Welcome tax initiatives in the stimulus package

SYDNEY, Thursday 12th March 2020: The Institute welcomes the targeted stimulus package announced by the Government today. Given the significant challenges currently facing many in the community, a stimulus package of this nature is essential.

“We are pleased to see small business is being directly supported by the package, said The Tax Institute’s Senior Tax Counsel, Professor Bob Deutsch. “It is our hope and expectation that these measures will pass swiftly through Parliament with the support of the Opposition so that relief is provided immediately.”

Specific targeted tax measures and administrative support have been announced as part of the stimulus package.

“Previously we advocated to have the small business instant asset write-off increased. While the $150,000 will expire on 30 June 2020, we hope to see a further announcement about the future of the instant asset write-off beyond 30 June 2020 in the upcoming May Budget,” said Professor Deutsch.

“As mentioned by the Commissioner in his address at our Tax Summit this morning, the ATO has also released a number of administrative measures. We welcome the administrative support that the Commissioner is offering to taxpayers as part of the stimulus package. However, it only provides limited cash flow benefits. Businesses will have to be mindful that they will still need to meet these obligations at some time in the near future.”

ENDS

For more information, please contact:

Azadeh Williams, Media Relations: azadehwilliams@taxinstitute.com.au

The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 12,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au