Over the weekend, the Morrison Government has announced further measures to help businesses and households through the current COVID-19 Pandemic gripping global economies. While the full economic impact does remain somewhat uncertain, the situation is certainly deteriorating at a rapid rate – nearly as fast as toilet rolls from the supermarket shelves!
To date, the Government’s economic response is targeting three areas:
1. Supporting Individuals and Households
2. Support for businesses
3. Supporting the flow of credit
We will address these areas separately in the posts to follow.
The Australian Taxation Office also released a series of administrative concessions for taxpayers to ease the burden including payment deferrals for income tax, activity statements, PAYG Instalments and FBT by up to 6 months. They have also announced low interest payment plans, remission of interest and penalties incurred since 23 January 2020 and a cooperative approach to compliance. If you need help, get in touch and we can assist you to make some arrangements.
This is an evolving situation and as such further updates and announcements are expected to be made over the coming days, weeks and (possibly) months. Please stay in touch with us via this webpage, or our Facebook page for future updates.
