Latest News

Hot Issues
spacer
ATO hit list 2025 – Key Areas Under Review
spacer
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
spacer
Benefits of a business plan
spacer
Roles and Responsibilities in a Business Partnership
spacer
Mixing business and pleasure? Be vigilant this tax season
spacer
30 June 2025 - Tax Checklist - Small (and Micro) Business
spacer
3 more GST fraudsters sentenced under ATO’s Operation Protego
spacer
Evolution of Boeing - 1916 - 2025
spacer
ATO - Targeted Areas of Focus 2024-25
spacer
6 ways to improve your business plan
spacer
Benchmarks for small business
spacer
Beware the early lodgment tax trap, CPA Australia warns
spacer
Tax lawyer flags compliance traps with family trusts
spacer
Superannuation on paid parental leave from 1 July 2025
spacer
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
spacer
Comparison of various Animal Weights
spacer
2025 Tax Planning Guide Part 2
spacer
From 1 July 2025 ATO Interest is no longer tax deductible
spacer
SME confidence and conditions see uptick over Q1 2025, survey reveals
spacer
Depreciation expert urges property investors to leverage tax depreciation
spacer
Buy a business
spacer
Upskilling and self-education costs
spacer
How secure is your super account?
spacer
Freshwater Resources by Country 2025
spacer
Why Might a Lease Dispute Occur?
spacer
2025 Tax Planning Guide Part 1
spacer
$20,000 instant asset write-off
spacer
New Bunnings scam warning
spacer
The Largest Empires in the World's History
Article archive
spacer
Quarter 1 January - March 2025
spacer
Quarter 4 October - December 2024
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
Banks to defer small-business loan repayments for 6 months

Small businesses will be allowed to defer loan repayments for six months under new emergency measures announced by the Australian Banking Association.

       

Australian Banking Association chief executive Anna Bligh said the relief package is expected to apply to $100 billion of existing small-business loans and said it could put “as much as $8 billion back into the pockets of small businesses as they battle through these difficult times”.

“This is a multibillion-dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs,” Ms Bligh said.

The ABA’s announcement comes after the Reserve Bank announced an emergency cash rate cut to a record low of 0.25 of a percentage point.

The central bank also announced it would set up a $90 billion term funding facility for banks to specifically support their small-business clients.

According to Ms Bligh, the banks will put in place a fast-tracked approval process.

“Small businesses can rest assured that if they need help, they will get it. Banks are already reaching out to their customers to offer assistance, and packages will start rolling out in full on Monday,” she said.

‘“While this is first and foremost a health crisis, this pandemic has begun to have serious impacts across the economy, with small businesses beginning to feel the devastating effects.

“Small businesses are the most vulnerable part of economy and present the most pressing need for assistance in the economy today.”

Ms Bligh has advised that any small business who has not already been contacted should contact their bank to apply.

 

 

Jotham Lian 
20 March 2020
accountantsdaily.com.au

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2024 - All Rights Reserved | 333 Canterbury Road, Canterbury VIC 3126 | Tel: 03 9509 3911 Site by Acctweb