefit from ASFP as there will be more consistency when interacting with the ATO online. You will also have increased visibility of your activity statement information online, making it easier to understand your financial position with the ATO, and payment due dates are clearer.

The introduction of ASFP also means most taxpayers won’t need to phone the ATO anymore to set up direct debit payment arrangements for your activity statement.

In addition, how activity statements and other account transactions are displayed online has been simplified. PAYG withholding director penalties are also viewable on the director’s account.

Tip-off to keep the competition fair

Businesses that deliberately do the wrong thing by not meeting their tax and super obligations put others at an unfair disadvantage. So the ATO is encouraging people to tip them off if you If you know or suspect a business is taking part in phoenix, tax evasion or black economy activities, or feel something is going on that isn’t quite right.

To make a tip-off:

  • complete a Tip-Off Form on the ATO’s website at ato.gov.au/tipoff or in the ‘contact us’ section of the ATO app; or
  • phone the Black Economy Hotline on 1800 060 062.

https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Tip-off-to-keep-the-competition-fair/

SMS scam – tax refund notification

The ATO has alerted taxpayers to another scam where messages are texted to people asking them to click on a link and provide personal identifying information to receive a refund. To make the messages seem more legitimate, scammers are using technology that causes them to appear in your genuine ATO message feed.

The text messages say something like “We’ve noticed you have a positive balance 320.70 AUD from last financial year. Please verify your information to provide the funds.” It then provides a link to a website. However, the website is a fake myGov website which asks users to provide their bank details, along with other personal identifying information, for “verification purposes”.

The ATO warns people not to click on any links and not to disclose the information requested.

https://www.ato.gov.au/General/Online-services/Identity-security/Scam-alerts/#January2020SMSscamtaxrefundnotification

Compensation for administrative bungles

No organisation is perfect, including the ATO. If you have suffered a loss because of an administrative bungle, you might be entitled to compensation under the Compensation for Detriment Caused by Defective Administration (CDDA) Scheme.

Following a review of the ATO’s implementation of the CDDA Scheme, small business should see some improvements, including:

  • claims being investigated by ATO officers who are separate to the officers involved in the tax matters that led to the claim;
  • an independent reviewer for the most complex or sensitive cases;
  • the adoption of a lesser standard of proof; and
  • ATO staff being required to take into account a small business’ financial and personal capacity to respond to review, audit or other compliance processes.

 

https://www.ato.gov.au/Media-centre/Articles/ATO-statement-on-the-Review-of-the-CDDA-Scheme/

Small business CGT concessions

The CGT concessions for small business are complicated. Two recent cases have not made them any easier to understand.

In the first case, a property used to store materials, tools and equipment for use in a building, bricklaying and paving business was not considered to be used in the course of carrying on that business. This was because storing materials did not have a “direct functional relevance” to the daily income-producing activities of the business.
As a result, the property was not an active asset and therefore the capital gain made on the sale of the property did not qualify for the CGT concessions.

In the second case, 3 shareholders sold their shares in a company (each owned one-third) to a single purchaser. The sale contract included a restrictive covenant whereby the 3 vendors agreed not to compete with the purchaser for 5 years (not uncommon when a business is sold).

One of the vendors argued that as the restrictive covenant did not come into existence until the sale contract was concluded, its value should be excluded in working out if he satisfied the maximum net asset value test ($6 million). Under that test, only assets in existence just before the sale contract was concluded would be taken into account. If the value of the shares for the purposes of that test was the amount specified in the sale contract, the vendor would not satisfy the test and would not qualify for the CGT concessions.

The vendor was unsuccessful as the restrictive covenant impacted on the value of the shares. The purchaser would naturally want the covenant as the success of the business depended on the contribution of the 3 shareholders. The value of the shares was increased by the covenant. Without it, the sale price would have been less.

Tip!

If contemplating selling your business, talk to your tax agent. It is advisable to plan well in advance if you want to take advantage of the generous CGT small business concessions.

Super guarantee changes

From 1 January this year, an employer can no longer use salary sacrificed contributions to satisfy their super guarantee obligations.

This measure was announced in July 2017 and was finally approved by Parliament in October last year.

The change also means that if an employer has a shortfall, any amounts sacrificed into superannuation that would have been salary or wages will be taken into account in calculating the amount of the shortfall.

Tip!

Talk to your tax adviser if you are uncertain about the impact of these changes.

A faraway DIN for directors

A new regime requiring company directors to have a unique identification number – a director identification number (DIN) – is on the way. The purpose of the DIN regime is to assist regulators and external administrators to investigate a director’s involvement in what may be repeated unlawful activity including illegal phoenix activity.

Phoenixing occurs when the controllers of a company deliberately avoid paying liabilities by shutting down an indebted company and transferring its assets to another company. The Government estimates that the total cost of phoenixing to the Australian economy is between $2.9 billion and $5.1 billion annually.

The DIN will require all directors (but not “shadow directors”) to confirm their identity and it will be a unique identifier for each person who consents to being a director. The person will keep that unique identifier permanently, even if they cease to be a director.

The new DIN regime won’t commence until administrative arrangements supporting the new regime are in place. This will take up to 2 years (hence a faraway DIN). Persons who are existing directors when the new regime begins will be given time (yet to be determined) to apply for a DIN.

Jail for GST fraud

Two people have been jailed for GST fraud.

The one person was a building developer who claimed more than $500,000 in fraudulent GST refunds. He was sentenced to 3 years in jail.

The other person was a woman who purchased, developed and sold 10 luxury properties over a 6 year period. She did not register for GST and did not lodge business activity statements, thereby evading paying $1.7 million in GST. She was sentenced to 2 years and 10 months in jail.

Key tax dates

Date

Obligation

21 Feb 2020

  • Lodge and pay January 2020 monthly BAS

28 Feb 2020

  • Lodge and pay December 2019 quarterly BAS

 

  • Lodge and pay December 2019 quarterly instalment notice

 

  • Lodge annual GST return (if no tax return due)

 

  • Lodge and pay December 2019 SGC (if required)

 

  • Lodge and pay SMSF annual return for new SMSFs (unless otherwise advised)                         

21 Mar 2020*

  • Lodge and pay February 2020 monthly BAS

31 Mar 2020

  • Lodge and pay tax return for companies and super funds with income >$2m (unless due earlier)

21 Apr 2020

  • Lodge and pay March 2020 monthly BAS

28 Apr 2020

  • Lodge and pay March 2020 quarterly BAS
  • Pay March 2020 quarterly instalment notice
  • Employee super guarantee contributions due

15 May 2020    

  • Lodge 2019 income tax returns not due earlier

21 May 2020     

  • Lodge and pay April 2020 monthly BAS
  • Lodge and pay annual FBT return (if your business lodges one)

28 May 2020   

  • Lodge and pay March 2020 quarterly SGC (if required)

*Next business day applies instead

Note!

Talk to your tax agent to confirm the correct due dates for your own tax obligations. For example, you may have more time to lodge and pay if impacted by bushfires.

DISCLAIMER

TaxWise® News is distributed by professional tax practitioners to provide information of general interest to their clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

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