Treasurer Josh Frydenberg has now revealed that the ATO has now approved 456,000 applications for the early release of super measure, which allows impacted Australians to access $10,000 by the end of June, and a further $10,000 in the third quarter of this year. Mr Frydenberg said the average withdrawal hovered around $8,000 and totalled $3.8 […]

  Revealed by Treasurer Josh Frydenberg on Friday night, the government will now provide an alternate decline in turnover test for the eligibility of special purpose service entities that provide employee labour to group members and that have not met the basic test for decline in turnover. According to Mr Frydenberg, the change will address […]

  The Stimulus Package: What You Need To Know The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. Please be careful, as […]

  We’ve all heard of the Coronavirus that originated in Wuhan, China. But have you thought about how to protect your business if you need to comply with self-quarantine advice? If any member of your team is forced to self-quarantine and to work remotely, will your IT systems, processes and infrastructure cope? Now is the […]

The ATO’s pursuit of policy details from insurers is a “tried and tested way” of catching wealthy tax cheats, but its wide net could mean ordinary taxpayers get caught too, warns an accounting network. The Tax Office has recently announced it would request to receive a further five years’ worth of policy information from over […]

In 2019 the Fair Work Commission handed down a decision imposing significant new obligations on employers paying annualised salaries under a number of modern awards. Annual salary clauses in 19 awards have been amended and the terms will be inserted into three additional modern awards. A list of the effected awards is set out below. […]

The SMSF Association has called for the reinstatement of the $35,000 concessional contributions cap for over 50s, arguing that the current $25,000 cap restricts fund members from contributing to their super at the age where they can most afford to do so. In its submission for the 2019 federal budget, the association said the current […]

Debate heats up around $10k cash ban bill Concerns around a bill that will criminalise business cash payments above $10,000 continue to be raised as the industry waits on a parliamentary committee’s final report. A total of 2,659 submissions were received by the Senate Economics Legislation Committee in the course of its inquiry into the […]

Following on from our email of last week, a Director Penalty Notice (“DPN”) is a notice the Australian Taxation Office can currently send to a Director that can make you personally liable for: Pay As You Go (“PAYG”); and Superannuation Guarantee Charge (“SGC”) And from 1 April, you can add Goods and Services Tax (“GST”) […]