Question
From July 2021 to December 2021, GIRAFE Ltd. received almost $950,000 in job keeper payments from the Australian government. The government gave these payments to
From July 2021 to December 2021, GIRAFE Ltd. received almost $950,000 in job keeper payments from the Australian government. The government gave these payments to the company in order to help it maintain its staff in jobs. Receiving these payments is subject, among other things, on the business's profits having declined by more than 20% before the COVID-19 conditions. GIRAFE Ltd saw a 17% decline in profits for the fiscal year. The Australian government is looking at amending legislation and requiring businesses to repay the payments they have received from Job Keeper if their profits have not decreased by more than 20% because they are concerned that businesses have received Job Keeper payments without significant profits falling. As at balance date the legislation had not passed.
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