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The new stimulus package
The Government Stimulus Package Important information you need to know: The Government has announced a $17.6 billion investment package to support the Australian economy as we brace for the impact of the coronavirus. The four-part package (which is yet to be legislated) focuses on business investment, sustaining employers and driving cash into the economy. Businesses Business investment Increase and extension of the instant asset write-off Accelerated depreciation deductions Cash flow assistance for small and medium sized business Tax-free payments up to $25,000 for employers Wage subsidy of up to 50% of an apprentice or trainee wage Targeted support for severely affected sectors, regions and communities For individuals Household stimulus payments to drive cash into the economy Tax-free $750 payment to social welfare recipients Parliament plans to sits on 23 March. The Prime Minister has stated, “we have no plans to change the parliamentary sitting schedule.” Here’s what we know so far: Business investment Increase and extension of the instant asset write-off From 12 March 2020, the instant asset write-off threshold will increase from $30,000 to $150,000, and access to the write-off will be expanded to include businesses with aggregated annual turnover of less than $500 million until 30 June 2020. The instant asset write-off is a tax deduction that reduces the tax liability of your business. It enables your business to claim an upfront deduction for depreciating assets in the year the asset was purchased and used (or installed ready to use). For example, if your business is a base rate entity (turnover under $25m) in a company structure you will get back 27.5% in your 2019-20 company return...
Bliss is a healthy financial future
Growing medical and increasing property costs are just two of the costs we need to factor into our financial budgets. While these may be expected costs, the reality is, as a society we are living longer and desire a more active retirement.
Getting on top
Are you overwhelmed with the amount of administrative work associated with managing your business or personal finances? This can sometimes become a huge problem, but the most important thing is not to allow the stress of keeping abreast of things get you down. Here are three tips to keep you on top of everything and get you stress free.
Financial reports driving you crazy?
In a competitive market, it is even more important to maintain a high standard of financial and reporting practice. When your business has good and regular reporting it can result in improved business strategies and performance.