Y Partners Blog

Coronavirus Stimulus Measures

This post discusses the Federal government and ATO measures in response to the Coronavirus (COVID-19) pandemic.

The main tax and super measures are:

  • enhancing the instant asset write-off;
  • an accelerated depreciation rate;
  • boosting cash flow for employers;
  • early release of super; and
  • reducing the minimum drawdown amounts.
Other measures include:
  • stimulus payments to households; 
  • additional support for income support recipients; and
  • guarantee of lending to SMEs. Read more…

Government Stimulus Update

The Federal Government has released a second stimulus package to support households and business through the uncertain period ahead. It is designed to support businesses in managing short-term cash flow challenges, provide support to individuals severely affected and to ensure the continued flow of credit in the Australian economy.

Summarised below are the measures for Australian businesses and households, including:

  • Boosting Cash Flow for Employers
  • Increasing the instant asset write off and investment incentive 
  • Loan guarantees, including quick and efficient access to credit for small business
  • ATO support and temporary relief for financially distressed businesses
  • Support available for households
  • Wage subsidies for apprentices and trainees

We have included links to the Government fact sheets below, however please feel free to email us with any questions you may have. 

We wish everyone the best of health and hope that you are coping throughout these unprecedented times. 

Read more…

What Has The ATO Been Doing?

The ATO has been focusing on the below areas of interest:

  • Looking at your lifestyle
  • Trading stock taken for private use
  • When labour costs might not be deductible
  • Do you provide car parking fringe benefits?
  • Activity statement financial processing
  • Tip-off to keep the competition fair
  • SMS scam - tax refund notification
  • Compensation for administrative bungles  Read more…