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Questions & Answers

  Question I have a client who cannot afford to top up staff to the $1,500 JobKeeper level. But, there appears to be a one in all in rule. Is that right? Answer The Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 do not appear to have this specific requirement. However, the explanatory statement […]

Early super access hits $3.8bn in 3 days

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 […]

JobKeeper to address service entities

  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 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 […]

NOW IS THE TIME TO IMPLEMENT PROCEDURES TO PROTECT YOUR BUSINESS

  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 […]

Tax Office insurance data haul to capture ‘ordinary’ taxpayers

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 […]

Is your business ready for the changes to annualised salaries?

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. […]

SMSFA calls to reinstate higher contribution cap for over 50s

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

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 […]

Legislation has been passed in Parliament to include GST in the Director Penalty Notice regime and is effective from 1 April 2020.

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”) […]

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