The JobKeeper payment scheme has had some changes once again due to the increase in COVID-19 cases in Victoria. Fortunately for us, they apply to all states. The Government has made changes to the current scheme that runs until the end of September so if your business is currently receiving these payments then this will apply to you. Previously, only employees who were employed prior to 1 March 2020 were eligible for the scheme. Under the new changes, employees who were employed prior to 1 July 2020 are now eligible. Businesses are required to offer the scheme to all employees who are eligible so if you have hired a new employee between 1 March and 1 July 2020 then you will be required to offer them the scheme payments. If you require assistance in assessing eligibility or applying for the payments then please contact our office.

Husband and wife partnerships can be quite the tax saving entity for some family businesses. The typical scenario is the husband acts as a sole trader paying all tax on the income earned, however the wife plays a vital role in the business as well but doesn’t receive a tax distribution. As individuals pay marginalised rates, the husband would be in the higher tax margin. If the business was instead to act as a partnership then the taxable income would be split which would lower their overall family tax by placing both partners in the lower tax margin. Please ensure that you consult your tax agent to set up this type of entity to avoid illegal income splitting situations.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.