COVID-19 Economic Update

In the current climate, it is difficult to keep across all of the information presented by the Government and our various media outlets.

However, as we look down the barrel of a temporary "locked down" existence and a grim economic outlook, I felt it important to provide a digestible summary of the Economic Stimulus Packages announced by the Morrison Government on 12 March 2020 and 22 March 2020.

The most recent stimulus package which extends the announcements made on 12 March 2020 seek to provide relief to contractors, gig workers and casual staff as well as support small business to retain staff for as long as possible.

In addition to the cash and tax relief stimuli provided to Australians, the Government is also working with banks to support the free flow of credit to small business.

I have prepared two summary documents to step you through what you can expect in the coming months based on the packages announced.

Further to these announcements made by the Federal Government, the State Governments have announced a pause on payroll tax liabilities for the remainder of the 2020 Financial Year and an increase in the payroll tax thresholds from 1 July 2020. These changes will result in material cash savings for businesses with taxable wages of over $900,000 in New South Wales and similar in other states. 

Rest assured during this difficult time I am available to help you and your business navigate this unpredictable climate. 

Understanding that everyone's financial future is precarious in this moment, I would like to extend my knowledge and expertise outside of my client base and contact list. If you have friends, family or contacts who need some financial advice at this time please feel free to share this information and encourage them to get in touch.

Continue to stay well and remember to stick together.

Marianna