Extension of time to enrol for the JobKeeper scheme
JobKeeper Payment The Tax Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes […]
JobKeeper payment subsidy open today
JobKeeper: Your business may be eligible for a maximum of $19,500 per eligible employee During the week commencing today (Monday 20 April 2020), one of our team will be in contact with all business clients to discuss your possible eligibility for the JobKeeper payment. We are already working with a number of clients to complete this […]
The JobKeeper Payment Legislation
JobKeeper Payment Bills passed but no detail yet JobKeeper Payment details still not available We would like to take this opportunity to update you on the JobKeeper Payment Scheme. Bills passed but no detail yet Yesterday, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, […]
New super guarantee amnesty
On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty Employers who come forward from 6 March 2020 need to apply for the amnesty. This amnesty allows employers to disclose and pay previously unpaid super guarantee charge (‘SGC’), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 […]
Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
Coronavirus Jobkeeper Payment
Federal Government offers $130b in coronavirus wage subsidies for businesses to pay workers The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus. Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) […]
Coronavirus Economic Stimulus Package UPDATE
Supporting Australian workers and business The Commonwealth Government has released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work […]
STP and superannuation guarantee
ATO actively using data to warn employers not paying required SG on time In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination of Super […]
Late SMSF annual returns to change Super Lookup ‘status
Super Lookup ‘status’ will change if SMSF annual returns are late The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and […]
Super guarantee opt-out
Super guarantee opt-out for high-income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to […]
