27 February 2020
Sourced with thanks from Dr Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital.
The past week has seen a renewed escalation in concern that the coronavirus outbreak (Covid-19) has become or is becoming a global pandemic.
Investment markets are starting to become increasingly concerned about the disruptive impact on economic activity. As a result, while most share markets recovered their initial decline on the back of the virus with some hitting new highs last week, we are now seeing renewed sharp falls.
Global GDP growth could slow to around a 1% annualised rate in the first quarter of 2020. When Covid-19 is contained, we expect that economic activity should rebound by the second or third quarter this year as restocking of inventory by businesses occurs and pent-up demand is released.
In the interim, policy responses from Governments and Central banks should limit a more intense slowdown. China has already been cutting interest rates and offering subsidies to affected industries. The US Federal Reserve also has ample room to cut rates if required.
25 February 2020
The ATO has announced that deferrals for lodgement and payment for BAS for taxpayers affected by the bushfires will be automatically applied. If you’ve been preparing your BAS and noticed your due date is now 28 May 2020, this is why.
The list of affected area postcodes can be found here and will be added to as required. If you’re not in an affected area postcode, the ATO have asked that you call the Emergency Support Infoline on 1800 806 218 so they can try to assist.
Please keep in mind, the ATO has specifically reminded employers that they still need to meet their ongoing superannuation guarantee obligations and that these deferrals do not apply to large pay as you go withholders.
Now is a great time to check that your ABN details and information are up to date as this information is used by Emergency Services and other government agencies to assist during times of natural disaster as well as identifying where financial relief is needed.
For more information, please click here or contact your local Boyce accountant.
13 February 2020
The authentication method to access government systems is changing for any individual or business with an ABN from the end of March 2020. The new system is called MyGovID and will be used to access online services such as the Business Portal.
Despite having until the end of March to organise this change, it is recommended this be organised as soon as possible to ensure a smooth transition. Should issues occur, this will allow you enough time to resolve before your current login method is discontinued.
If you have slightly different names across different forms of identification, please be aware this may cause you issues. There have been cases where people have to reapply for identification which can take an excessive amount of time.
Below is a link to the ATO website that has basic instructions on how to set up MyGovID.
If you have any difficulties or would like further assistance, please contact your local Boyce accountant.