COVID-19 delayed the usual Federal Budget May delivery to the start of October, with Treasurer Josh Frydenburg announcing it as the “jobs budget”, aiming to secure Australia’s future. In one of the most important Budgets in Australian history, it focuses heavily on job creation, infrastructure, asset write-offs and personal tax cuts.

Roadmap to reopening

As we start to see what ‘COVID normal’ is going to look like, there is still support available for businesses in Victoria and around the country who are impacted by Coronavirus. We have kept a rolling update on our website of the cash grants, fee deferrals and tax relief measures that are available.

Click here to read about the support available for Victoria: https://afsbendigo.com.au/third-round-victorian-business-support-explained/

To find out more about the support available Australia-wide, click here: https://afsbendigo.com.au/round-two-covid-financial-support-need-know/

Economic Update

The economy contracted 7% in the June quarter following the 0.3% fall in the March quarter, taking the annual decline to 6.3%, the biggest since 1945. The government provided a range of stimulus programs to help both businesses and individuals work through the pandemic. Against this backdrop, the Reserve Bank announced the cash rate would remain on hold at its current record low of 0.25% to help stimulate the economy.

We hope you enjoy this edition of our client update which covers:

• Roadmap to reopening
• Managing FBT during COVID-19
• JobKeeper extended, with changes
• Another change in employee leave accruals
• Employee tax deductions this tax time

Click here to read the full update.

Should you wish to investigate any of these matters further, please contact our office on 03 5443 0344.