Further Details on JobKeeper Payment and Other Reliefs Announced since 31 March

The legislation for the JobKeeper Payment Scheme has now been passed into law. The proposed subsidy was announced in the Government’s third stimulus package (outlined in our most recent newsletter), and the finer details of eligibility for this subsidy and obligations for those receiving it are now available. It is the single largest piece of government spending in Australian history. …

Third Federal Coronavirus Stimulus Package and Other Reliefs Announced This Week

The details of the third support package have now been announced by the Federal Government – estimated to be worth $130 billion, in addition to the $84 billion already committed in the earlier two packages. JobKeeper Wage Subsidy – To help your business continue paying employee wages Applicable period – From 30 March for up to 6 months (the 6 …

Second Federal Coronavirus Stimulus Package and Other Reliefs

The federal government has now officially announced part two of its COVID-19 stimulus plan to give further support to affected businesses, workers and the broader community. Below is a summary of the key updates in addition to the First Federal and State Government Stimulus Package (announced on 12 March 2020) which will directly impact you and your business. We also …

COVID-19 Stimulus Package WA

New stimulus packages have recently been introduced by both the Federal and State Governments, to support small and medium sized businesses through the impact of the Coronavirus Covid-19. At the time of writing it is reported that a second Federal Government package is currently under review, with further measures expected to be announced well ahead of the May 2020 Budget. …

Income Protection – what you need to know

The Australian Prudential Regulation Authority (APRA), the organisation in charge of regulating life insurance companies dropped a bombshell on the Life Insurance industry in December last year. APRA wrote to insurers outlining new measures they are imposing to protect the life insurance industry. Insurance companies will be required to structure their Income Protection products according to these measures. What is …

Why is the RBA cutting rates and what does it mean for me?

The Reserve Bank of Australia (RBA) at its October meeting has once again cut interest rates, with the cash rate now sitting at an all-time-low of 0.75%. This is the third cut we’ve seen within six months, and speculation suggests the rate may be headed for the chopping block again in future. Are you wondering what this change could mean …

Are you at risk of outliving your Superannuation?

Recently, you might’ve read a few articles about Australians outliving their superannuation. Many of the headlines have been a bit ‘doom and gloom’ citing Aussies will run out of super about 10 years before they die. And while that’s not a very pleasant thought, is that really the whole story? Let’s look behind the headlines and try to figure out …

Understanding Labor’s proposed changes to negative gearing and CGT

With the Federal election due to be called any day now, Labor’s proposal to reform negative gearing and the capital gains tax discount is once again in the political spotlight. As housing affordability begins to improve, a change in government (which could lead to a change in political agendas) is likely to have far-reaching implications for potential buyers, small businesses …

The do’s and don’ts of submitting work related claims

Work Related Car Expense Claims The Australian Tax Office has announced that it would be closely examining claims for work-related car expenses as part of a broader focus on work related expenses. Unfortunately, there have been cases where taxpayers have made mistakes on their claims or have submitted false work-related car expense claims, which has led to stricter measures being …