May Newsletter 2020

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May Newsletter 2020

After a challenging couple of months with COVID-19 restrictions, Adelaide is leading the way with its quick response and no new cases. Well done SA. As we move towards the next stage of COVID-19 this month’s newsletter discusses the Government stimulus packages available and what it means for businesses and taxpayers. 

Federal Budget night shifts to 6 October 2020 – The Australian Government recently announced that this year’s Federal Budget will not be handed down until 6 October 2020.

Coronavirus cash flow boost payments explained – As of the second round of economic stimulus in response to the COVID-19 pandemic, the government has legislated a measure to boost cash flow for employers. However, small to medium employers who intend to claim the “cash flow boost payment” in the hope of receiving an injection of cash should beware

Understanding the JobKeeper Payment scheme – The JobKeeper Payment scheme is now open to eligible employers, sole traders and other entities to enable them to pay their eligible employees’ salary or wages of at least $1,500 each (before tax) per fortnight. The enrolment deadline is on the 31st May 2020. 

ATO opens applications for early release of super – The ATO has released its application form for the early release of superannuation by individuals impacted by COVID-19.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely

The Team at Rittwatchman & Associates

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