Coronavirus cash flow boost payments explainedSmall to medium employers who intend to claim the “cash flow boost payment” (minimum of $10,000 and a maximum of $50,000) announced in the second round of stimulus hoping to receive an injection of cash should beware. The “payment” is not actually a payment, rather it is a credit that will be offset against of the liabilities that appear on the BAS and any debits in a taxpayer’s RBA.

SMSF Coronavorus ConcessionsSMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic. The concessions largely revolve around the ATO not intending to take compliance action in relation to SMSFs temporarily reducing rent to related party tenants and inadvertent breaches of the in-house asset rules due to downturn in the share market.

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