Category Archives: Economy

NSW Government’s Economic Stimulus Package

Further to the various economic stimulus measurers announced by the Australian Government, the NSW Government has announced the following measures that will support businesses during this difficult time. Payroll Tax Businesses with wages over $10 million Businesses whose total grouped Australian wages for the 2019/20 financial year are over $10 million, will have the option… Continue Reading

Rent relief for Businesses: The Commercial Tenancies Code of Conduct

On Tuesday, 7 April 2020, Prime Minister Scott Morrison announced the release of a Code of Conduct (“the Code”) agreed to by the National Cabinet with respect to tenancy arrangements that involve small-medium businesses that are affected by the COVID-19 outbreak. The objective of the Code is to share the financial burden and cashflow impact… Continue Reading

JobKeeker Payment – Government Clarifies Employer Eligibility

Since the new JobKeeper payment was announced by the Australian Government yesterday, there has been some confusion as to how businesses determine if they have had more than a 30 or 50 percent reduction in revenue in order to be eligible to register for this payment. The Government clarified this today as follows: Most businesses… Continue Reading

JobKeeper Payment – The Next Round of Government Support!

This afternoon, Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced a third round of support for businesses in the form of a JobKeeper payment. The Treasurer acknowledged that the past few weeks have been tough but the weeks ahead will be tougher and stated that the Australian Government has all Australians’ backs and that… Continue Reading

Second Government Coronavirus Rescue Package

This morning, Prime Minister Scott Morrison and Treasurer Josh Frydenberg released another $66 billion in spending to support the Australian economy through the Coronavirus pandemic. This is in addition to the first economic stimulus announced by the government on 12 March 2020. The Prime Minister said that we cannot prevent all the hardships and sacrifices… Continue Reading

Government’s Response to Coronavirus Outbreak

Yesterday, Prime Minister Scott Morrison announced the federal government’s economic response to the coronavirus (COVID-19). The economic response includes tax-related measures and administrative relief, designed to support businesses during this period of uncertainty and economic downturn. Tax Measures to Support Business Investment The government will support business investment with the following tax measures: Tax-free payment… Continue Reading

$10,000 cash payment limit expected to take effect from 1 January 2020

$10,000 cash payment limit expected to take effect from 1 January 2020 In the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. The announcement was made on the back of a recommendation by the Black Economy Taskforce… Continue Reading

2014 Federal Budget

At 7:30pm tonight, Joe Hockey delivered his 1st budget with a forecast budget deficit of $29.8 Billion for 2014-15, $17.1 Billion for 2015-16, $10.6 Billion for 2016-17, $2.8 Billion for 2017-18, and a return to surplus in 2018-19. The main objective of this budget is “to help build a prosperous nation”. The treasurer announced that… Continue Reading

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