Victoria has once again gone into lockdown – an action that has sadly become part of a routine for Victorian businesses and individuals. As always, there has been announcement of relief available to impacted businesses and individuals and here is what is available at this stage: –
With the spread of the delta variant of COVID-19 through NSW and lockdowns being extended, the Federal and State Government have come to the party with a range of measures designed to ease the strain on individuals and businesses. As is always the case with these, at this stage only announcements have been made but nothing concrete about the application process or the detailed eligibility requirements. However, here is a summary of the measures announced at this stage: –
With 30 June fast approaching, your action plan to reduce your business’ tax liability for the 2021 year should already be in the works. The big ticket item for this financial year is the immediate asset write off. Each year the cost limit for these assets has been increasing and from 6 October 2020 most business will be able to write off in full any assets purchased and installed/ready to use after this date.
With the end of financial year fast approaching, the window to undertake any tax planning action is fast running out. Although Elysium always ensures its clients pays the least amount of tax possible, in most cases our options are limited. The time to take action to help reduce business profits and therefore reduce the tax liability is now.
With the latest Victorian grant now open for applications, we have finally received some further information on the eligibility requirements. Unfortunately like the last grant offered by the State Government during the snap lockdown, there are very specific eligibility criteria in place. This criteria is meant to ensure the relief targets those businesses impacted the most but as always with these types of hurried grants, there will be many who miss out that need help.
With the seemingly inevitable announcement that lockdowns for metropolitan Melbourne would be extended for another week, both the Victorian and Federal Governments have made announcements on relief measures to be rolled out shortly. It is hoped these measures will help assist Victorian businesses and individuals under financial distress as a result of the lockdown.