Second stimulus package strongly endorsed by Tax Institute

SYDNEY, Sunday, 22 March 2020: The Tax Institute strongly endorses the second targeted stimulus package announced by the Federal Government today.

“The Federal Government’s most recent package of measures which now provides around $190 billion in assistance and stimulus is strongly endorsed by The Tax Institute,” said The Tax Institute’s Senior Tax Counsel, Professor Bob Deutsch.

“The measures included in today’s stimulus package announcement build on the targeted measures announced ten days ago by the Government, including further support for small businesses, casual workers and retirees.”

“Of particular note, is the initiative to provide $100,000 through the tax system to employers to assist them to fund employee wages during the next few months. Understanding the detail of how this works and exactly who will be eligible will be revealed in the fine print of the legislation which the Institute will be studying closely and commenting upon as soon as it is released.”

“The Institute, while reluctant to see superannuation savings eroded, nonetheless welcomes the ability for eligible individuals in financial stress to access super early - up to $10,000 in the current financial year and in the next financial year. Superannuation was always intended to be for retirement purposes, but the current emergency is of such a nature as to warrant this temporary adjustment.”

ENDS

For more information, please contact:

Stephanie Caredes, Tax Counsel, The Tax Institute: 0450 434 665 

The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 12,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au