Wise Accounting Podcast (WAP)

Welcome back the podcast! In this episode we cover off the latest JobKeeper developments, the SGC amnesty and that lodgement extensions are not really extensions at all. - See more at: https://www.wiseaccounting.com.au/media/wap052-jobkeeper-updates-sgc-amnesty-and-extensions-are-not-extensions

The third tranche of the government stimulus package has just been announced, and this is centred around a $130 billion stimulus payment, with indications the Government are not done yet. The Government has now contributed $320 billion to the Coronavirus fight, which accounts for 16.4% of GDP.  This latest stimulus package is built around a $1,500 per fortnight gross payment to employees.

On March 23rd parliament passed legislation that would see the updated COVID-19 Stimulus Package introduced by the Government become law. This carries with it changes to the cashflow assistance as well as the widening of other assistance payments. The changes are vast, and the impacts will hopefully be positive for you, and the economy at large.

The Government's $17.6 billion stimulus package is set to have far reaching impacts on the economy, without, apparently, impacting Australia's national credit rating. How? By breaking it down in to 4 manageable components. Specifically, the stimulus package was basically broken in to the following aspects: 1. Delivering support for business investment 2. Cashflow assistance 3. Stimulus payments to households 4. Assistance for the severely affected areas

I wanted to start with something I am passionate about, and glad to see the ATO cracking down on, and that is essentially widening the net in regards to illegal phoenix activities. For those of you that do not know, Phoenixing is essentially abandoning a company and then recommencing a similar company with similar stakeholders, but essentially your tax liabilities from the former company are neglected, and abandoned. Hence the term Phoenix, it is essentially a company that rises form the ashes of another.