ATO has outlined upcoming cash flow boosts in response to the economic impact of coronavirus.
Your NFP is eligible if you:
held an ABN on 12 March 2020 and continue to be active
have an aggregate annual turnover of less than $50 million (generally based on prior year turnover)
made eligible payments that you are required to withhold from (even if the amount you need to withhold is zero).
Charities registered with the Australian…
The Federal Government has announced measures regarding superannuation in order to provide further support to Australians who have been impacted by the Coronavirus pandemic.
Early access to superannuation
Usually, superannuation benefits can only be accessed once an individual meets a condition of release. The Government is temporarily allowing individuals affected by the Coronavirus early access of up to $10,000 from their superannuation balance for the 2019/2020…
As part of a second stimulus package in response to the economic support through the COVID-19 Pandemic, the Federal Government has now included support for Australia's charity and not-for-profit sector. Below is a summary of measures included in the new plan:
Support for Not-for-profits:
The Federal Government announced that directors would be exempt from personal liability for trading while insolvent for six months as part of its response to COVID-19.
The economic impacts of the Coronavirus and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business…
Nexia Australia has provided a comprehensive overview of the Federal Government Economic Stimulus Package, ATO's Administration Concessions, NSW Government Stimulus Package, Small Business Relief Package and more details surrounding these announcements.
By Nexia Australia.