The latest news and advice for businesses and individuals relating to COVID-19
In March 2020, the Federal Government announced an increase to the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanded access to the write-off to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) as part of broader measures designed to boost cashflow.
4 May 2020
On 1 May 2020, the Treasurer has introduced Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 2) 2020 (the Amending Rules No. 2) which makes a number of targeted refinements and clarifications to the Rules made on 9 April 2020 including a modified decline in turnover test for special purpose service entities that provide employee labour to group members and that have not met the basic test for decline in turnover.
28 April 2020
With the fastest stock market decline ever recorded in the first quarter of 2020, we are very proud to report that Cutcher & Neale Managed Discretionary Accounts not only cushioned the severe impact of the COVID – 19 correction, but outperformed benchmarks and were actually able to make money in these volatile times in 3 out of 4 model equity portfolios.
28 April 2020
On the 27 April 2020, the ATO has confirmed that for the first two fortnights (30 March – 12 April, 13 April – 26 April) they will accept the minimum $1,500 payment for each fortnight has been paid, even if it has been paid late, provided it is paid by the 8 May 2020.
On 24 April 2020, the Treasurer, Josh Frydenberg, announced by media release that the Government will clarify the operation of the JobKeeper Rules.