Latest news - Forvis Mazars

Covid-19 is no reason for taking your eye off the ball on wages compliance

We are all being impacted in different ways by Covid-19. We are under pressures in running our businesses that have never occurred before. For many businesses making small savings day to day may well be the difference between continued operation and having to throw our hands in the air and give in. In these difficult times, we would all be forgiven for thinking that now is not the time to introduce new penalties, however a number of State governments do not agree with this sentiment. Victoria, and now Queensland have passed legislation which not only makes it an offence to underpay employees, as it already is, but they have introduced the additional penalty of potential imprisonment for business owners and operators.

Government support for Victorian businesses

Victorian businesses within metropolitan Melbourne and Mitchell Shire that have been affected by Stage 3 coronavirus restrictions now have access to an additional financial support package.

2020 Economic and Fiscal Update Summary

On 23 July 2020 the Australian Government released an Economic and Fiscal Update which unveiled the impact COVID-19 has had on Australia’s economy and financial position. Mazars have summarised the key facts and figures contained in the Update or Mini-Budget as it has been commonly referred to.

Jobkeeper 2.0 – What we know and what it means for employers

On 21 July 2020 the Federal Government announced the future plans for the Jobkeeper wage subsidy. The current program will conclude at the end of September 2020, and an alternative version of the Jobkeeper wage subsidy will then commence for employers who meet the ongoing eligibility criteria.

COVID-19 Government Support Package Changes

On 7 August 2020, the Federal Government announced further proposed changes to the JobKeeper payment.

The removal of Special Purpose Reporting

For many years, directors of for-profit private entities have enjoyed the liberty of determining the type of financial statements that they will prepare for an entity. This discretion to prepare an often much less detailed set of Special Purpose Financial Statements (SPFS) to meet their reporting requirements is soon to be removed.

COVID-19 recovery grant for NSW small businesses

As the country starts on its road to recovery from COVID-19, with most states gradually lifting restrictions on gatherings and business trading, many businesses are starting to reopen and trade again. If you run a small business in NSW that has experienced a decline in turnover as a result of COVID-19, you may be eligible for a small business recovery grant of between $500 and $3,000.

Do you employ an Army, Navy or Air Force Reservist? If so, do you know your obligations as an Employer?

Mazars HR is proudly an employer who supports Defence Reservists. In our experience, the benefits far outweigh the responsibilities, even though having your valued employees absent from time to time can be a challenge.

COVID-19 implications for M&A transactions

Extended periods of volatile economic and market conditions have been shown to reduce M&A activity. As the coronavirus disease 2019 (or Covid-19) plagues the world, sectors such as manufacturing, tourism, energy, retail and transport are hit hard by the loss of revenue.

Mazars promotes two new Partners in Melbourne Office

Mazars is delighted to announce the promotion of two new partners in our Melbourne office. These promotions reflect our commitment to developing the careers and capabilities of our people across the firm to deliver the right solutions to grow and protect the wealth of our clients.