We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 24 January 2022.
- COVID-19 vaccination rewards: tax implications – While offering rewards or incentives for being vaccinated can be an effective way to help employees and customers to stay safe and businesses to stay open, it’s important to consider that there may be some tax consequences involved for your business.
- Free mental health support for small business – The Federal Government has announced additional funding to extend the availability of free mental health support to small business owners dealing with the current pandemic and recent natural disasters.
- Changes to recovery loan scheme for small and medium enterprises– The SME Recovery Loan Scheme is available to eligible small and medium businesses with up to $250 million turnover, including sole traders and non-profits, but some of its conditions have now been fine-tuned.
- Need more money in retirement? – Retirees who own their own home and need more money in retirement can now access a voluntary non-taxable fortnightly loan payment through the Home Equity Access Scheme.
- Income protection insurance in super: beware of offsets – While income protection insurance through super has the advantage of providing a regular income for a period if you can’t work due to temporary disability or illness, ASIC has raised concerns about the lack of information given to super members, particularly about “offset” clauses.
- Fuel tax credit increase – Fuel tax credit rates increased on 1 February in line with fuel excise indexation.
TOURISM, HOSPITALITY AND GYM GRANT – DECEMBER 2021
The South Australian Government have introduced a Tourism, Hospitality and Gym Grant to support businesses impacted by the health restrictions put in place at 27 December 2021.
Applications for the turnover based payment are open through the Department of Treasury and Finance application portal found here.
Applications close on 31 March 2022.
COVID-19 BUSINESS SUPPORT PACKAGE – ADDITIONAL ROUNDS, JANUARY 2022
The South Australian Government has introduced further support packages for businesses and organisations impacted by the health restrictions that have been in place since 27 December 2021. The grants in this support package are in ADDITION to the Tourism, Hospitality and Gym Grant and Business Hardship Grant that were announced in December 2021. These packages comprise of:
TOURISM, HOSPITALITY AND GYM GRANT – ADDITIONAL ROUND – JANUARY 2022
To determine whether your business should apply for this grant, view this flow chart. Applications are now open and must be submitted via the Application Portal.
THE BUSINESS HARDSHIP GRANT – ADDITIONAL ROUND – JANUARY 2022
To determine whether your business should apply for this grant, view this easy to navigate flow chart. Applications are now open and must be submitted via the Application Portal.