COVID-19

Daily updates: 19-23 October

23 October NEWSABS: Less reporting fall in turnover in October compared to JulyThe Bureau of Statistics (ABS) has just published a report that shows the proportion of businesses reporting a fall in their monthly revenue decreased from 47% in July to 31% in October. Its latest Business Impacts of COVID-19 Survey also showed that almost

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5 minute tax update: 12-16 October

Data matching and the reporting of asset disposals for CGTIs ATO being put on a cost-of-operation diet?FFC hands decision win in Healius appeal to CommissionerSTP reporting: ATO has compiled a troubleshooting pageWithholding schedule update released post budget rates changesGuideline on SMSF penalty administrationChange made so super providers do not re-use payment reference numbersSMSF auditors reminded

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Daily updates: 12-16 October

16 October NEWSWA to introduce extended pay roll legislationWest Australia will introduce urgent legislation that will allow the Government to provide additional payroll tax support for Western Australian businesses impacted by COVID-19, if they are needed after the March State election. Current laws that give the Government the power to introduce payroll tax support measures

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JobMaker Hiring Credit payment legislation introduced

Legislation to facilitate payments relating to the JobMaker Hiring Credit scheme has been introduced, called the Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020. The bill amends existing legislation that will allow the Treasurer to make rules for an additional kind of COVID-19 economic response payments, and to facilitate payments in relation to the

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Federal Budget 2020-21

We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. The Treasury has given its best estimate, but we also need to appreciate that budgets are usually never 100% on target — that’s the

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COVID-19 daily updates: 28 September – 2 October

2 October NEWSCOVID-19 inspired relief on insolvency regimeThe Federal Government is planning to overhaul Australia’s insolvency laws, adopting a US-style model to assist small businesses in a post-COVID world. Affected entities will have the choice to either restructure or fold. It has been described as the most significant and ambitious proposed reform of Australia’s insolvency

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No ATO compliance action regarding excise and takeaway alcoholic drink sales

The ATO has updated its excisable alcohol guidance to absorb COVID-19 circumstances in regard to takeaway beverages. This is in light of some relaxing of state and territory liquor licensing requirements to allow the sale of takeaway alcoholic beverages during COVID-19 restrictions. The ATO says it will not take compliance action in the following alcohol

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SG Amnesty could have boosted retirement savings for even more

by John Jeffreys Tax & Super Australia (TSA) believes the SG Amnesty would have likely returned even more retirement savings to Australians if it was extended to operate beyond the most intense period of the coronavirus pandemic. Assistant Minister for Superannuation Jane Hume has been reported in the media as saying the amnesty resulted in

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Preliminary rundown of JobKeeper extension rules, but more details to come

Neville Birthisel On 15 September 2020 the JobKeeper 2.0 rules were released. This followed the passing of the Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 which amended various acts to, in part, ensure that the scheme could extend beyond the original sunset date. The three instruments released on 16 September in the wake

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