April 2020 Newsletter
An awful lot has occurred over the last month so this will be a larger than normal newsletter. We encourage clients with any queries about these articles or any other financial matters to give us a call. Contents:
- Full Summary of the Economic Stimulus Package
- Cybersecurity in an era of working from home
- Trust distributions from a discretionary trust: A simple explainer
- Agreement can minimise property co-ownership risks
- Super changes in COVID-19 measures — what it means for SMSFs
- Paying more for the privilege of less health insurance benefits
- I have tickets to a now cancelled event: What can I do?
- Coronavirus: Can my boss force me to take sick leave?
- 4 tips to feel more financially secure
- The pros and cons of ‘buy now, pay later’
- Announcements
Full Summary of the Economic Stimulus Package
Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use. This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.Coronavirus update: Cybersecurity in an era of working from home
As government-mandated lockdown comes into force, there are some existing risks to small business that could be felt more acutely if precautions aren’t taken. That’s right, it’s time to rethink your cybersecurity protocols.
Trust distributions from a discretionary trust: A simple explainer
Distributions from trusts and the taxation of those distributions is complex. This is an attempt to simplify the topic for any of your curious clients. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets.Agreement can minimise property co-ownership risks
Super changes in COVID-19 measures — what it means for SMSFs

Paying more for the privilege of less health insurance benefits

I have tickets to a now cancelled event: What can I do?

Coronavirus: Can my boss force me to take sick leave?

4 tips to feel more financially secure
Savvy Australians are looking to get on the front foot and prepare for the financial uncertainty caused by coronavirus through cutting back discretionary spending and increasing savings, an industry survey has found.
According to Finder’s Consumer Sentiment Tracker, one in 10 is feeling insecure about their current job, while half of working Australians are living paycheck to paycheck.

The pros and cons of ‘buy now, pay later’
Gen Zers and Millennials are the biggest users of “buy now, pay later” services in the 12 months leading up to September 2019, according to Roy Morgan’s research.
As at September 2019, Australians 14 to 35 years of age are the largest number of buy now, pay later system users at 55.9 per cent. Of which, 25 to 34-year-olds accounted for 33.5 per cent – twice the number of 14 to 24-year-old users.
Announcements:
This month we wish a Happy Birthday to Richard, Laurie, Katrina & Cris.
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ATO Debts & Payment Arrangements
$500 million support package for Victorian workers impacted by COVID-19
As part of the $1.7 billion Economic Survival Package, the Victorian Government has announced a $500 million package to assist people who have lost their jobs at this difficult time.
Under the Working for Victoria Fund, displaced workers will be eligible to apply for different types of work. This presents opportunities for paid work and an opportunity to contribute to Victoria’s ability to manage this event and support the community.
Some displaced workers will have skills that can be readily transferred to new roles. The Government can also assist skills development or help people in obtaining immediate accreditation to commence work.
The Government will work across the public sector, local government, the not-for-profit sector and key private sector employers to facilitate job matching. Businesses that need workers can get in touch at business.vic.gov.au.
To register your interest in receiving more information, please provide your contact details here: https://www.vic.gov.au/workingforvictoria