The 2020 financial year was heavily disrupted due to COVID 19.
We are definitely in different times!
The future is more uncertain than usual; Governments, banks, investors, fund managers to name a few are all scrambling to get their heads around the new environment and how to manage their business, investments and finances.
There is Government Support that continues to evolve.
Tax and Business Planning
Businesses and individuals have all been affected differently, and therefore the path is different for all.
For some income has reduced dramatically in the 2020 financial year and perhaps 2021 financial year, for others, it has increased.
Asset prices have decreased in many instances, though not all.
Borrowing costs have also generally reduced.
Changes like this are likely to affect your current position and outlook.
The above affects your planning and careful consideration and advice on this can be of great value.
Government and ATO Support – Delays
Our Governments have put together COVID 19 Stimulus quickly and overall done an excellent job; it is not perfect.
New systems to support the Stimulus that is put together quickly, such as this are prone to issues.
There will be bugs and issues that will need to be actioned and fixed.
The ATO site crashed on July 1 due to traffic levels!
Contacting and getting an informed response from the ATO can take time.
I recommend patience with the ATO, Government and your adviser who relies on information and responses from authorities.
Government Support
https://treasury.gov.au/coronavirus
If you have questions on support, planning or our other services, please contact us.
02 8207 6721
[email protected]