CIA’s Burst of Positive Optimism + Updates

CIA’s Burst of Positive Optimism – Q1 Super Contributions – Q1 GST returns – The Rise of the COVID Scams – Get Rich Quick – How to move your Super – State Grants Update  

Why are CIA tax so positive about the economic future?

“This setback to the economic expansion is expected to be only temporary”

Very accommodative financial conditions will continue to support the recovery of the Australian economy. Borrowing rates are at record lows, sovereign bond yields are at very low levels and the exchange rate has depreciated over recent months. The fiscal responses by the Australian Government and the state and territory governments are also providing welcome assistance in supporting household and business balance sheets. Reserve Bank Australia.

Hang in there everyone don’t let day to day emotions weigh you down as the best is yet to come. Reach out if you need a chat, CIA are here for all seasons.    

Q1 super contributions due (pay before Oct 28th) Remind that super is now 10% and the contribution cap has increased to $27,500 per annum.

Q1 GST returns can now be done Time to start getting your information together and over to the CIA team. It’s been an up and down quarter for many of us and it is good to get onto matters early especially if there will be a cashflow issue. Earlier the better to plan around these strange days.  

The rise and rise of COVID Scams:
Episode: Podcast:  

How to get $$ Rich Quick:

How to move your Super:

State government grants/support We encourage all our clients to register to receive any updates that may assist their business (not just pandemic related…) often the details follow days after the announcements.

Extension of Business Costs Assistance Program Round Five: Funding of up to $1.26 billion will provide for automatic payments to recipients of the Business Costs Assistance Program across October and into the first half of November. Businesses will be eligible to receive two fortnightly payments between 1-29 October on a rising scale. Eligible non-employing businesses will receive $1000 per week, increasing to $2800 a week for an annual payroll of up to $650,000, $5600 a week for a payroll of $650,000 – $3 million and $8400 a week for a payroll of $3 million – $10 million. Businesses that remain closed or severely restricted between 70 and 80% double dose will receive an automatic payment for the period from 29 October to 13 November. The full list of eligible ANZSIC codes for the Business Costs Assistance Program will be available on this website tomorrow.

Businesses that have previously received or been approved for a Business Costs Assistance Program Round Two or July Extension grant will be eligible for these payments.

Small Business COVID Hardship Fund Some $600 million has been added to the Small Business COVID Hardship Fund, taking the total program to $1.3 billion. The existing $700 million funding pool has been fully subscribed and the new allocation means 65,000 businesses will now be supported with one-off grants of $20,000. The Fund supports businesses that have suffered significant losses due to the pandemic, including businesses legally allowed to operate but restricted in their ability to generate revenue, but have previously fallen between the cracks in terms of government support.