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Monthly Archives: October 2020

2020-21 BUDGET ANNOUNCEMENT

2020-21 BUDGET ANNOUNCEMENT
The Government budget announcement on 6 October 2020 for 2020 – 2021 financial year was delayed the from the usual delivery date of the second Tuesday in May as a result of COVID -19. The Government’s big spending and cash splash budget announcement was in response to the forecasted economic impact of COVID 19. GDP declined...
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Helping hand from the ATO for struggling businesses

Helping hand from the ATO for struggling businesses
With the country officially in recession, the ATO is getting ready to help businesses that are struggling due to the economic downturn caused by COVID-19. It expects that for the 2019-20 and 2020-21 years, many businesses that ordinarily turn a profit may be making a loss, and for some businesses it may be the first...
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Flexibility for SMSF membership coming soon

Flexibility for SMSF membership coming soon
The government has recently reintroduced a Bill to Parliament that proposes to increase the maximum number of allowable members from 4 to 6. The contents of the Bill were previously contained in the 2018-19 Budget and introduced into Parliament before being unceremoniously dropped due to lack to support from the Opposition at that time. The...
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State governments’ further COVID-19 support

State governments’ further COVID-19 support
With the ongoing nature of the COVID-19 pandemic continuing to affect the economy along with the effect of border closures, it is no surprise that many state governments have opted to increase the amount of support offered to businesses and individuals situated in their respective states. In Victoria, the government has announced the following support measures: Payroll...
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