Posts

Summary of Corona Virus updates

Second stage of government stimulus package for 2020

On 22 March 2020, the Australian government announced the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Here is a summary of key points in the government stimulus package.

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Super Guarantee amnesty for employers

Super guarantee amnesty helps employers with unpaid SG liabilities for a strictly limited time

The super guarantee (SG) amnesty, introduced by the government on 6 March 2020, allows employers to disclose and pay any unpaid super guarantee charges (SGC) that they owe for their employees, from quarters between 1 July 1992 and 31 March 2018, with nominal interest but without risk of incurring potentially huge penalties.

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Small business instant asset write-off

Update on small business instant asset write-off for 2019-2020

The instant asset write-off scheme for small business has been extended and the threshold increased from $20,000 between 1 July 2018 and 28 January 2019; to $25,000 between 28 January 2019 and 2 April 2019; and up to $30,000 between 2 April 2019 and 30 June 2020. Are you one of the 47% of business owners who don’t seem to know about this potential benefit?
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Mineral Resource Tax

Repeal of the Mineral Resource Rent Tax

Recently the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 received Royal Assent. Amongst other things, this Bill repeals various measures brought in by the previous Labor government including:

  • Abolition of the mining tax from 1 October 2014;
  • Abolition of the company loss carry-back from 1 July 2013;
  • Reduction of the instant asset write-off from 1 January 2014; and
  • Abolition of accelerated depreciation for motor vehicles from 1 January 2014.

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