Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.
The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”.
JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs. Unlike JobKeeper, JobMaker can apply to new businesses and the business does not need to satisfy a decline in turnover test to receive payments.
The Australian Government introduced new bankruptcy and insolvency regulations to assist businesses and individuals who have been impacted by COVID-19 was intended to expire on 30 September 2020 but has been extended.