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March 2020

Geelong Council announce COVID 19 support measures

Geelong Council met on Tuesday night and agreed to a series of immediate measures to help local businesses and the community cope with the impacts of the Coronavirus pandemic. 

Moore Australia
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Superannuation Amnesty – six months to get your employer obligations in order

The Bill introducing the superannuation guarantee (SG) amnesty received Royal Assent on 6 March 2020 and employers have until 6 September 2020 to correct any historic non-compliance with their SG obligations.

Varun Kumar
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Government’s First Stimulus Package Announced

Earlier today the government announced a $17.6 billion stimulus package in an attempt to deal with the impact of coronavirus on the Australian economy. Please note the below measures are subject to the relevant legislation passing through parliament. At this stage, parliament is not scheduled to resume untll 23 March.

Moore Australia
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South Australia Stimulus #1 - The Economic and Business Growth Fund

South Australian premier, Steven Marshall, has announced a $350m package in response to the COVID-19 outbreak.

Lynette Spry
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Changes to current/non-current classification of loans and other liabilities

Currently, under AASB 101.69(d), an entity needs an ‘unconditional right’ to defer settlement of the liability for at least twelve months after the reporting period before it can be classified as non-current.  This is an extremely high test to pass and has resulted in many loans being classified as current (most loan arrangements are rarely unconditional). 

Moore Australia
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