{"id":5466,"date":"2021-12-09T11:18:26","date_gmt":"2021-12-09T00:18:26","guid":{"rendered":""},"modified":"2021-12-16T10:49:21","modified_gmt":"2021-12-15T23:49:21","slug":"business-update-8-december-2021","status":"publish","type":"post","link":"https:\/\/ghr.com.au\/business-update-8-december-2021\/","title":{"rendered":"Business Update \u2013 8 December 2021"},"content":{"rendered":"

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.<\/p>\n

Queensland Border Reopening Requirements<\/h3>\n

The Queensland border will open<\/a> at 1 am on 13 December, earlier than expected. Fully vaccinated people from declared \u201chotspots\u201d \u2013 that includes NSW, Victoria and South Australia- will be able to enter by road or air.<\/p>\n

Those crossing into Queensland from a declared hotspot require evidence of a negative PCR test in the 72 hours prior to crossing the border. After arriving, those from hotspots must also take a second test after five days. Meanwhile, international arrivals will still have to quarantine.<\/p>\n

Rules will come into effect on 17 December to allow only vaccinated people into some public spaces.<\/p>\n

Pfizer Vaccine Approved for Children 5 to 11 Years Old<\/h3>\n

The Therapeutics Goods Administration has provisionally approved the Pfizer COVID-19 vaccine<\/a> for children between the ages of 5 and 11. According to the Health Minister, the rollout could begin from 10 January.<\/p>\n

International Students Return to Australia<\/h3>\n

The first group of 250 international students is in quarantine after flying into Sydney under a COVID-19 pilot scheme to boost the education sector<\/a>.<\/p>\n

Onboard the flight from Singapore were nationals from more than 15 countries who will be placed in quarantine.<\/p>\n

$540 Million to Expand COVID-19 Response<\/h3>\n

The government has invested an additional $540 million in response to the COVID-19 pandemic<\/a>, including significant funding to keep Australians safe and for COVID-19 testing.<\/p>\n

The existing Refundable Accommodation Deposit (RAD) Support Loan Program will also be extended to continue to support the residential aged care sector.<\/p>\n

Less Than 6% of $4.2 Billion Received in Jobkeeper Repaid<\/h3>\n

Australian companies listed on the stock exchange repaid just 5.73% of the $4.2 billion in Jobkeeper<\/a> they received over the past two years, according to data released by the Australian Securities and Investments Commission.<\/p>\n

They repaid just $26.8 million in 2020, but amid rebounding profits and political pressures, this increased dramatically to reach $241 million in 2021.<\/p>\n

Support for Farmers to Increase Soil Carbon<\/h3>\n

The government is working with Australian farmers to help lower emissions and realise new commercial opportunities through soil carbon projects.<\/p>\n

According to Minister for Industry, Energy and Emissions Reduction Angus Taylor, a new Emissions Reduction Fund<\/a> (ERF) method will make it easier for farmers to generate income from increasing soil carbon.<\/p>\n

This could create a new revenue stream of more than $2.4 billion annually for farmers and land managers. The Long Term Emissions Reduction Plan also shows increasing soil carbon could reduce our emissions by between 4 and 16%.<\/p>\n

FBT Implications of Christmas Parties<\/h3>\n

As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organising gifts for their staff. With this, it\u2019s important to be aware of the fringe benefits tax (FBT) implications of these.<\/p>\n

Because there is no separate FBT category for Christmas parties, here are some ATO guidelines<\/a> to keep you on track:<\/p>\n