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Special Tax Topics 2020: Tax issues in recessionary times: JobKeeper 2.0 and other issues (October 2020, Integrated)


For at least the last 10 years the Australian economy has allowed SMEs and SBEs to trade profitably. However, because of recent drought, bushfires and, now, the COVID-19 pandemic it is likely that the Australian economy will fall into recession despite the massive fiscal stimulus response from Federal, State and Territory Governments.

This session, our third in a series of Tax Issues in Recessionary Times, looks at issues relating to the extended JobKeeper scheme and cashflow boost receipts by PSI companies.

This sessions outlines the JobKeeper 2.0 rules and explores the interaction of the personal services income (PSI) rules with the cash flow boost


Learning Outcomes

On successful completion of this topic, participants should be able to:

  • Explain the rules as to how a business qualifies for the extended JobKeeper scheme
  • Outline how a business determines its eligible employees (and the relevant wage subsidy per eligible employee) under the extended JobKeeper scheme
  • Explain how the extended JobKeeper scheme basic decline in turnover and alternative tests operate
  • Explain the taxation issues associated with a PSI company receiving the cash-flow boost and the payment of these funds out as salary and wages or dividends

  • Benefits

    This session will help you to navigate through the uncertainties and changes arising as a consequence of the COVID-19 pandemic.

    James McPhedran

    Senior Tax and Superannuation Trainer

    James has 18 years’ experience in the industry, including roles at the Big Four accounting firms and advisory roles at mid-tier firms. He has been an educator with Chartered Accountants ANZ for 9 years. His advanced knowledge of taxation and superannuation has allowed him to focus on small to medium enterprises and high net worth individuals. James holds a bachelor’s degree in law and economics from the University of Queensland and a Masters of Taxation from the University of Sydney.


    Peter McGinty

    Senior Tax and Superannuation Trainer

    Peter has degrees in commerce and law from the University of Melbourne. He has more than 30 years’ experience in a chartered practice that focused on tax issues affecting family businesses, small and medium enterprises and high net worth individuals. Peter is an experienced tax trainer and is well regarded for his practical approach to staff training.


    EVENT DETAILS


    Topic: Financial Advisory and Superannuation, Tax

    Sub-Topic: Business Tax, Employment Taxes - PAYE, PAYG & FBT, GST, Income Tax (inc CGT), International Tax, State/Territory Taxes, Tax Administration

    Format: Recorded Webinar

    Proficiency Level: Foundation, Intermediate

    CPD: Upto 1.5 hours