Australia Retailer Nick Scali will repay $3.6 million in JobKeeper payments

15:36  11 february  2021
15:36  11 february  2021 Source:   smartcompany.com.au

Qld keeps pressure on JobKeeper extension

  Qld keeps pressure on JobKeeper extension Queensland is holding firm on calls for the federal government to outline more support for its tourism industry as the end of JobKeeper support looms.Queensland continues to pressure the federal government to outline support for the tourism sector as operators face 'sleepless nights' at the prospect of being cut off from JobKeeper payments.

Furniture retailer Nick Scali has backtracked on an earlier decision not to repay millions of dollars in JobKeeper payments and will instead give back $3.6 million in subsidies it received in the current financial year.

a store filled with lots of counter space: Westfield © Provided by Smart Company Westfield

The Nick Scali board announced the repayment in a statement on Monday night, just days after releasing its half-yearly results last week.

Last Thursday, the retailer revealed its underlying net profit grew to $40.5 million, and sales increased by 24.4% to $171.1 million, for the six months to the end of December 2020.

During the same six-month time period, Nick Scali received $3.6 million in JobKeeper wage subsidies and other assistance.

Nick Cannon contracts COVID-19 as Niecy Nash hosts The Masked Singer

  Nick Cannon contracts COVID-19 as Niecy Nash hosts The Masked Singer The 40-year-old is currently resting at home in quarantine, and Fox expects him to return to the show later in the season. Meanwhile, Nash, 50, begins production Thursday.The former Nickelodeon star has tested positive for COVID-19, just days before production begins.

In the statement on Monday, the Nick Scali board said the JobKeeper payments were of “great assistance at the height of the pandemic — enabling the company to provide security of employment during a particularly uncertain time”.

The company said it is “very appreciative” of the JobKeeper program, which helped it pay employees during the stage four lockdown in Melbourne in August, September and October, and during more recent forced store closures in South Australia and Western Australia.

However, the company said it will return the funds to the federal government as it “fully recognises that it has benefited from the increased consumer confidence this program has created, which resulted in record sales and net profit after tax”.

Hundreds of Victorian businesses ordered to pay back cash grants

  Hundreds of Victorian businesses ordered to pay back cash grants Hundreds of Victorian businesses crippled by the coronavirus pandemic have been ordered to pay back their much-needed cash grants due to a major government blunder. The cash injections were given to thousands of hospitality businesses devastated by the state's gruelling lockdown from the Licensed Hospitality Venue Fund.But 9News can reveal more than $3.1 million in grants were wrongly paid to 293 licensed venues, with the helping hand now turning into a debt that needs to be repaid.

Nick Scali also received $3.9 million in wage subsidies in the first six months of 2020, however, the business is not repaying these funds.

Nick Scali now joins a growing list of larger businesses that are paying back JobKeeper amounts, including Toyota, Super Retail Group, Iluka Resources and Domino’s.

A number of other retailers are under pressure to join this group, having recorded strong financial results during the pandemic, including Premier Investments, Accent Group and Harvey Norman.

Federal Labor MP Andrew Leigh has been leading the calls for such businesses to give back the wage subsidies, and SmartCompany readers have also weighed in on the issue.

In response to this article about Nick Scali last week, one reader suggested returned JobKeeper funds “could be used to reduce debt or used in continued assistance to those sectors requiring further help”.

“The intent of the government was to assist business entities during the tough economic time and not to profiteer,” they added.

Labor warns tourism job hit post-JobKeeper

  Labor warns tourism job hit post-JobKeeper Opposition Leader Anthony Albanese has warned the tourism sector could face business closures and job losses when the JobKeeper program ends in March.The opposition leader is touring far north Queensland, where the tourism sector has been hit hard by the COVID-19 pandemic, particularly by the closure of international borders.

Another reader said all companies that return JobKeeper subsidies “should be widely praised and supported by consumers and governments”.

“Those that do not should be named and shamed.”

The National Audit Office is currently reviewing the Australian Taxation Office’s administration of the multibillion-dollar scheme.

The post Retailer Nick Scali will repay $3.6 million in JobKeeper payments appeared first on SmartCompany.

Nick Cummins is on the hunt for adventurous women to 'go rogue' .
He recently launched a company called Rogue Gentleman's Club designed to help men navigate life by taking them away from it all on missions in the Outback. And on Wednesday, former Bachelor Nick Cummins announced he was open to expanding his business and looking for female adventure lovers to go 'off the grid'.Uploading a video of what recruits can expect on the camping trip, Nick, 33, filmed himself sitting on the edge of a helicopter while overlooking a nature reserve.

usr: 1
This is interesting!