The JobKeeper Payment announced by the Prime Minister on Monday has been well received by employers and employees struggling through the COVID-19 crisis. We have already had many enquiries from employers about how this scheme will operate. These employers have had many enquiries from their staff. To help everyone understand the proposed scheme, we have detailed answers below to some frequently asked questions and also identified some issues for employers to consider.

As you may be aware, the Federal Government announced this week, a wage subsidy for businesses impacted by COVID-19. The subsidy, known as the JobKeeper Payment, will be a payment made by the Government to businesses who have suffered a significant downturn in income (as a result of COVID-19) to help them retain employees.

The details of two Government backed loan programs, designed to help those businesses suffering from COVID-19, have now been confirmed. One, is a Queensland State Government program to be administered by the Queensland Rural and Industry Development Authority (QRIDA). The other, a Federal Government supported program to be administered by commercial banks.

The COVID-19 crisis continues to escalate quickly impacting all businesses. We expect this crisis will worsen making planning and cashflow management critical for all businesses, not just those in initially impacted industries.

The World Health Organisation has now declared COVID-19 (coronavirus) a pandemic. Since its initial identification in Hubei Province, China in November-December 2019, the novel coronavirus outbreak has spread outside the region, affecting more than 20 countries and impacting health, trade, travel and the global economy.

The Superannuation area is a constantly changing environment with further proposed changes planned for 2020. Fund members should be aware of opportunities that are available to them, how the ATO target areas may impact them and future proposed changes.

No one wants to be audited and we have no reason to suspect you will be. But did you know that the ATO raised an additional $16.9 billion in the 17/18 financial year through increased audit activity?

No one wants to be audited and we have no reason to suspect you will be. But did you know that the ATO raised an additional $16.9 billion in the 17/18 financial year through increased audit activity?

The Government has recently legislated significant changes to Company Director Penalties. These changes have been introduced in an attempt to discourage corporate and financial sector misconduct. Key changes include, expanding the penalty regime to a wider range of scenarios and introducing harsher penalties for offences.

Consider Innovative companies – your mind goes to Apple, Samsung & Google. These major tech companies are generally your first thoughts when it comes to innovation. Here in Far North Queensland (FNQ), our farmers and primary producers are also very active with developing their own innovative practices.