A COVID-19 TAX TIP FROM MR TAXMAN #7

Mar 31, 2020

If your business has a turnover of:

• less than $1 billion and your turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or

• $1 billion or more and your turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month)

then make sure that you register with the ATO now to start the process to receive the JobKeeper Subsidy of $1500 per fortnight per employee for up to 6 months.

JobKeeper Subsidy

This tip was provided by Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2019-2020 edition (Wiley, May 2019, AU$25.95). This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.

 

Tags: Accountant Melbourne, Accountant Sydney, Business, Business Activity Statement (BAS), Company tax, Coronavirus, COVID-19, Employees, Employers, JobKeeper, PAYG Withholding, Small Business

Author: Mr Taxman, Dr Adrian Raftery

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