Australia is facing a health crisis and an economic crisis due to COVID-19. Individuals and businesses will struggle to pay their debts causing ripple effects on other businesses.
The ATO has been flooded with complaints linked to the abuse of the JobKeeper program, with employers found guilty of deliberately rorting the system, facing penalties of up to $126,000 or up to 10 years in prison.
Businesses will be able to claim accelerated depreciation on new assets for the remainder of the year under the latest extension to the $150,000 instant asset write-off program.
Leading into tax time online scammers are ramping up their criminal activity often impersonating the ATO however this year they are using the spread of COVID-19 to take advantage of people across Australia.
The Committee for Mornington Peninsula has been proactive in providing local businesses support & advice during COVID-19. With restrictions beginning to lift, now is a great time to focus on the future and stay positive.
After much anticipation and hype from the media over the course of the week, the National Cabinet has provided a light at the end of the tunnel with a three-stage plan to support a COVID safe economy to reopen for July.
Last week our Financial Planner Bruce wrote about cashing $10k of super. This prompted a few queries from clients feeling guilty about doing rather well at the moment. So, what could you do with those ‘extra’ savings?
