April 2020 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for April 2020:

April – 2020

We would like to highlight the following articles in this month’s newsletter:-

Coronavirus administrative support – The ATO has announced a series of administrative measures to assist businesses experiencing financial difficulty as a result of the COVID-19 pandemic. They being:-

• Deferring payment of business/instalment activity statements, income tax assessments and FBT assessments;
• The ability to change your reporting cycle for GST from quarterly to monthly; and
• The ability to vary a PAYG instalment for the March quarter without incurring any interest or penalties.

Instant asset write-off – The instant asset write-off threshold will be increased from $30,000 to $150,000 and expanded to include access for businesses with aggregated annual turnover of less than $500 million until 30 June 2020.

Cash flow assistance for small and medium entities (SMEs) – Tax-free payments of up to $100,000 (with a minimum payment of $20,000) will be available for eligible SMEs and not-for-profits that employ people and have an aggregated annual turnover under $50 million. Employers will receive a payment equal to 100% of the withholding tax liability on their salary and wages. This payment will be available to employers from 28 April 2020.

Early release of super Individuals in financial distress as a result of the pandemic will be allowed to access a tax-free payment of up to $10,000 from their superannuation in 2019–2020 and a further $10,000 in 2020–2021.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.