If your business is thinking of hiring new staff, now is the time, the Government will pay employers a subsidy of sorts for each eligible young worker employed over the next 12 months. The amount of the payment depends on the age of the employee, but may be up to $200 per week for those aged 16 to 29. The rules are not overtly complex, but the scheme is limited to certain types of employees and there are several key conditions that apply to both employers and the new employees so care should be taken

In his second Budget, the Treasurer, Josh Frydenberg has unleashed $300bn to support the economy and get growth back on track. With Australia’s unemployment rate at a 22-year high, it’s no surprise that this Budget is all about job recovery. To encourage private enterprise and businesses of all sizes to hire new employees the government announced some significant business measures including extension of small business tax concessions, outright deductions of capital assets until 30 June 2022, loss carry-back, and clarification of the corporate residency test.

The ATO has outlined options for businesses struggling with the economic downturn including deduction of business losses and offsetting losses in future years. It is also assisting taxpayers with waiving interest and penalties in certain circumstances.