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Incentives, concessions and assistance available
On Sunday 22 March the Federal government announced a second tranche of economic stimulus measures for individuals, businesses and charities aimed at providing financial support to Australians affected by the coronavirus crisis. These measures are in addition to the stimulus announced on 12 March and these packages combined total $189 billion across the forward estimates, representing 9.7% of Australia’s annual GDP.
The Government introduced and passed the necessary legislation through Parliament on Monday 23 March.
Some of the new measures extend and enhance the previously announced stimulus measures, and so for clarity and ease of understanding we will be maintaining a hub of information on available support to individuals and businesses on our website, including any assistance specific to the Tasmanian community.
How we can help:
- Identifying the concessions for which you or your business would be eligible;
- Reviewing your business’ wages and PAYG withholding calculations to ensure you receive the stimulus payment your business is entitled to;
- Helping you catch up with your Activity Statement lodgements so you can receive the business stimulus credits;
- Liaising with the ATO to facilitate PAYG instalment deferrals, variations and refunds;
- Liaising with the ATO to renegotiate existing tax debt payment plans;
- Re-calculating your mandated minimum pension withdrawals from the account-based pensions;
- Helping you apply for the temporary early release of superannuation, once it is legislated;
Please contact us here and we would be happy to assist.
Warning: there has been a spike in COVID-19 related scams, including fraudulent text messages and emails. Please visit the Australian Cyber Security Centre for some examples and Stay Smart Online for up to date information on emerging scams.
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The content of this newsletter is general in nature. It does not constitute specific advice and readers are encouraged to consult their Ruddicks adviser on any matters of interest. Ruddicks accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. This information is current as at 24 March 2020, and was published around that time. Ruddicks particularly accepts no obligation or responsibility for updating this publication for events, including changes to the law, the Australian Taxation Office’s interpretation of the law, or Government announcements arising after that time.
Any advice provided is not ‘financial product advice’ as defined by the Corporations Act. Ruddicks is not licensed to provide financial product advice and taxation is only one of the matters that you need to consider when making a decision on a financial product. You should consider seeking advice from an Australian Financial Services licensee before making any decisions in relation to a financial product. © Ruddicks 2020