On Tuesday, 6 October 2020, Treasurer Josh Frydenberg handed down the Federal Budget which was largely defined by the COVID-19 pandemic. At a glance A wide range of sectors and stakeholders are affected by the Budget. At a high level, the winners and losers of this Budget have been reported as follows: (Source: ABC News) Key takeaways The economy Australia’s economy has taken one of its largest blows as a result of the pandemic. Since the July economic update, Australia’s debt and deficit have increased with the country headed toward a record debt of $1 trillion by June 2024. Our current net debt is $703 billion. Income tax cuts The Treasurer announced Stage 2 of the Government’s tax cuts will provide relief for more than 11 million Australians. The tax cuts will be brought forward and can be backdated to July 2020, affecting each income threshold differently. An additional $17.8 billion in personal income tax relief is being delivered to aid economic recovery with a further $12.5 billion over the next year. This will add to the…
With a view to encouraging the commencement of new home builds and renovations the Federal Government has announced a stimulus package named “HomeBuilder” which is available to eligible occupier-owners, including first home buyers.
The Australian Government has made some variations to the Temporary Activities (Subclass 408) visa. In effect, a new stream has been developed to allow the visa holder to remain in Australia if you have no other visa options and are unable to depart Australia due to COVID-19 travel restrictions.
Temporary changes to Australia’s Foreign Investment Framework have been enacted by the Federal Government, effective from 29 March 2020.
Banks build on the Small Business Relief package to ensure more businesses are given assistance through the coronavirus pandemic.
As we foreshadowed last Friday, PM Scott Morrison has this afternoon announced the detail around the Commercial Tenancy Coronavirus Crisis Code of Practice following agreement of terms by the National Cabinet.
The Government is making a number of changes to temporary visa holder arrangements during the coronavirus crisis in order to protect the health and livelihoods of Australians, support critical industries, and assist with the rapid recovery post the virus.
Prime Minister Scott Morrison this afternoon has urged commercial landlords and tenants to come to an agreement in relation to financial hardship as the Government reserves announcement regarding a mandatory Coronavirus Industry Code of Practice to be announced and imposed next week.
The NSW Government announced today, 2 April 2020, that it has eased hours of work restrictions on construction sites, dark kitchens & food trucks.
n the wake of the current situation, many people and their families have found themselves on the less prepared side of this pandemic, and whilst most are desperately reaching for the supermarket shelves, there far more pressing needs that should be addressed.