Insights

To assist businesses experiencing financial difficulty as a result of the Coronavirus (COVID-19) outbreak, the Australian Tax Office (ATO) as announced the following relief options:

Announced late last month, Federal Parliament has now passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 or "Superannuation Guarantee Amnesty Bill", and is currently awaiting Royal Assent. 

Last week, the Federal Government announced its passing of their Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019.

As a business owner, much of your time is focused on day-to-day logistical, operational, and client relationship management processes required to build & maintain a healthy cash-flow throughout your business.

We would like to extend our thoughts to those facing hardship & who may have been impacted by the severe bushfire conditions currently on-going throughout Queensland.

For SME business owners seeking a cash-injection to help build their product or service offering, tendering for Business Grants could be a simple, yet effective, solution to help in building your business.

Last year, the Australian Tax Office implemented new changes to the way GST Withholding is paid for certain property transactions - requiring additional processes and procedures to be undertaken.

Overnight, the Palaszczuk Government released their State Budget 2019-20, dedicating initiatives to help Queensland's business sector and continue growth across our State economy.

The Australian Federal Budget has now been delivered and the Opposition has responded.

A brief note below on some taxation matters that may impact your business and some announcements that are not yet law but might be useful for your business planning.