An archived update from March 2021. If your business was struggling with cash flow at the time, it was a good moment to take stock – COVID-19 tended to magnify and accelerate underlying issues.
JobKeeper ends soon
The final JobKeeper payment was processed in April 2021. Businesses already receiving payments didn’t need to do anything when the program closed, but had to complete their final monthly business declaration for March by 14 April 2021. Businesses needing further help could look at the JobMaker Hiring Credit.
Claiming the JobMaker Hiring Credit
The JobMaker Hiring Credit was available for eligible employers who created new positions for eligible young people between 7 October 2020 and 6 October 2021. No fall-in-turnover test was required – employers registered via ATO online services, nominated eligible additional employees through Single Touch Payroll, and claimed payments.
Reviewing fringe benefits
The FBT year ends on 31 March, so it was time to review benefits provided to employees and work out which attracted FBT – private use of work cars, entertainment, expense reimbursements and salary sacrifice arrangements. Some COVID-related benefits (equipment to work from home, emergency accommodation, food, transport and health care) were generally exempt.
Contact us if you have any questions or want to discuss the next steps for your business.