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2021 COVID-19 Business Support Grants Queensland
The Queensland State Government has announced a Business Support Grant for lockdown-impacted businesses in Queensland.
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Commercial Tenancy Code of Conduct
The National Cabinet has released details of a Mandatory Code of Conduct which was developed to impose regulations on how Landlords and Tenants should manage commercial tenancies during the Covid-19 crisis.
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Increased instant asset write off
From 12 March 2020, the instant asset write-off threshold will increase from $30,000 to $150,000, and access to the write-off will be expanded to include businesses with aggregated annual turnover of less than $500 million until 30 June 2020.
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Apprentice Wage Subsidy of 50%
Further first round Economic Stimulus has been released from the Morrison Government allowing eligible employers to apply for a wage subsidy of 50% of an apprentice’s wage for up to 9 months from 1 January 2020 to 30 September 2020. The payments are accessible to businesses with less than 20 employees. Employers will receive up to $21,000 per apprentice ($7,000 per quarter).
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Economic Stimulus Tax Free Payments for Businesses
The Morrison Government has improved on its first round Economic Stimulus package in an effort to boost cash flow for employers as a result of COVID-19. Originally the Morrison Government had pledged tax-free payments to small and medium sized businesses of up to $25,000.
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ATO Targets Cryptocurrency Sales
The ATO is shortly set to undertake a mass mailout of up to 350,000 individuals prompting them to ensure they declare gains made on sale of cryptocurrencies.
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New QBCC Annual Reporting due 31 December
31 December 2019 marks the lodgement due date for the Queensland Building and Construction Commission's new Annual Reporting Requirements.
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ATO targets unlodged Trust TFN Reports
The ATO has confirmed they are targeting trustees that have failed to lodge TFN reports with them. A TFN report is to be completed by the trustee of a closely held trust to report tax file numbers (TFNs) and other personal details quoted to them by beneficiaries of the trust.
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