Here is our latest edition of our Tax Newsletter, which contains additional information on the Government Stimulus packages including:
- Federal Budget night shifts to 6 October 2020 – The Australian Government recently announced that this year’s Federal Budget will not be handed down until 6 October 2020.
- Coronavirus cash flow boost payments explained – As of the second round of economic stimulus in response to the COVID-19 pandemic, the government has legislated a measure to boost cash flow for employers. However, small to medium employers who intend to claim the “cash flow boost payment” in the hope of receiving an injection of cash should beware.
- Understanding the JobKeeper Payment scheme – The JobKeeper Payment scheme is now open to eligible employers, sole traders and other entities to enable them to pay their eligible employees’ salary or wages of at least $1,500 each (before tax) per fortnight.
- ATO opens applications for early release of super – The ATO has released its application form for the early release of superannuation by individuals impacted by COVID-19.
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