The ATO has announced that COVID-19 relief for SMSF trustees is being extended to the 2021-22 financial year.
Two-thirds of Aussie businesses have suffered a decrease in business revenue compared to last year, with more than three in every 10 estimating that drop to have exceeded 50 per cent, according to the ABS Business Impacts of COVID-19 Survey results for June 2020.
The Government announced changes to the Drought loan scheme. The biggest change is the enhancement of Drought loan terms to offer 2 years interest free, 3 years interest only and 5 years principal and interest. Loans are for amounts of up to $2 million.