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COVID-19 Stimulus Package Stage 2

Tax benefits

The Federal Government has announced stage 2 of its economic plan to cushion the economic impact of Coronavirus. Read about the stage 1 package HERE. The 4 parts to the plan are listed below:    1.  Boosting Cash Flow for Employers This applies to: A business or a not for profit entity or charity with an aggregated annual  turnover of less than $50 million per annum ( based on prior…

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COVID-19 – Examples – Stimulus Package

Below are some examples to the different parts of  the Federal Government Stimulus Package which will make it easier for you to understand how it all works: To read about the packages click HERE. 1.  Boosting Cash Flow for Employers a) Sarah’s Construction Business Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings, who each earn $89,730 per year.…

Coronavirus – Small Business Tax Relief

A great concern for small businesses at the moment is the impact the Coronavirus will have on small business and the community at large. The Australian government has therefore brought in various tax relief packages for small business. Below is details of the stage 1 package. Read about the stage 2 package HERE. Small Business Stimulus Package Here are details of how a small business can benefit from the stimulus…

Save money on your mortgage!

Do you want to know how to achieve this? Take the following steps: Phone your bank and ask the following: ” Please can you decrease my interest rate?” If they ask you why, tell them you have been a customer for a long time and you don’t want to move banks. Then wait for their reply. Forget about the most recent reductions they have already applied as a result of…

Coronavirus – Now working from home, what can I claim as a deduction? ( published in Flying Solo 25 March 2020 )

While we are all dealing with this crazy virus, there might be an opportunity to claim some expenses as a result of it. No it’s not the additional time that some people may have spent on a cruise ship, as that would be personal expenses, but rather the need that might arise for people to work from home. Should your employer instruct you to work from home as a result…

Director Penalty Notices will NOW include GST as well

Parliament has passed legislation to include GST in the Director Penalty Notice (DPN) Regime, and it comes into effect 1 April 2020. What is a Director Penalty Notice ( DPN) ? This is a letter from the Australian Tax Office sent to a company director making them up until now, personally liable for two types of tax debts of the company: PAYG Superannuation Now the ATO have added GST to…