The Second $66.1 bn Stimulus Package: What you need to know
Posted 23 Mar '20
Posted 23 Mar '20
The Government released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
The total $84 billion dollar stimulus package (including the first announced package) was passed without objection late last night (Monday the 23rd of March 2020).
“The measures that have been passed by the Parliament today represent the most significant support for the Australian economy and community since the war,” said Treasurer Josh Frydenberg.
The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.
Please download the update here for more detailed information on the second stimulus package.
If you haven’t started thinking about Payday Super yet, now’s the time.
This is one of the most significant changes to employer superannuation obligations in over 30 years and it officially starts on 1 July
2026
(tick tock tick tock, that date will be here before we know it!).
Many small businesses provide company vehicles for employees to perform their duties.
For those who may not be aware, the ATO’s Small Business Superannuation Clearing House (SBSCH) will permanently close on 1 July 2026. From 1 October 2025, new registrations will no longer be accepted. This is a major change that affects small businesses across all industries currently using the SBSCH to pay their employees’ super.