Monthly Archives: March 2020

Coronavirus stimulus: what’s in it for you – Updated

Updated 24 March 2020 In an effort to combat the economic effects of the global coronavirus pandemic, the government has provided an additional $66.4b in stimulus on top of the $17.6bn stimulus package announced earlier in the month. Details of the updated stimulus package include the following: BUSINESSES Business investment initiatives - the instant asset write-off threshold will be...
Read More

ATO coronavirus administrative support

The ATO has recently announced that it will implement a series of administrative measures to assist taxpayers experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic. The measures that will apply is similar to those for taxpayers affected by the bushfires. However, one important point of difference is that while the bushfire measures...
Read More

Coronavirus concessions: State governments

Following on from the Federal government’s $17.6bn stimulus package unveiled last week for the coronavirus (COVID-19), some State governments have announced various concessions to support businesses and keep the local economy moving during this difficult and uncertain time. NSW - businesses with payrolls of up to $10m will have their payroll tax waived for 3-months. In...
Read More

SMSF investment strategy: diversification requirements

The ATO has released further guidance on investment strategy requirements for trustees of self-managed superannuation funds (SMSFs). The guidance comes on the heels of ATO contacting 17,700 SMSFs in late 2019 where the SMSF annual return data indicated that they may be holding 90% or more of their retirement savings in one asset or a...
Read More