Temporary Early Release of Superannuation Now Available
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 [...] Government guarantees loans to support businesses
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 [...] Social Security Measures and Assistance for Individuals
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 [...] ATO Assistance and Deferrals Available
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 [...] Pay As You Go (PAYG) income tax instalment variations and refunds now available
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 […]
Boosting cash flow for employers
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 [...] Roadmap of the Government’s current stimulus packages
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 […]
Advivo – We’re here to help!
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 [...] New Government Stimulus Package & Help from Advivo
What the Government’s Corona/COVID-19 Stimulus Package Means For You and Your Business The Government has announced the details of a $17.6b stimulus package to support businesses through the COVID-19 crisis. Many of Advivo’s clients and friends will be eligible for parts of this stimulus package and the Advivo team are available and able to help […]
Changes to Modern Awards are now affecting the use of Annual Salaries!
From 1 March 2020, employers who currently pay annualised salaries to employees covered by certain Modern Awards must comply with new changes, record-keeping and reconciliation requirements… Are your employees covered by a modern award? If so, your business may soon be affected by changes to Modern Awards… The number of recent public cases of employers […]