Commencing 30 June 2025 The Federal Government has announced its proposed new policy on the taxation of super fund individual member balance over a $3M cap. Obviously this is contrary to their pre-election statements and is a complete change to how income and capital gains are taxed in Australia. In short, a SMSF is taxed […]
New Superannuation Tax Announced Read More »
The ATO has implemented their changes to the JobKeeper employee eligibility rules with immediate effect. As we mentioned in our earlier bulletin the previous 1 March 2020 employee eligibility date has been updated to 1 July 2020. “JobKeeper enrolments are still open. We encourage all businesses to review the eligibility criteria and if eligible, enrol
ATO Clarifies New JobKeeper Employee Eligibility Rules Read More »
The Federal Treasurer has recently engaged with Australia’s four major banks who have now agreed to provide “bridging finance” to help businesses pay their employees before receiving the JobKeeper payment in arrears each month. The four major banks have agreed to set up dedicated hotlines for their customers to call to receive the bridging finance necessary to
Treasurer Hauls Major Banks to the table on JobKeeper Bridging Finance Read More »
15th APRIL 2020 The ATO have now started releasing more information on the JobKeeper Scheme criteria and the steps to be taken to assess your business eligibility and apply for approval. In summary the steps are for the Tax Agent or business to: Work out if you are eligible Identify your eligible employees Ensure you
JOBKEEPER INCENTIVE SCHEME – KEY INFORMATION Read More »
CASH BOOSTER INCENTIVE AND MARCH 2020 BAS LODGEMENT 16 APRIL 2020 As you will already have, or about to, lodge your March 2020 quarterly BAS we would like to give you a reminder about your potential entitlement to the first round “Cash Booster” incentive credit, how it will work and what you need to do. Will your
CASH BOOSTER INCENTIVE AND MARCH 2020 BAS LODGEMENT Read More »
The National Cabinet meeting with State Treasurers have agreed a mandatory code for commercial landlords and tenants will apply to tenancies where either the landlord or the tenant is eligible for the JobKeeper program. It will be legislated and regulated by each individual State and Territory. It would appear this (temporary) mandatory code will only apply
MANDATORY CODE FOR COMMERCIAL TENANCIES Read More »
Update 8th APRIL 2020 JOBKEEPER LEGISLATION PASSES PARLIAMENT The JobKeeper legislation was passed in Federal Parliament today we are suggesting that businesses who are thinking they should rush their JobKeeper application to be cautious and be prepared with the relevant information beforehand. Once Royal Assent is given, the ATO will publish extensive guidance on many
COVID-19 JobKeeper Passes Parliament Read More »
UPDATE 7th APRIL 2020 TEMPORARY NEW WORKING from HOME TAX DEDUCTION The Australian Taxation Office (ATO) has announced temporary arrangements for this FY2020 financial year due to COVID-19 to make it easier for people to claim deductions for working from home. The new arrangement will allow people to claim a rate of 80 cents per
COVID-19 Working from Home, Tax Deduction Read More »
UPDATE 2nd April 2020 QUEENSLAND GOVERNMENT JOB SUPPORT LOANS The Queensland Government’s is now accepting applications for their Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on expenses
Queensland Government Job Support Loan Read More »
Update 2nd April: FEDERAL GOV’T JOBKEEPER WAGE SUBSIDY Following the Monday announcement of the third round of economic incentives by the Morrison Government and the $1,500.00 per fortnight payments to business there has been a lot of confusion and conjecture how it will apply to businesses. As noted in our previous email the Job keeper
Federal Government JobKeeper Wage Subsidy Read More »