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What is the government’s economic response to COVID-19 so far?

In an act to help the Australian economy try to withstand the effects of COVID-19, the government has released a series of initiatives aimed at aiding those in need. The aim is to keep businesses afloat and individuals will becompensated to help everyone get ‘back on track’ as quickly as possible post virus. Although, we have yet to know when this time may be.

The government website is being updated daily with advice on benefits and new opportunities for those struggling during this time.

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The world has completely transformed given the current Covid-19 pandemic. Businesses in Australia are being forced to close all over, our unemployment rate has risen from approx. 5% to 8% (and is estimated to hit 12%) and many have been left with debts they are unable to pay.

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The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as:

• they need a clearance certificate from the supplier when buying property over $750,000;
• they may have to pay the GST on the sale of brand new residential property separately to the ATO; and
• income from property activities could increase their total business turnover.

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The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars.

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The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Ascent on 6 March 2020.

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