The Government has increased its stimulus package to businesses and not-for-profits that have employees. State School P&Cs will qualify if they had employees at the 12th March 2020.
The Government is providing cash flow assistance for eligible businesses in the form of two separate measures. The following is a broad summary of the key aspects of the stimulus package in response to the Coronavirus, as recently announced and enacted.
The ATO is expected to adopt a ‘benign approach’ to PAYG instalment variations in the wake of recent disasters. Business and farm operators should seek assistance to talk with us about where your profit is year to date and what options you may have to vary instalments.
Are you meeting your PAYG Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards
To ensure that you don’t lose your tax deduction for your employee or contractor payments, lodge your BAS on time, lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.