COVID-19: The Government`s $100,000 cash splash explained

This podcast contains a practical review of the Government’s $100,000 “cash” package to provide financial relief for SMEs announced by the Treasurer on Sunday 22 March 2020.

The Government no doubt means well but it doesn’t seem that there will be much cash after all, just a credit to the running balance account, unless the Commissioner exercises his discretion to make a refund, even if GST and PAYG tax instalments are owing.  The point is that we are not sure that the Government will part with much cash at all, although businesses will get a credit.   Time will tell.
 

Subjects covered include:

  • Instant Asset Writeoff

  • 50% instant depreciation on Division 40 Assets

  • Government’s $100,000 tax credits and refunds

    • Who is eligible?

    • Understanding the six month period of payment

    • How and where the payment is credited

    • Treatment of monthly PAYGW remitters with quarterly BAS

    • Treatment of quarterly PAYGW remitters

    • Will you get a refund


[33 minutes] [0.55 CPD hours]



© Television Education Network Pty Ltd 2020

Product Code: PAH7471
 Price:  $33.00 (Inclusive of GST)