Victoria lockdown business support package announcement

CIRCUIT BREAKER BUSINESS SUPPORT PACKAGE updated Monday June 7th

 

In response to Victoria’s latest 7-day stage 4 lockdown, the State Government has announced three grants to assist businesses feeling the impact.

These grants include:

  • Business Costs Assistance Program
  • Licensed Hospitality Venue Fund
  • Temporary Covid Disaster Payment
  • Victorian Events Support Package

 

Keep reading for more information on each grant:

BUSINESS COSTS ASSISTANCE PROGRAM ROUND TWO

Applications for the Business Costs Assistance Program Round Two are now open and remain open until 11.59pm Thursday 24th June, 2021.

Please see the links below for the guidelines and eligibility criteria along with the ANZSIC industry code listing for businesses deemed eligible to apply for this grant.

Program Overview

Eligible ANZSIC classes

**Please note that we are able to complete grant applications on your behalf – fee applicable.

LICENSED HOSPITALITY VENUE FUND 2021

Applications for the Licensed Hospitality Venue Fund 2021 are now open and remain open until 11.59pm Thursday 24th June, 2021.

**Please note that applications for this grant will be sent via email from Business Victoria to those businesses with an eLicence email address.

If you do not currently have an eLicence email address you will need to set one up by 20th June, 2021 in order to receive a grant application.

Please see link below for the guidelines and eligibility criteria.

Program Overview

**Please note that we are able to complete grant applications on your behalf – fee applicable.

TEMPORARY COVID DISASTER PAYMENT

A Temporary COVID Disaster Payment has been announced by the Federal Government  to help those unable to earn an income during the lockdown restrictions. This payment will be available as of Tuesday 8th June, 2021 through Services Australia and you can apply online through your MyGov account. There will also be a hotline number announced for those who do not have access to online services.

The eligibility criteria includes:

  • Aged 17+
  • Have less than $10,000 in liquid assets
  • Australian resident or permitted to work in Australia
  • Work or live in government determined hotspot
  • Unable to attend work or earn an income because of restrictions
  • You are not receiving income support or other pandemic payment

There are two levels of weekly payments available as follows:

Work more than 20 hours per week – $500 per week Work less than 20 hours per week   – $325 per week

A person must also declare that they would have worked during the week(s) if there was no lockdown conditions and will lose income because of it. They must also declare that they do not have any access to special pandemic or sick leave , or if they do that they have used it all.

Please see the link below for more information:

Payment overview

We will update this post when further information is available.

For more information click on the link below:

More information.

Please contact our office for further support in relation to any queries you may have regarding these grants.

Buying a house is such an exciting time, that sometimes the most important pieces get glossed over, only to come crashing down later on in the purchasing process – with little you can do about them then.

We want the process of purchasing a house to be an exciting and happy one, so here are the top 5 questions you should be asking about the property you’ve got your eye on, to make sure it’s a good decision for your heart as well as your wallet.

 

Questions to ask before buying a house:

Do I need a building inspection done on the house I want to buy?

YES!

A lot of people sign contracts ‘subject to a building inspection’ which is a great way to safe guard yourself against uncovering major structural defects not visible from the outside. Although a contract signed with this condition will allow you to withdraw from purchasing the property if any major issues are found, it doesn’t safeguard you against any minor defects found.

Even though the word minor sounds ok, it could still mean you’re out of pocket thousands of dollars to fix so, we recommend getting a building inspection completed BEFORE you put in an offer. This way, you can adjust your offer according to what’s found, or you can walk away will your deposit still in your account.

 

What do I need to know if the previous owners have renovated the house themselves?

With a plethora of home renovation shows on the box these days, it appears every second person thinks they’re a bona fide tradie. If there has been work done to a property by the owner in the six years and six months pre-contract, they automatically become an owner-builder and must, by law, include a Defects Report in the Section 32 for the property. Even if they didn’t need a Building Permit to complete the works – it doesn’t mean they can sell the house carefree.

If there is no Defects Report in the Section 32, you will almost certainly be able to withdraw from the contract at any time prior to settlement.

 

Can I sign the contract without engaging a conveyancer?

Although it may seem obvious, so many people sign contracts without getting legal advice first. You wouldn’t buy a second-hand car without getting it looked over by a mechanic, so why buy a house without having the contract looked over first? Conveyancers know what they’re looking for in property contracts and can identify hidden details before you sign your hard-earned money away.

Here at the Hrkac Group, we look over your contracts for free – so it’s really a no-brainer.

 

Where should I buy an investment property?

So you’ve worked hard and saved some money and you’re looking to invest in property. Great, but looking for an investment property and looking for a house to live in yourself are completely different.

Remember, if you’re looking for an investment property, you’re not planning to live in it yourself so you can expand your horizons. Look outside the suburbs you want to live in, you don’t even have to like it – that doesn’t mean it’s a bad investment.

You’ll need to decide what sort of investment property you’re after though – do you want high rental income, or capital growth promise? Looking for a low maintenance place, or are you capable of being the on-call handyman?

 

Should I put my name on the contract?

If you own a business, it could be a smart move to leave your name off the house contract. To protect your assets, so that if you get sued at work, putting your partner’s name on the contract will remove that asset from the proceedings, keeping it protected against being taken in the legal settlement.

Although this sounds simple enough, there are always other factors to consider – like the effects this will have on your, and your partner’s tax return. Here at the Hrkac Group though, we are a full-service firm so we have an accounting team, a legal team and a mortgage broking team to cover the entire process in house.

 

So, if you’re thinking about buying a new property, you should start by calling the Hrkac Group and talk to our Legal Services team, and we can take care of things from there. Call us on 03 5224 2366 or contact us here.

The Full Federal Court has ruled the ATO’s discretion in denying certain businesses access to JobKeeper and the cash flow boost was applied narrower than it was intended to be.

  This court ruling was handed down in March, with the ATO confirming they will begin a review of certain previous decisions, using the wider discretion deemed appropriate, to assess if a different outcome is possible.

  This broadening of scope will grant further time for a business to hold an ABN, and further time to provide notice to the commissioner of assessable income or supplies. Robyn Jacobson from the Tax Institute expects ‘it [to] affect thousands of taxpayers’ who were told they weren’t eligible.

  This automatic review of decisions by the ATO will only apply to applications that have met all other eligibility criteria for the COVID-19 stimulus payments. Each case will be reviewed by the commissioner and if overturned, ATO will contact taxpayers individually for more information.

  For more information, including how this might affect you and what happens next, please visit the ATO’s website here.

 
Liability limited by a scheme approved under Professional Standards Legislation. Quote resource: Jotham Lian  30 April 2021