Monthly Archives: March 2020

The Australian Government’s Economic Response to Coronavirus

On 12 and 22 March 2020, the government announced measures to help the economy withstand and recover from the economic impact of COVID-19 (coronavirus). The following measures will be administered by the ATO. Legislative changes are required before these measures take effect. The government intends to introduce legislation on 23 March 2020 to implement its economic response […]

ATO Coronavirus Administrative Support

A series of administrative measures to assist businesses experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic has been announced by the ATO. These include deferring the payment date and amounts due on BASs, income tax assessments, FBT assessments, and excise by up to 4 months. Businesses will also be allowed to change […]

Coronavirus Stimulus – What’s In It For You

The coronavirus has been biting into global financial markets and in an effort to contain the fall-out to the local economy, the government has released a stimulus package worth $17.6bn targeted at businesses, pensioners, and those in impacted sectors, regions and communities. It is expected that the package will provide direct support for up to […]

Changes to Student Loans

With the cost of studying at university going up every year, a new combined, renewable student loan limit has been implemented from 1 January 2020 to enable university students borrow more to cover the cost of tuition. For students studying medicine, dentistry, and veterinary science the new loan limit for 2020 is $152,700 and for […]

Foreign Residents And The Main Residence Exemption

Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place. This means that if you’re a foreign resident at the time of disposal of the property that was your main residence, you may not be entitled to an exemption and may be liable for tens of thousands in capital […]

ATO Sets Its Sights On Undisclosed Foreign Income

Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it. International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. Find out how foreign income […]

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