On 30 March 2020, the Australian Government published a fact sheet to provide more information on JobKeeper payments as the third stage in stimulus and support packages to assist with COVID-19 impacts.
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.
In response to the impact of Coronavirus (COVID-19) on the Australian economy, the Federal government announced a stimulus package to assist Australian businesses in general and also provide extra support for some individuals. The business benefits are not automatically applied and some action is needed to claim available benefits where eligible.
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.
Media reports of wages underpayments by high-profile employers have drawn focus on the importance of wages compliance for small business owners, who may need professional guidance on payroll calculations to ensure peace-of-mind.
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.
On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.
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?
For many businesses, Xero doesn’t need an introduction. But if you’re not familiar with Xero, it’s cloud accounting software that allows access to your business finances anytime from anywhere via your internet-connected device. Xero lets you collaborate with your accountant, bookkeeper, and staff in real-time. Billings + Ellis is proud to be a Xero partner and even prouder to have recently achieved Xero Gold Partner status. So how does an accounting firm become a Xero Gold partner and what are the benefits?
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