This year, the federal government passed a range of new legislation to help small businesses withstand the effects of the COVID-19 pandemic.
While some of these initiatives are familiar, such as JobKeeper and changes to insolvency, from January 1, 2021, important changes will occur.
Here are four changes SMEs need to know.
1. JobKeeper extension
The extension of JobKeeper 2.0 starts on January 4, and will run until March 28, with lower rates for employees working full-time and part-time.
To claim JobKeeper payments for this period, businesses need to show that their actual GST turnover has declined in the December 2020 quarter relative to the same period in 2019. More information about the eligibility test is available here.
The tier…
Read the full article at: https://www.smartcompany.com.au/finance/policy-changes-jobkeeper-insolvency-homebuilder-payment-times-reporting-scheme/