Changes due this Sunday, but what will they be?
It’s been an exasperating time for small businesses in Victoria, but particularly those in the retail and hospitality sectors that have been counting down the days and weeks to re-opening.
From everything I’m hearing, it appears that not much will change for those businesses when the next steps are announced on Sunday, and the light at the end of the tunnel of re-launching the industry on grand final weekend now seems unlikely.
It means more time juggling JobKeeper, which is now into its second phase and businesses have until the end of the month to get their business turnover information to the ATO to qualify for the next phase of the scheme.
The federal budget last week went a long way to recognising the importance of small businesses across the country and helping get people into jobs. A big issue with that is obviously cash flow, and businesses being uncertain how they will look in the months and years to come, so remaining apprehensive about hiring more staff.
One boost will be that if your business has paid tax in the 2018/19 year (that is pre-COVID times), then you will be able to claim part of that back in your 2021 and 2022 returns. It essentially allows businesses to claim back taxes paid on last year’s profits, and eligible businesses will be able to even cut some losses.
Another good move is something that I’ve spoken about here before, and that’s the instant asset write off scheme, which has been extended until 2022. It helps businesses to grow and improve themselves and will hopefully stimulate the economy to help the recovery when we start to move towards a COVID-normal.
Lastly, I want to warn people about a new scam doing the rounds, which involves a fake email purporting to be from the ATO about JobKeeper 2.0. In the scam the email asks you to send a photocopy of your driver’s license and Medicare card to see if you qualify for JobKeeper. Please be aware that the ATO will not contact you by email about JobKeeper, and applying for it via your single touch payroll is still the only way to apply.