News Updates

The health and economic impacts of the coronavirus increased exponentially in March, as did the response of national governments and central banks, below is a video to assist you to stay up to date with the latest indicators.

On April 7, the Government announced new commercial rental waivers and deferrals for tenants that have been severely impacted by the coronavirus crisis.

In this latest round of Coronavirus stimulus, the government has bought out the big guns in an effort to help people keep their jobs amidst the economic downturn. The “JobKeeper Payment” is a part of a $130bn wage subsidy scheme that is designed to provide a fortnightly payment of $1,500 per employee.

To further support businesses and workers ride out the COVID-19 pandemic and minimise the impact on the overall economy, the government has released a second round of stimulus in addition to the initial $17.6bn package.

ATO has recently announced that it will implement a series of administrative measures to assist taxpayers experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic.

In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following:

The ATO has started contacting certain employers that provide car parking fringe benefits to their employees to ensure that all FBT obligations are being met. 

Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to avoid paying company debts. 

Data released In February gave an early indication of how the Australian economy has been impacted by the bush fires and corona virus.

To be eligible for superannuation fund tax concessions, SMSFs are required to be maintained for the sole purpose of providing retirement benefits to members, it is what is known as a sole purpose test (s 62 of the SIS Act).