With Western Australia’s border due to open on 3 March when the State is forecasted to reach its 70% vaccination rate, the McGowan Government has released $67 million in stimulus measures for business affected by COVID-19 on 24 February.
A range of VIC State Government stimulus packages have been announced to boost the economy starting from March 1.
The Federal Government introduced the much anticipated “patent box regime” rules into Parliament on 10 February 2022, as announced in the Federal Budget 2021-22.
The continued pressure on businesses to grow, while riding the current wave of uncertainty, has shone a light on programs like the NSW $250m Jobs Plus program as a mechanism to support these ambitions.
In response to soaring COVID case numbers and the ramifications of self-imposed lockdowns during the last few months, the NSW State Government has announced relief is now available in a $1 billion COVID rescue package.
Builders with projects in Queensland who are impacted by the requirement to operate PTAs on each project they undertake should be preparing their business for the administrative burden of managing this additional regulatory compliance.
Released on 16 December 2021, the ATO has finally released its final Practical Compliance Guideline PCG 2021/4 for the allocation of professional firm profits.
The Payment Times Reporting Scheme (PTRS) commenced on 1 January 2021, requiring organisations with an annual income over $100 million to report on the time it takes them to pay small business suppliers. The purpose of this scheme is to increase transparency around the payment terms offered by large businesses to small business suppliers, thereby creating incentives to improve payment times and practices.
The first Payment Times Reporting Register was published on 30 November 2021, and covered the reporting period 1 January 2021 to 30 June 2021.
The Mid-Year Fiscal and Economic Outlook (MYEFO) announcements handed down today included the creation of 1 million new jobs and an expected wages increase of about 11.24 per cent, while inflation is tipped to grow by 10.25 per cent between now and 2024-25. These developments reflect a positive business growth outlook linked to increased business investment and the economy getting back on track following a disruptive year.
