The DPN (Director Penalty Notice) regime was extended by legislation passed on 5 February 2020 so that now, a director can be held personally liable if the company has not met its GST obligations, in addition to the pre-existing liability of directors for unpaid company PAYG (pay-as-you-go) withholding and SGC (superannuation guarantee charge) obligations.
On 20 January 2020, the Australian Government announced a comprehensive support package to help small businesses that have been impacted by the bushfire crisis get back on their feet.
The big news on 12 May was the government handing down their second budget. There have been some significant changes announced in the budget and it’s important to understand how these changes will affect you. There wasn’t a lot of tax reform in the budget because of the government’s forthcoming White Paper on Tax Reform, which is considering a number of different aspects of the taxation system in terms of fairness, complexity and how it can be improved. The White Paper on Tax Reform will not be completed quickly. However, it will most likely form the government’s policies leading into the next election.
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