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.
With the end of temporary full expenses, it is important to be aware of the updated rules for asset depreciation and the benefits of the instant asset write-off (IAWO) scheme. This breakdown of changes and guide will help you understand these changes and how they might affect you and your business.
It’s important to keep in mind that the Australian Taxation Office (ATO) has become more strict on these deductions, so it's crucial to understand the rules and keep accurate records. This guide is here to help you, understand what is required when you claim home office expenses on your tax returns. By following these tips, you can maximise your tax return and stay compliant with tax regulations!
As June 30th rapidly approaches, it's important to consider strategies that can help you minimise your tax liability for 2024. Whether you're a chippie, doctor, engineer, sales rep or architect, considering some of these tips below and whether they apply to your circumstances may save you paying more in tax than necessary.