Closed Victorian Business Due to Corona Virus

Victoria Announces $250m Targeted Business Support Package

While Victoria’s $250 million business support package will offer welcomed reprieve to some businesses facing extreme uncertainty after the state entered its fourth lockdown last week, others think the package is light on detail, and is unlikely to cover the losses suffered. Victorian acting premier James Merlino on Sunday revealed a $250 million targeted business…
Small-business coronavirus grants set to be income tax-free under new bill

Small Business Coronavirus Grants Set to be Income Tax-Free under New Bill

A new bill that ensures state and territory grants issued in response to the coronavirus pandemic are not subject to income tax has now been introduced. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 has now been introduced in Parliament, following the government’s announcement that small and medium business grants announced on or after…
Tax time 2020: ATO homes in on rental deduction claims

Tax Time 2020 | ATO Homes in on Rental Deduction Claims

Rental deduction hotspots for this tax time have now been identified by the ATO as it anticipates a change in claims because of COVID-19 and recent natural disasters. Rental deduction claims continue to be a focus point for the ATO leading into tax time 2020, with the agency doubling its in-depth audits last year on the back…
The Garis Group Team

COVID-19 | We Are Back

First and foremost, The Garis Group would like to thank everyone for being so understanding and co-operative during the past few months as we adapted to our new working conditions. No cases of COVID-19 have been detected at The Garis Group office but we are taking further precautions to respond to this unprecedented and evolving…
JobKeeper to address service entities: Josh Frydenberg

COVID-19 | Special Purpose Service Entities Now Included in JobKeeper Scheme

Corporate groups that employ staff in a service entity will now be included in the JobKeeper scheme under a yet-to-be-announced alternate decline in turnover test. Revealed by Treasurer Josh Frydenberg on Friday night, the government will now provide an alternate decline in turnover test for the eligibility of special purpose service entities that provide employee…
COVID-19 Australias Major Banks agree to 'Bridging Finance" for JobKeeper Payment

COVID-19 | Major Banks Agree to Provide ‘Bridging Finance’ to Help Businesses

Businesses will be given a leg up by Australia’s major banks through sped-up loans to cover upfront staff wages before the ATO reimburses the $1,500 per fortnight JobKeeper payment each month. Treasurer Josh Frydenberg has announced that Australia’s four major banks have now agreed to provide “bridging finance” to help businesses pay their employees before…
ATO issues further guidance for sole traders, trusts, partnerships, companies

COVID-19 | Job Keeper Payment: Further Guidance for Sole Traders, Trusts, Partnerships & Companies

Guidance around JobKeeper eligibility for sole traders and businesses that operate in the form of a company, trust or partnership has now been updated by the ATO. In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover…
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