We have made significant progress in navigating the Stimulus packages, especially with the assistance of accountants in Sydney. It is crucial to avoid overlooking any concessions related to the process. To provide a comprehensive overview, we present the updated list of all available concessions and their corresponding dates.
| Stimulus | Key Date | Explanation |
| 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 the 1st to 14th of each following month | For each month, ensure that the Jobkeeper claim is made 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) |
These dates must pay employees on a fortnightly payroll cycle to ensure the eligibility criteria are 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 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 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 – Kreston Stanley Williamson has produced this article to serve 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 in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
