Payroll Tax Relief for SMB’s and Large Businesses As part of the Queensland State Government’s response to the COVID-19 Crisis, they have provided for relief from Payroll Tax, as follows: Small and Medium Businesses All small and medium businesses (payroll up to $6.5M) in Queensland will be eligible for: A two-month refund of payroll tax A…
Government Temporarily Reduces Super Minimum Drawdown The Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20 and 2020–21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements. Superannuation Changes: Remember, We’re Here to Help!…
Temporary Early Superannuation Release Due to COVID-19 Crisis Individuals affected by the COVID-19/Coronavirus crisis may be able to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Applications for a temporary early release are to be made through myGov. What is available and to whom? The total amount accessible with initiative is $20,000 and for an individual to be eligible for early release they must satisfy one…
What is available and to whom? The Government has announced they will provide a guarantee of 50% to Small to Medium Enterprise (SME) lenders for new unsecured loans provided to small businesses (turnover up to $50 million). The loans are to be for working capital and not as part of refinancing arrangements. The Guarantee will apply to new loans from early April to 30 September 2020. Loans…
More Financial Support For Individuals Affected By COVID-19 Subject to legislation passing, job seekers affected by the Coronavirus may be eligible for an increase in payments and also more assistance: Up to $550 temporary Coronavirus Supplement per fortnight Extended eligibility of first $750 Economic Support Payment Payment of second $750 Economic Support Payment Extended eligibility of some payments Making some payments easier to be able to claim Crisis payment Extended eligibility for job seeker payment and youth allowance for…
What is available and to whom? The Government has introduced measures available for businesses experiencing financial difficulty as a result of the COVID-19 outbreak. These include: Reversing any penalties and interest on tax liabilities that have been charged on or after 23 January 2020 Payment deferrals of up to 6 months for fringe benefits tax assessments, income tax assessments, business activity statements and excise Quarterly tax instalment payers…
What is available and to whom? If you have been affected by the COVID19 quarterly tax instalment payers can vary their current and prior PAYG instalments on their activity statement for the March 2020 quarter. How do I get it? To access this option you must vary the number of your PAYG instalments on your March activity statement before the instalment is due. Taxpayers who vary their…
Support now increased to a minimum of $20k and up to a maximum of $100k for employers. What is available and to whom? Small and medium sized business with annual turnover under $50 million that employ workers will now be eligible for a payment equal to 100% of their salary and wages withheld (the PAYGW amounts) for the period 1 January to 30 June 2020 on…
Roadmap of the Government’s Current Stimulus Packages Support for Individuals and Households Income Support for individuals – Coronavirus supplement Payments to support households Temporary early release of superannuation Temporaririly reducing superannuation minimum drawdown rates Reducing social security deeming rates Support for Businesses Boosting Cash Flow for Employers Temporary relief for financially distressed businesses Increasing the…
Here’s what Advivo is doing to help our clients and friends through these turbulent times and we urge you to please contact us sooner rather than later if you would like any assistance with the below. Business Continuity Planning: Assistance with access to Government stimulus measures Verification of your own plan or creating one from scratch Assistance with determining and implementing business strategy …
Fill out the form below and the download link will be sent to your email.