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Reminder: super changes for the 2021 financial year
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Recontributions of COVID-19 early released super
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Lockdowns and mental health
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Unemployment rate falls to 12-year low
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World's largest armies 1816 - 2020
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Extra 'super' step when hiring new employees
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Government expands SME loan scheme eligibility
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Quarter 1 of, 2020 archive
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Covid-19 Update - Small Business
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PM launches $17.6 billion virus stimulus plan
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SG amnesty bill passes Parliament
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ATO flags most common SMSF return mistakes
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Expected GDP by country 2010 to 2100
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ATO expands small business review pilot
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A resource hub for our clients.
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Risks when dating documents in 2020
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Australian Taxation Office (ATO) debts may affect your credit rating
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Statistical picture of Australia - Update
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Absentee Property Owner – Tax Whack - Victoria
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Debate heats up around $10k cash ban bill
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There’s still time to move to Single Touch Payroll (STP)
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Real Time World Population Growth - Wow!!
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ATO audits continue to target Lifestyle assets
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Property deduction errors down to ‘lack of understanding’: ATO
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Data can be great stuff! - Australia
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GST refunds for returned imported goods
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14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
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Bushfires 2019–20 (ATO)
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Accounting profession responds to bushfire crisis
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Helping your business survive a natural disaster - ATO
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Single Touch Payroll (STP) – now ensure super is paid on time.
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Beware of Australian Taxation Office (ATO) impersonation scams
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Australia by the Numbers
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‘Visible, valued and owned’: ATO outlines super priorities for new year
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Introductory Rates & Interest Free Periods
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AcctWeb article april 2020
PM launches $17.6 billion virus stimulus plan

The Prime Minister has announced a stimulus plan to curb the economic impact of the coronavirus and keep “Australians in jobs and businesses in business”. 

           

The package, aimed to provide an immediate stimulus to the economy, will be worth $17.6 billion, with a projected impact of $22.9 billion.

It includes tax relief for small businesses, a $750 one-off cash payment for welfare recipients and wage assistance to keep apprentices in work.

“Each measure is temporary, each measure is targeted, and each measure is proportionate to the challenges we face,” Treasurer Josh Frydenberg told media in Canberra. 

Prime Minister Scott Morrison confirmed that the government plans to spend $11 billion before June 30 this year, with the remainder to be injected into the economy before the end of the next financial year.


"This plan is about keeping Australians in jobs. This plan is about keeping a business in business, particularly small and medium-sized businesses, and this plan is about ensuring the Australian economy bounces back stronger on the other side of this and, with that, the Budget bounces back with it," Mr Morrison told media. 

Under the plan, the government is lifting the threshold for the instant asset write-off from $30,000 to $150,000, and expanding it to businesses with an annual turnover up to $500 million, up from $50 million. It has also announced a 50 per cent accelerated depreciation deduction above existing deductions, which will be available to June 30, 2021.

Additionally, businesses with turnover up to $50 million will receive a tax-free cashflow boost for employers worth up to $25,000, designed to help pay wages. 

It has also set up a coronavirus regional and community fund aimed to assist those in the most impacted areas such as tourism and export. 

 

 

Maja Garcia Djurdjevic
12 March 2020
mybusiness.com.au

 

 

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