Client Alert – May 2020

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 17 April 2020:

  • 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 Job Keeper Payment scheme – The Job Keeper 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.
  • 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.

Client Alert – May 2020

Explanatory Memorandum – May 2020

Tax Return Checklist May 2020

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