COVID-19 UPDATE

South Australian Stimulus Package

 

Yesterday South Australian Premier, Steven Marshall and State Treasurer Rob Lucas announced a $650 million stimulus package to support South Australian jobs and businesses during this extraordinarily difficult time.

This is the second stimulus package announced by the State Government following on from the announcement of a $350 million infrastructure boost to the state on 11 March 2020.

This second stimulus package is focused more directly on business and jobs and includes the following measures:

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COVID-19 Update – Support for Australians

Please Note: this information was current as at 3pm Monday 23 March 2020.  We will provide updates as further information becomes available or other announcements are made.

A number of announcements were made by Federal and State Governments on Sunday 22 March 2020 which will impact the way we live and work in South Australia, and around the country.

The below details are based on press releases and our understanding of the announcements.  We are expecting legislation to be introduced to Parliament and passed today or tomorrow and further details will follow once we have seen the detail in the legislation.

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Stimulus package announcement

This morning the Prime Minister, Scott Morrison announced a stimulus package worth $17.6 billion. The package contains measures to boost the economy with a combination of cash payments to individuals who qualify for government benefits and benefits to business.

Currently, these are just announcements with no supporting legislation which means the below could be subject to change and clarification. The administration of some of these incentives is yet to be confirmed.

What do we know so far?

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A simple summary comparison of the Coalition and Labor policies

There’s been a lot happening in Canberra over this last week with the Federal Budget announcement, the Labor Party reply speech and of course, all the talk of the upcoming Federal election.

One thing that has become clear is that the tax policies of the major parties with particular reference to tax cuts – including who will get them, how much and when – will form a cornerstone of this election campaign.

To clear the somewhat muddied waters we have provided a comparison of the Coalition and Labor Party tax policies which have been outlined at this stage.  This may change over the course of the election campaign but it’s a good starting point.

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Business Transformation, Technology & Risk Specialists Join Holman Hodge

In response to rapidly changing attitudes towards organisational transformation and risk, one progressive South Australian professional services firm has established a specialist team to guide clients through the challenges of organisational change, risk mitigation, future-proofing and technology evolution.

Adelaide-based firm Holman Hodge has recognised the need to provide additional breadth and depth to their traditional accounting, tax and business advisory services.

“We looked at ways to complement our current services,” said Paul Holman, Managing Director of Holman Hodge. “However, we wanted to ensure that any new specialist who joins us brings experience, knowledge and courage of conviction, but also shares the warm, personal approach for which Holman Hodge prides itself.”

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