The Second $66.1 bn Stimulus Package: What you need to know
Posted 23 Mar '20
Posted 23 Mar '20
The Government released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
The total $84 billion dollar stimulus package (including the first announced package) was passed without objection late last night (Monday the 23rd of March 2020).
“The measures that have been passed by the Parliament today represent the most significant support for the Australian economy and community since the war,” said Treasurer Josh Frydenberg.
The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption.
Please download the update here for more detailed information on the second stimulus package.
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Let’s face it; bookkeeping isn’t the most exciting part of running a business. However, it’s one of the most important!
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For Not-for-Profit (NFP) entities, understanding and adhering to new requirements can be a daunting task, especially with the ever-evolving regulatory landscape.
Let’s break down director loans, how they affect your business, and what you can do to avoid common pitfalls. By following this article, you can understand more about Director's loans and why its so important it's done right so you don't land yourself in hot water with the ATO!