WHY NOVUS CAPITAL?

is an investment and financial services company specialising in Investment Banking, Corporate Advisory and Share Trading services for Australian corporate and private clients, and overseas corporate clients.

CONTACT INFO
  • Address: Level 11, Plaza Building Australia Square, 95 Pitt Street, Sydney, NSW 2000 Australia
  • Phone: +61 2 9375 0100
  • Email: Contact Us

News and discussions from Novus Capital

ASIC Interim Corporate Plan 2020-21

Gavan Farley - Thursday, August 20, 2020

ASIC Interim Corporate Plan 2020-21

JobKeeper 2.0 – Extended to March 2021 with some changes.

Gavan Farley - Tuesday, August 04, 2020

Date: 27 July 2020

Reference: Federal Treasury

On 21 July 2020, and due to the ongoing coronavirus economic crisis, the Australian Government announced that iswould extend the JobKeeper Payment until 28 March 2021. However, it will be reduced twice. From 28 September 2020 the $1500 wage subsidy will be reduced to:

  • $1200 per fortnight full-time workers – those that work above 20 hours per week; and
  • $750 per fortnight part-time workers – those that work less than 20 hours per week.

From 4 January 2021, it will be further reduced to:

  • $1000 per fortnight for full-time workers; and
  • $650 per fortnight for part-time workers.

There are also changes to the way in which eligibility for the scheme will be assessed.

From 28 September 2020:

  • Business and not-for-profits seeking to claim the JobKeeper Payment will be required to demonstrate that they have suffered an ongoing significant decline in turnover using actual GST turnover (rather than projected GST turnover).
  • They will be required to reassess their eligibility with reference to their actual GST turnover in the June and September quarters 2020. They will need to demonstrate that they have met the relevant decline in turnover test in both of those quarters to be eligible from 28 September to 3 January 2021.

From 4 January 2021:

  • Business and not-for-profits will need to further reassess their turnover for eligibility. They will need to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in each of the June, September and December quarters 2020 to remain eligible from 4 January 2021

The proposed changes to the scheme will be brought into legal effect once the Treasurer registers a Legislative Instrument to amend and/or supplement the Legislative Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020.

For more information in relation not the extension of the JobKeeper payment please refer to https://treasury.gov.au/sites/default/files/2020-07/Fact_sheet-JobKeeper_Payment_extension.pdf