We are now well through the process in relation to the Stimulus packages. It is important to ensure nothing is missed in relation to concessions so below we have the update of all the concessions available, as well as the relevant dates in relation to those concessions.
|Cash Boost – 2nd Instalment||July to October 2020 (over the relevant activity statements period either monthly or quarter)||A minimum payment of $10,000 to a maximum of $50,000 will be available.|
|$150,000 Instant Assets write-off||Extended from 30 June 2020 now to 31 Dec 2020||https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/extending-instant-asset-write|
|Jobkeeper – monthly declaration date||Must be submitted between 1st to 14th of each following month||For each month ensure that the Jobkeeper claim is done by the 14th of the next month|
|Jobkeeper – important payroll payment dates||7 June Payment date (Jobkeeper fortnight No. 5)
21 June Payment date (Jobkeeper fortnight No. 6)
|Employees on fortnightly payroll cycle must be paid by these dates to ensure the eligibility criteria is met.|
|Jobkeeper – Childcare business||20 July 2020 – no longer available for Childcare businesses||https://ministers.dese.gov.au/tehan/return-child-care-subsidy|
|NSW Small Business $10,000 Grant||Available until 30 June 2020||https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant|
|Super Guarantee Amnesty||7 September 2020 – payment must be made by this date for it to be deductible to the employer||Businesses who apply for the super guarantee amnesty may enter into special payment arrangements if they have been adversely affected by the COVID-19. Options are:
• making flexible payment terms and amounts which the ATO will adjust if the employer’s circumstances change, and
• extending the payment plan to beyond 7 September 2020, but only payments made by 7 September 2020 are deductible.
Please review the above measures and discuss with your client manager any queries you may have.
Kreston Stanley Williamson Team
*Correct as of June 2020
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.