Find the latest news on how COVID-19 is impacting businesses. Check in here to see our latest commentary.
Scott Morrison, Gladys Berejiklian and Dominic Perrottet have jointly announced a raft of new support measures for the state of NSW in response to the prolonged lockdown in Greater Sydney.
Scott Morrison, Gladys Berejiklian and Dominic Perrottet have jointly announced a raft of new support measures for the state of NSW in response to the prolonged lockdown in Greater Sydney.
Victoria has announced a new $250.7 million Circuit Breaker Business Support Package to assist 90,000 businesses affected by the seven-day circuit breaker announced on 27 May 2021
The start of the New year brought with it the second JobKeeper extension (the first having ended on 3 January 2021).
2020 Updates
Canberra has announced the most significant reforms to insolvency laws in decades, applicable for companies with debts below $1 million.
A healthy and vibrant SME sector is vital to Australiaโs economy, political system and culture. Yet, COVID-19 has shown that SME businesses are also among the most vulnerable โ many have suffered enormous impacts during the pandemic.
If youโve acquired residential property or are looking to acquire residential property through a discretionary trust, you may need to amend your trust deeds to avoid exposure to the foreign land tax surcharge and the foreign purchaser duty surcharge (the foreign surcharges).
If youโve acquired residential property or are looking to acquire residential property through a discretionary trust, you may need to amend your trust deeds to avoid exposure to the foreign land tax surcharge and the foreign purchaser duty surcharge (the foreign surcharges).
A number of payroll tax relief measures have been introduced and amended to alleviate the impacts of coronavirus. Below is quick snap shot by state.
On 13 and 14 September 2020 the Victorian Government announced a range of new measures to support Victorian businesses through the extended Covid-19 lockdown.
The Victorian Government has announced an extension on both the moratorium of evictions and suspension of rental increases.
If your business is accessing the JobKeeper Payments system, the rules around which employees are eligible have changed with immediate effect.ย This means that you need to take action now.
On 2 August 2020 Victorian Premier Dan Andrews announced a state of disaster for Victoria along with stricter stay at home rules. This was followed on 3 August 2020 by further announcements regarding restrictions for businesses.
Treasurer Josh Frydenberg and Senator and Finance Minister Mathias Cormann today announced some unsurprising numbers as part of an Economic and Fiscal Update ahead of the Federal Budget, to be handed down on 6 October 2020.
South Australiaโs economic engine room is headed for a major upheaval that will reshape the SME landscape as we know it.
It feels like only yesterday we were discussing the initial stimulus package from the Federal Government and the first Cashflow Boost of up to $50,000.
William Buck Tax Services Director Sharon Grice answers some questions commonly asked by her clients regarding international tax matters in the time of COVID-19.
On 1 May 2020, the Victorian Government passed the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Regulations 2020 (Regulations).
We are experiencing challenging times and extreme levels of uncertainty at present and while Canberraโs early release of superannuation initiative will benefit many, here we explain why itโs important to exhaust other options first.
As Australia begins to re-open in the wake of COVID-19, thereโs much speculation about the economic impact of the pandemic. With $33 billion of assets under management, venture capital (VC) and private equity are key contributors to our national economy but what does a post-pandemic world look like through the eyes of a venture capital firm?
Many charitiesโ operations are affected by COVID-19. This might mean that some or all of them might need to be modified or even temporarily halted.ย
The Australian Charities and Not-for-profits Commission has stressed the importance of charities keeping stakeholders informed about what they are doing and why.ย
Each William Buck office has a dedicated team specialising in the health industry. Working with over 1,600 clients across Australia, our advisors help practitioners and health care corporates achieve their business and personal goals.
Many startups are scratching their heads wondering if they actually qualify for the program and what do they need to do to be paid JobKeeper.
The purpose of this article is to provide insight on some of the most commonly-asked questions we have received from the tech sector over the last few weeks about how the JobKeeper measures apply to startups and scaleups.
Since startups can scale rapidly, many of them are unable to rely on the โbasic testโ demonstrating a 30% decline in turnover in a particular month or quarter this year to the same month or quarter last year.
The property & construction industry has underpinned Australian economic growth for much of the 2000s. It is therefore reasonable to expect that its ongoing success is paramount to supporting Australiaโs economic recovery from the COVID-19 pandemic.
The coronavirus has dealt the world a one-two punch of a deadly health crisis combined with a devastating economic blow. Panic is setting in as hospital systems around the world are placed under tremendous strain whilst economies grind to a halt as shutdowns set in.
As our country locks down and migrates indoors to flatten the curve, our consumer-based economy is suffering. We could be heading into a worldwide COVID-19 recession with the Australian Bureau of Statistics (ABS) expecting more than 80% of Australian businesses to be adversely impacted before the end of April.
How do you focus on crisis management and business continuity when the health and safety of your family, friends and communities are at risk? Itโs a question that business leaders worldwide are having to grapple with every day during the COVID-19 pandemic.
Recent developments due to COVID-19 have seen an array of rental reductions, waivers, and deferrals offered by landlords across the country for commercial and residential tenancies.
Australiaโs JobKeeper Payment will be a saviour for many businesses and their employees, but draft rules implementing the initiative contain a fatal flaw that will likely mean thousands of employees of small businesses miss out on the $1500 payment.
COVID-19 has had a significant economic impact, the likes of which have not been witnessed for many generations.
The spread of COVID-19 has caused economies to slam on the brakes, causing enormous ripple effects through the global economy.
Businesses around the world are finding themselves in unchartered waters.
COVID-19 is having an unprecedented effect on business everywhere. For some businesses their supply chains have been impacted while for others, demand for their product or service has entirely dried up overnight.
The South Australian grants apply to businesses with a payroll of less than $1.5 million, and not entitled to a payroll tax waiver under COVID-19 support measures already introduced by the State Government (for businesses with payrolls of up to $4m).
Given the Governmentโs recent announcement that many employees will be eligible to access up to $20,000 of their superannuation early due to the impacts of the COVID-19 pandemic, more individuals will be closely analysing their superannuation balances.
On Tuesday 7 April saw, the Federal Govenrment released another announcement in response to COVID-19, the Commercial Tenancies Code of Conduct. The Code establishes a mandatory framework for the landlords and tenants of SME businesses impacted by COVID-19.
As part of the Governmentโs response to COVID-19, company directors now have a six-month relief from any personal liability for trading while insolvent.
If you are operating a significant global entity (SGE) which is being impacted negatively by the implications of COVID-19, you may be eligible to receive State or Federal Government assistance.
Below is a comprehensive list of Government response measures with commentary on whether they are available to SGEs and if so, information on eligibility and access.
As weโve received a number of queries from clients asking whether their insurance policies will pay out amidst the COVID-19 pandemic – our exerts have answered two of the most common questions.
Coronavirus is a reality that, in 2020, will directly or indirectly affect us all.
How potentially devastating could Coronavirus be for economic and business activity? Those that work in Risk Management know it doesnโt take long to reach โCatastrophicโ.
Canberra has announced changes that have the potential to affect all superannuation fund members as part of the Federal Governmentโs โSafety Netโ package to counter the blows of COVID-19.
Last Saturday the Victorian Government released high level details of a $1.7 billion economic stimulus package.ย Hereโs what we think it means for you.
COVID-19 is first and foremost a global health emergency, and the top priority for governments, business leaders and individuals is human safety and well-being. However, the pandemic is having a growing impact on global and Australian Businesses.
While Canberra this week pledged $8.7bn in business assistance as part of its Coronavirus stimulus, SMEs need more ATO support to survive the escalating pandemic.
New South Wales will fund payroll tax breaks and fee reductions for small businesses as part of its $2.3 billion Economic Stimulus Package to counter the impacts of the escalating Coronavirus outbreak.
While the Federal Governmentโs $17.6 billion stimulus package is welcome news to the business sector, there is still much to be done in the boardrooms and work floors to successfully navigate the challenges of the coronavirus.
Canberra funds tax breaks, wage subsidies and increased cash flow for businesses as part of its $17.6bn Coronavirus Stimulus.
11 September | Victoria offers further relief to car park owners and landlords with vacant property
Victorian Treasurer Tim Pallas has announced yesterday further assistance for Victorian landlords who are struggling with Victoriaโs COVID-19 lockdown.
2 June | 30 June deadline remains for foreign residents to apply for the CGT main residence exemption
With EOFY tax deadlines looming and businesses preparing their routine reporting, itโs important to consider other measures and critical cut off dates that could affect you.
9 April | Federal Government releases commercial tenancies code of conduct
On Tuesday 7 April saw, the Federal Govenrment released another announcement in response to COVID-19, the Commercial Tenancies Code of Conduct. The Code establishes a mandatory framework for the landlords and tenants of SME businesses impacted by COVID-19.
23 March | Victorian Governmentโs Economic Survival Package โ What it means for you
Last Saturday the Victorian Government released high level details of a $1.7 billion economic stimulus package.ย Hereโs what we think it means for you.
12 March | Coronavirus Stimulus pledges $8.7bn for business assistance
Canberra funds tax breaks, wage subsidies and increased cash flow for businesses as part of its $17.6bn Coronavirus Stimulus.
