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[av_heading heading=’The News Brief_20200610′ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’6vw’ subheading_active=’subheading_below’ subheading_size=’20’ margin=’0′ margin_sync=’true’ padding=’0′ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kb8n2nm7′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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[av_heading heading=’New residential construction stimulus package details revealed’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kb8newd8′ custom_class=” admin_preview_bg=”][/av_heading]

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HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis. 

HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date. 

HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme. 

Eligibility 

To access HomeBuilder, owner-occupiers must meet the following eligibility criteria: 

Process and timing HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments. This approach will utilise existing state and territory mechanisms to distribute the HomeBuilder payments. When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020.
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[av_heading heading=’Take advantage of small business concessions’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kb8newd8′ custom_class=” admin_preview_bg=”][/av_heading]

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Check if your business can take advantage of these small business tax concessions before 30 June, including:

Remember, registered tax agents and BAS agents can help you with your tax.
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[av_heading heading=’Major banks provide new customers with special offers’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kb8newd8′ custom_class=” admin_preview_bg=”][/av_heading]

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Below are the NAB & Westpac variable rate offers this month.

NAB Base Variable Rate

Home Loan Interest rate Comparison rate
Principal & Interest 3.45% p.a. 3.45% p.a.
Special offer for owner occupiers, principal & interest LVR ≤80% 2.84% p.a. 2.84% p.a.
Special offer for owner occupiers, principal & interest LVR >80% 3.04% p.a. 3.04% p.a.
Interest Only 4.02% p.a. 3.67% p.a.

WBC Flexi First Option Home Loan variable rate – Special Offer

Loan Annual Rate Comparison Rate
Principal & Interest

Includes a 1.14% p.a. life of loan discount

on new Owner Occupier loans with principal and interest repayments.

Excludes internal refinances within Westpac Group.

LVR up to 70% (Includes discount of 0.10% p.a.) 2.69% p.a. 2.70% p.a.
LVR above 70% 2.79% p.a. 2.80% p.a.
Interest Only

Includes a 0.53 % p.a. life of loan discount

on new Owner Occupier loans with interest only repayments.

Excludes internal refinances within Westpac Group.

LVR up to 70% (Includes discount of 0.10% p.a.) 3.89 % p.a. 3.90 % p.a.
LVR above 70% 3.99 % p.a. 4.00 % p.a.

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[av_heading heading=’Get ready – second round of cash flow boosts’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=” size=” subheading_active=” subheading_size=’15’ margin=” margin_sync=’true’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kb8newd8′ custom_class=” admin_preview_bg=”][/av_heading]

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If you received initial cash flow boosts, you’ll automatically receive additional cash flow boosts when you lodge your activity statements for each monthly or quarterly period from June to September 2020.

The amounts will be equal to the total amount of initial cash flow boosts you received and will be split evenly over your lodgments. If you lodge:

When you lodge your June 2020 activity statement, you may receive the last part of your initial cash flow boost and the first additional cash flow boost as a credit.

If you haven’t made payments to employees subject to withholding, report ‘0’ for PAYG withholding when lodging your activity statement to ensure you receive the additional cash flow boost. It’s important you don’t cancel your PAYG withholding registration until you’ve received the additional cash flow boosts.

Remember, registered tax agents and BAS agents can help you with your tax.
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Sources: Department of the Treasury, ATO, NAB and Westpac
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

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[av_heading heading=’Any more questions? ‘ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’27’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” padding=’30’ color=’custom-color-heading’ custom_font=’#000000′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
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