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JobKeeper - Latest Update

Treasurer Josh Frydenberg has announced that eligibility for JobKeeper 2.0 will now be based on single quarters, in light of the stage 4 restrictions facing Melbourne.

       

         

The eligibility changes, which will apply nationwide from 28 September, will now require businesses to show the requisite actual decline in turnover for the September quarter alone, rather than for both the June and September quarters as previously announced.

Likewise, from 4 January 2021, businesses will only need to demonstrate a decline in turnover for the December 2020 quarter, rather than each of the June, September and December quarters.

There will also be a change for the start date for employees, with those hired as of 1 July to be eligible for JobKeeper 2.0 from 3 August.

The drop from the current rate of $1,500 per fortnight to two tiers of payments of $1,200 for full-time workers, and $750 for those working less than 20 hours per week, will proceed as announced.

The changes, announced by Mr Frydenberg today, will cost an additional $15 billion, bringing the total cost of the JobKeeper program to $101 billion.

There will be no changes to the original and ongoing JobKeeper program which runs to 27 September, with Mr Frydenberg expecting an additional 530,000 Victorians to receive the wage subsidy as a result of the current six-week stage 4 restrictions.

“The Morrison government is pulling out all stops, doing whatever we can to support Australians through this crisis to maintain that formal connection between employers and employees to help businesses and workers get to the other side,” Mr Frydenberg said.

The changes come as the professional accounting bodies were preparing to call on the Treasury to provide flexibility on the JobKeeper 2.0 turnover requirement, noting that businesses that improved in the June quarter, but subsequently deteriorated in the September quarter, would be unable to access the subsidy.

“Some entities may have started their recovery in June and if you had to satisfy two quarters mutually exclusive to each other rather than cumulative, a lot of entities would have missed out purely because of the secondary lockdowns, and that doesn’t fit with the policy intent,” said Tony Greco, general manager of technical policy at the Institute of Public Accountants.

“JobKeeper rules have to remain flexible and deal with these types of events, and to satisfy two quarters would not achieve that outcome, so we’re very pleased that they have acknowledged that is not appropriate under the current circumstances, particularly for Victoria.”

The Treasury’s fact sheet has now been updated to reflect the change.

 

 

Jotham Lian 
07 August 2020
accountantsdaily.com.au

 

 


Sam El Shammaa

Sam El Shammaa

Director/Financial Planner

For more than 20 years, Sam has been a financial planner helping individuals and families achieve their financial planning goals, by providing advice on Investment Planning; Insurance Planning; Tax Planning; Retirement Planning; and Estate Planning. Working with a network of highly skilled professionals in Sydney he is dedicated to providing high-quality advice and integrated wealth management solutions that simplify and enhance the quality of his clients' lives.

Sam established his own firm in 1997 and has overseen its steady development and growth. Attention to detail, good listening skills and great empathy are symbols of his appreciation by his clients. He has built long-term relationships with his growing client base and aims to provide excellent customer service.

Sam began his financial planning career in 1993 after completing a Bachelor of Science degree in 1991. Since this time he has accumulated many professional qualifications such as:

Sam has volunteered with the Cancer Council of NSW and can be seen almost every year volunteering or participating in the 7 bridges walk.

Away from the business, he enjoys spending weekends with his son. He is also a football (soccer) tragic and is a massive Chelsea FC fan.



George Pereira

George Pereira

Financial Planner

Having worked for national financial planning companies in the past, George has extensive experience in the provision of advice in risk insurance, investments and retirement planning and is focused on forming long-term relationships with his clients.

George has been awarded a Masters of Commerce (Financial Planning) and a Bachelor of Commerce through University of Western Sydney as well as having the Diploma of Financial Services (Financial Planning).


Jane Lim

Jane Lim

Financial Planner

Jane Lim is a friendly character with a bubbly personality. She has the unique ability of making complex information sound simple and easy to digest.

Jane entered the financial services industry in 2006, and worked with big blue-chip financial companies such as Count Financial Limited and AMP Financial Planning Pty Ltd.

She holds a Master's degree in Applied Finance through Macquarie University, and she is a member of the Million Dollar Round Table.

Being a self-confessed "tennis nut", Jane spends many weeknights in the tennis court, and is a frequent member of Sydney's Eastern Suburbs Tennis Competition.

Being a highly motivated professional, Jane is always eager to help her clients on a wide range of financial planning needs.

Paul Jayashekar

Paul Jayashekar

Mortgage Broker/Financial Planner

Paul has been a financial planner for over 15 years helping individuals and families successfully achieve their financial planning goals. He is very focused on building successful long-term harmonious relationships with his clients.

He provides a holistic approach on various aspects of financial advice encompassing areas such as Investment Planning; Insurance Planning; Tax Planning; Retirement Planning and has extensive experience and knowledge in these fields.

Paul's professional qualifications are:

Away from his professional life, he enjoys spending his time with his family doing various activities such as coaching his son and taking him to games. He is a very avid sports fan and a cricket enthusiast.

Christian Tanadinata

Christian Tanadinata

Client Services Manager

Christian joined Capitalwise as Client Services Manager, with backgrounds in both customer service and administration.

Christian is passionate in providing excellent customer service by being attentive to client’s need as well as being able to circumnavigate challenges.

He holds a Master's degree in Commerce specialising in Marketing through the University of New South Wales.

Volunteering is one of his delights in life, where he had spent time being involved with the Centre for Volunteering, St Vincent de Paul's Society, and Sculpture by the Sea in a variety of positions.

Jenny Zhou

Jenny Zhou

Administration Assistant

Jenny is a University of New South Wales graduate who joined the team as an Administration Assistant. She is keen to put her customer service and organisational skills to use, making sure day to day operations run as smoothly as possible.

Outside of work, Jenny focuses her efforts on karate and ice hockey. She can often be found coaching and practicing karate at her alma mater. The rest of her time is spent at one of Sydney’s many ice rinks playing, practicing, or officiating ice hockey.

Max Reinhardt

Max Reinhardt

Financial Adviser
B Econ (Hons) Cert IV FS (MB) Dip. FS (FP) AFB MeSAFAA

Max has over 20 years experience in the finance and lending industry of which over 15 years has been in financial advice. Max attained a Bachelor of Economics honours degree at The University of Sussex in 2004, after which he settled in Australia with his family.

Max has never stopped studying as he is always looking at ways he can better assist his clients and has studied many courses in financial advice, lending and technical analysis as he continues to try and stay ahead of his competitors in terms of the knowledge he can share with his clients.
Max has worked for several large and successful organisations before starting his own business in 2014. He has gained valuable experience from the likes of Lloyds Bank, American Express, HSBC, General Electric, Commonwealth Bank and Westpac. He draws on this vast experience to benefit his clients whilst bringing a much more personal touch than you would get from one of these larger organisations.

Max’s philosophy is to always put his clients first, which is what makes him so successful and popular with his clients, having built a thriving business primarily through referrals from very happy clients.

In order to better serve you, please select the appropriate contact details for the department you are looking for below.

Department Phone Email
Financial Planning (02) 8599 0835 (Option 1) info@capitalwise.com.au
Accounting (02) 8599 0835 (Option 2) accounting@capitalwise.com.au
Conveyancing (02) 8599 0835 (Option 3) conveyancing@capitalwise.com.au