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Business Grants Update

By Craig Smith, Partner Business Services

16 December 2020

Jobmaker Hiring Credit

Eligible employers wanting to access the federal governments JobMaker hiring credits can now register for the scheme. Business will be able to start claiming JobMaker hiring credits from February, with payments made in arrears.

The scheme involves wage subsidies for businesses that increase their headcounts by hiring young workers. Eligible employers will receive $200 per week for each eligible employee aged 16 to 29 and $100 per week for each eligible employee aged 30 to 35.

JobKeeper Update

The JobKeeper second extension period covers the JobKeeper fortnights between 4 January 2021 and 28 March 2021. Payment rates for this period have reduced to $1,000 for tier 1 and $650 for tier 2. The tier 1 or tier 2 rate is determined on whether an individual meets the 80-hour threshold.

To be eligible for JobKeeper payments for this period, you will need to show that your actual GST turnover has declined in the December 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019). There are also alternative tests available to apply.

An extension of time has been provided by the ATO to 31 January 2021 to complete the December declaration, enrol and submit the decline in turnover calculations for the second extension and meet the required wage conditions for same.

Small Business Digital Adaptation Program

The Small Business Digital Adaptation Program is a new initiative by the Victorian Government to help small businesses with their digital capabilities in day-to-day operations.

Businesses can now start using a new product such as a point-of-sale payment, or further restore access to a lapsed product previously being used under this new program. Upgrades to already existing digital tools are also included such as adding a shop to a current website.

Certain products that are currently available through this new program include website, e-commerce, finance and digital business management tools. Digital product suppliers that have partnered with the Victorian Government are Square, Shopify, Squarespace, MYOB & Xero (with more to be added to the list in December 2020).

Businesses will be able to register, and trial selected digital products from suppliers who have partnered with the Victorian Government, then choose one of these products to purchase.

Once the trial period is over, registered businesses can purchase a product they have trialed and apply for a rebate of $1,200 to access that product for 12 months.

Furthermore, this program also offers free digital adaptation training and workshops to help registered businesses adopt and implement the online tools for their business. Spaces for the Small Business Digital Program are limited.

For more information on any local, state and federal Grants that are available please contact your trusted Ashfords Advisor on 03 9551 2822.

Please note: the information contained in our articles is general in nature and does not address the circumstances of any particular individual or entity. We endeavor to provide accurate and timely information, however cannot guarantee that it will continue to be accurate in the future. Always obtain appropriate professional advice for your circumstances. For more information or tailored advice, please contact your Ashfords' advisor.

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