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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Toyota returns $18m in JobKeeper payments

By Cameron Micallef

January 13 2021
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Invest

Toyota returns $18m in JobKeeper payments

By Cameron Micallef
January 13 2021

An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move as “the right thing to do”.

Toyota returns $18m in JobKeeper payments

By Cameron Micallef

January 13 2021
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Mid last year, the car manufacturer qualified for JobKeeper payments when its revenue fell by over 50 per cent as the pandemic led to a sharp decline in car sales.

However, a sudden spike in fourth quarter sales saw 66,000 vehicles sold, up 29 per cent year-on-year.

Toyota president and CEO Matthew Callachor said the company approached the Australian Taxation Office in December to arrange the JobKeeper repayment, amounting to more than $18 million.

“Like most businesses, Toyota faced an extremely uncertain future when the COVID-19 health crisis developed into an economic crisis that even led to dealerships closing for extended periods in Victoria and Tasmania,” Mr Callachor said.

“We claimed JobKeeper payments to help support the job security of almost 1,400 Toyota employees around Australia – the people who are our first priority,” he said.

However, with Australians swapping holidays for cars and nearly one in four opting to buy a Toyota, the Japanese company pulled itself out of a tailspin to post strong sales.

“In the end, we were very fortunate to weather the storm better than most, so our management and board decided that returning JobKeeper payments was the right thing to do as a responsible corporate citizen.

“We are extremely grateful that so many Australians continue to put their trust in Toyota to deliver quality vehicles and services, especially in tough times.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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