Accounting and Tax Implications of the Coronavirus Stimulus

Background

The cash flow boost and the JobKeeper payment are the centrepiece of the Federal Government’s stimulus measures to support small to medium sized businesses during the COVID-19 pandemic.
Essentially, the cash flow boost is designed to provide eligible businesses with additional funds to help them finance their on-going business activities whilst the JobKeeper payment essentially provides a wage subsidy for eligible employers and certain business owners.
Both measures were urgently conceived, legislated and implemented to assist businesses to better cope with the adverse and unprecedented impacts arising from the COVID-19 lockdown.
Whilst both measures have injected considerable stimulus they are essentially temporary measures whose scope only currently applies to the period between 1 March 2020 and 30 September 2020.
Inevitably each initiative has been subject to legislative amendment to address various anomalies and inequitable outcomes which have emerged post-enactment.
This evolving process has been accompanied by a raft of guidance products issued by the Australian Taxation Office (ATO) which has sought to take a measured approach balancing support for the community whilst flagging it will crackdown on opportunistic behaviour.
Accordingly, it is necessary that advisers are aware of all the key elements which must be currently satisfied in claiming each concession, and how those provisions are being applied by the ATO.  

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Product Details

Format: PDF
Content: 49 pages
Author: Tax & Super Australia

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