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Loss carry back

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On 6 October 2020 as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment through a loss carry back regime. Eligible corporate entities that previously paid corporate income taxes in a relevant year and have subsequently made taxable losses can claim a refundable tax offset up to the amount of their previous income tax liabilities.   The measure interacts with the government announcement on Jobmaker Plan – temporary full expensing to support investment measure. This will allow new investment to generate significant tax losses which can then be carried back to generate cash refunds for eligible businesses.   Eligible corporate entities with less than $5 billion turnover in a relevant loss year can carry back losses made in the 2019–20, 2020–21 and 2021–22 financial years to a prior financial year’s income tax liability in the 2018–19, 2019–20 and 2020–21 financial years.   The amount of the refund is limited by
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$3 Billion Package for Victorian Businesses

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Victorian Government declared a third round of the Business Support Fund, through which suitable businesses will get grants. The Victorian Government is investing $3 billion to support businesses impacted by current restrictions and get ready for COVID normal business. $3 billion in cash grants, tax relief, and cash flow support will be provided to Victorian businesses that have been most affected by coronavirus restrictions. The package will service businesses to survive and keep Victorians in employment. Here’s what you need to know about the eligibility standards: • Small and Medium-Sized Business: The Business Support Fund will deliver up to $20,000 for business with a payroll of up to $10 million. • Licensed Hospitality Business: Grants of up to $30,000 for registered bars, clubs, hotels, cafeterias, and reception centre, based on their site and setting • Business Chambers and Trade Groups: A competitive grants program to support urban and local business chambers and t
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5 Benefits of Remote Workers during this Pandemic

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Wondering if going remote is a good move for your business? Remote working has been talked about for the last few years but in recent times has come to be a hot subject these past few months. We are in the middle of a flexible workplace revolution. Working remotely or working from home has become one of the major trends in the workplace. More staff than ever before are working remotely due to the pandemic situation. Nowadays, companies are employing and training teams remotely. It is very much probable that remote work will become the new normal in this post-COVID working environment. Here are 5 proven benefits of remote work for businesses. • Lowers Overhead: Do you pay for a water cooler service? Do you supply food to the workplace on Fridays? How much do office birthdays and outings cost to staff, beautify, and catering? How much does your building’s security system cost? Take a look at your expenditures and remove or decrease any of the bills for example workplace rent,
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4 Most Effective Remote Learning Tips for Parents

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Remote learning is certainly not ideal, but neither is a typical education. Teaching requires certain major rearrangements. Is not the current pandemic an opportunity to finally make that occur? Has your kid’s engagement and enthusiasm towards the learning dropped considerably during the entire remote learning thing? We honestly can’t blame the kids as parents are quite tired of all too. There are such techniques for bringing a smile to their face. We have four tips for you. With the help of these, you will hopefully help your kids’ remote teaching go more easily! • Create an Environment: Start with seating. You will be so happy to see the flexible seating has been helping your kids in virtual learning. Put your children in uniforms if your school has them, or dressed in outfits, not PJ’s. Start at the same time and close at the same time, have lunch, recess, breaks, etc. Organize all the things. It helps with learning. They will feel like they are at school and this makes them p
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Victoria’s Roadmap for Reopening

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On Sunday 6th September, Victorian Premier Daniel Andrews publicized the state’s roadmaps. He declared 3 lists that will apply during stage 4. On Sunday, September 13 will mark the first changes in restrictions. Inhabitants will persist in stage 4 for another two weeks, but with certain small additional freedoms. He speaks current restrictions with slight changes will remain in place until September 28. Restrictions on public meetings ease 2 persons or a domestic can meet outside for 2 hours maximum. Retail, childcare centres and hairdressing will reopen. Urban Melbourne: Restrictions in Melbourne will be raised in five stages at different steps, concluding with a COVID-normal step. The journey from here depends on how people obey the rules. A blackout will stay in place in Melbourne until the end of October. The first stage begins at 11.59 pm on 13 September 2020 and is a continuance of stage 4 restrictions. It allows more businesses to safely reopen, or increase their services. Amuse
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BUSINESS SUPPORT FUND – TAX CONSEQUENCES

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  Business Support Fund – Tax Consequences   A government payment to assist a business to continue operating is included in assessable income. This will include assistance provided as a one-off lump sum or a series of payments. For businesses operating on:   an accruals accounting method – the income will be derived when the right to the government payment arises a cash accounting method – the income will be derived when the government payment is received.   Generally, you do not have to pay GST on grant funding unless you provide something of value in return for the payment. Providing something of value for the payment can include entering into a binding legal obligation to do something or refrain from doing something in order to receive the payment.   Example – Cash payment for running business   Bharat operates a local café which employs five full time and 10 casual workers. As a result of COVID-19 the café is closed for two months and operates at reduced capacity for tw
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Return to the workplace with confidence

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Reopen responsibly, monitor intelligently, and protect continuously with solutions for a safer work environment. As you move toward bringing employees back, give your teams the tools to help them stay safe and productive on the job with solutions from Microsoft. Strengthen the resilience of your people, teams, and organization to adjust and adapt no matter which stage your organization is currently at. Reopen and manage physical locations Open and operate your locations responsibly to provide employees with a safer environment, while ensuring your organization can quickly respond to—and communicate—changing circumstances. Return while supporting employee safety and wellbeing Protect your employees with new safety protocols and intelligently monitor the health of your entire organization to help make data-driven decisions about who should work where. Engage your teams—remotely and onsite Support the flow of work wherever it happens—remotely, onsite, or a combination of both. Help everyo
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