Federal Government releases economic update On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020 to reconcile the Federal Budget position for the Government’s $289 billion in COVID-19 measures. The Treasurer has forecast an underlying cash Budget deficit of $85.8 billion for 2019–2020, rising to $184.5 billion for 2020–2021 (or 9.7% of […]
Federal Government releases economic update On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020, outlining the key COVID-19 policy response measures announced by the Government since March 2020. The Treasurer said the Government has provided economic support for workers, households and businesses of around $289 billion (14.6% of gross […]
The Australian Federal Government has implemented legislation to combat illegal phoenix activities by company controllers which includes the requirement for company directors to obtain a Director Identification Number (DIN). Applying for DIN An ‘eligible officer’ (a director, alternate director or any other officer of a registered body of a kind prescribed by regulations) must apply […]
Tax time 2020 is here Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO […]
Tax time 2020 is here Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO […]
From 1 July, NSW small businesses will be able to apply for a small business recovery grant of between $500 and $3,000. The new grant comes as the state government’s previous $10,000 grants from a $750 million funding pool comes to a halt at the end of the financial year after 49,700 businesses accessed more than $490 […]
Treasury revises down estimated JobKeeper cost by $60 billion The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees likely to be covered under the JobKeeper program to be around 3.5 million […]
Treasury revises down estimated JobKeeper cost by $60 billion The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees covered under the JobKeeper program to be around 3.5 million (down from a […]
Accountants are fielding lots of questions in the COVID-19 shutdown. One of the most confusing is about standing down staff. IN BRIEF – While being ‘stood down’ sounds like a retrenchment or redundancy, it is not the same. Standing down measures are being used to try to save companies from going under and, ultimately, retain […]
Coronavirus cash flow boost payments explained As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers. Put simply, the cash flow boost payments are intended to support employment by providing Federal support for employers through the […]