Today’s economic environment and the impact of world health concerns continue to send major shock waves around the globe. As a business owner, you are facing new challenges, the likes of which you may have never experienced previously. Successfully managing through economic uncertainty is not only challenging but also critical due to the increasing pace of change.
On 22 March 2020, the Federal Government announced its second stimulus package to protect the Australian economy from the economic impact of the Coronavirus. The second set of economic responses, combined with previous actions, total $189 billion.
The March 2020 issue of Tax Time Monthly covers SG Amnesty, Corona Virus Stimulus Package and FBT tips.
Preparing for Business Disruption is a very real issue many QLD businesses are facing at the moment. To read more about how your business can strategically prepare for business disruption, click here.
The Queensland government has recently announced some initiatives for businesses impacted by the effect of COVID-19 (coronavirus). Two key announcements are:
1. Deferred payroll tax payments
2. Immediate Industry Recovery Package
The Australian Parliament has passed new legislation allowing concessions to those employers who have underpaid Superannuation Guarantee (SG). If you have outstanding superannuation obligations you have from 26 May 2020 to 7 September 2020 to self-report SG non-compliance and apply to the ATO for amnesty.
The Federal Government recently announced a $17.6 billion stimulus package to counteract the economic impact of Covid-19 (Coronavirus).
The Australian Government’s online services are moving to new access systems from 1 April 2020. If your business is currently accessing the ATO’s online services using AUSkey you will need to ensure that you have applied for the new myGovID and set up your Relationship Authorisation Manager (RAM) prior to 31st March 2020.
Under new reporting laws that were passed in late 2019, the ATO now has the ability to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs).
Businesses that have their tax debt reported may run into significant difficulties in obtaining financing from lenders and credit from key suppliers if tax debts become visible.
Read more to find out if this change may affect your business.
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