With Australia in the grip of an unprecedented medical, social and economic storm as a result of the continuing spread of COVID-19, taxpayers, workers and businesses are already feeling the strain. Over the weekend both Federal and State Governments released another raft of stimulus measures that are attempting to support those in need. However this continual flow of updates and information makes it difficult to know exactly what you need to do now to help you and your business.

With our world continually changing each day as a result of COVID-19, more taxpayers and businesses are starting to feel the financial and personal impact of this terrible disease. In these unprecedented times, there are changes being made daily to extend new concessions to taxpayers and businesses to help with their financial burden.

With business and taxpayers feeling the pinch with the coronavirus, the ATO has announced its measures to assist businesses impacted by COVID-19. These flexible measures will apply in addition to the new announcements made by the Federal Government in its stimulus package.

In response to the economic and financial impact caused by COVID-19 and the recent bushfires, the Federal Government has just released a $17.6 billion stimulus package to support businesses and individuals. The main new incentives are as follows: –

Xero has been undertaking its annual roadshow in February and once again there was a lot of great content that is relevant for small business. This article will cover the first session of the Xero Roadshow which looked at upcoming innovations for Xero in the 2020 year.

Under Australian taxation laws, capital gains tax is paid by taxpayers who derive a profit from the sale of a capital asset such as real estate. However one crucial exemption to this rule applies to ensure many Australians never pay this tax – the sale of a person’s main residence is capital gains tax free.