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July 2020

JobKeeper 2.0 and the next phase of stimulus activity

The Government has released some further detail on what the future of stimulus will look like in Australia.

Australia: how we are faring during COVID-19

We're lucky to be in Australia and even more so in these times with a global pandemic of COVID-19. Businesses have struggled, people have self-isolated and the Government has done its best to prop up businesses with the Jobkeeper payment and other stimulus measures. The economy has suffered greatly, and it will take time to revert to pre-COVID times. Due to our geographical isolation and quick actions of Governments, we were able to contain the number of cases of Coronavirus to a degree, however, with the recent spike in Victoria, we need to remain vigilant. A second wave is occurring, and it is up to states and territories to contain this and keep strategising to reduce the detrimental impact on our economy.

Superannuation Amnesty Window is closing

The Superannuation Amnesty which provides employers with an opportunity to “come clean” and declare unpaid or late superannuation guarantee (SG) payments to the Australian Taxation Office (ATO) is scheduled to end on 7 September 2020. 

Accounting for NDIS advance payments

In March 2020, eligible NDIS providers effected during the COVID-19 pandemic received advance payments to assist with their immediate availability of funds. Our Audit and Assurance team look at how you should account for this in your 30 June 2020 annual report.

Planning for the worst - what happens when the stimulus runs out?

Businesses who are currently in receipt of stimulus payments have less than three months to get their cashflow in order.