Month: March 2020

COVID-19 Legislative package is now Australian Law

A legislative package to implement the Government’s economic response to the spread of COVID-19 (coronavirus), announced between 12 and 20 March 2020, has become law. The legislative package contains the following Bills, which received assent on 24 March 2020: • the amended Coronavirus Economic Response Package Omnibus Bill 2020 as Act No 22 of 2020 …

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Coronavirus relief may come from super

The temporary incapacity provisions under the Superannuation Industry (Supervision) (SIS) Regulations may allow individuals suffering from the coronavirus legal early access to their retirement and superannuation savings to ensure they continue to receive income throughout their illness, an SMSF strategist has said. According to I Love SMSF director Grant Abbott, the temporary incapacity rules are …

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Qantas announces it will stand down two-thirds of its 30,000 staff due to coronavirus.

Qantas will ground all its international flights and temporarily stand down two-thirds of its 30,000 staff until the end of May. The cutbacks, announced this morning, come as Australia’s biggest airline reels from a massive downturn in travel due to coronavirus. Qantas international flights will be suspended from the end of March until May and …

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Australian $17.6bn stimulus package unveiled to stimulate the economy as CoronaVirus declared pandemic

  The government has unveiled a $17.6 billion stimulus package, including a vastly expanded instant asset write-off and tax-free cash payments to small and medium businesses. Prime Minister Scott Morrison has now announced a suite of measures aimed at stimulating the economy off the back of the World Health Organisation declaring the coronavirus a pandemic. …

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