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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Buy up and claim: Instant asset write-off could benefit up to 2 million taxpayers
Hurry, hurry! Take advantage of the $30,000 instant asset write-off before the threshold is due to revert to $1,000 on 1 July this year. In the 2019-20 Federal Budget, the…
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Shining a light on your professional obligations
Against the backdrop of seismic changes from the Hayne Royal Commission and recent practitioner audits and investigations, Thomson Reuters recently brought the major regulators together at a live webinar to…
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Capitalising the balance sheet: AASB 16 sets a new standard for leases
With the introduction of the new AASB 16 Leases, lessees are now required to account for the assets and liabilities from operating leases, changing the balance sheet forever. After a…
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Precision needed to meet CGT on small business concession rules
For small businesses selling their business assets, generous CGT concessions may reduce their capital gain and also boost their super.But strict rules apply. Capital gains tax (CGT) concessions can create…
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SMSFs vs other types of funds: Part 2
In this second instalment of our two-part series on the key differences between SMSFs and public offer funds, we look at some important issues relating to insurance and dispute resolution.…
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