The Australian government’s COVID-19 superannuation reforms pose a number of challenges and pitfalls for fund trustees, an industry official warned.
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Parliament passes JobKeeper Payment legislation
Legislation to implement the Government’s “JobKeeper Payment” scheme was passed by both houses of parliament late on 8 April 2020. The package of four Bills seeks to provide the framework to implement the plan announced by the Prime Minister on 30 March 2020.
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Additional $66bn for business in second Government stimulus package
The Treasurer said this second economic response package brings the Government’s total package to $189bn (or 9.7% of GDP), when combined with the initial $17.6bn package announced on 12 March 2020, and the $105bn of RBA funding to support lending to SMEs.
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$130 billion lifeline for businesses to keep workers
In the third and largest economic stimulus package the Federal Government has announced a JobKeeper Payment to help eligible employers retain their staff during the Coronavirus crisis.
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Coronavirus: Govt announces $17.6bn stimulus package
Coronavirus: Govt announces $17.6bn stimulus package; cash payments for business; instant asset write-off increased to $150k; $750 for pensioners
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Phoenixing in ashes: new law targets accountants
A new law to stop companies transferring assets to avoid their liabilities could also have serious impacts for their advisers, with new civil penalties set to be imposed.
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