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.
Many business owners think tax planning means meeting with their accountant in June and finding a few last-minute deductions before the end
of the financial year.
The reality is that true tax planning starts much earlier.
For many small business owners, the end of the financial year (EOFY) feels like the finish line. Once tax planning is complete, financial statements are prepared, and compliance obligations are lodged, it is tempting to return to business as usual.
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