We hope you are well and coping with these extraordinary times.
In discussions with many of you last week, there has been a lot of interest in determining the financial implications of many of these new tax initiatives.
In the latest edition of the Monthly Client Alert, these new important developments up to and including 30 March 2020 are explained.
- Government’s 3rd Stimulus Package
Announced yesterday, this package is designed to save Australian jobs impacted as a result of COVID-19. - COVID-19
Summarises the main ATO and administrative changes, concessions and payments and ways to access more information.
• ATO Administration Support
• What’s in it for you
• Business initiatives and measures
• Household stimulus for Pensioners
• Personal – Increased Income
– Super early release
• State Governments - Extra Resources
Attached is a separate resource containing links to important COVID-19 updates and support at both a Federal and State level (Click here or use the button below to access the link). - Working from Home (Non-Farmers)
What can I deduct? You may be able to claim a deduction for extra costs you incur. Please contact us. - Scams – Targeting natural disaster victims (fires, floods)
If you have fallen victim to a tax-related scam, contact the ATO as quickly as possible. - Super Guarantee Amnesty for Employers
Good for Small Business and Farmers too. An Amnesty is now on for Employers in relation to unpaid employee Super Entitlements from 1 July 1992 to 1 January 2018. You can get your books up to date with no penalty. Employees will be happy too.
Please stay safe and do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.