covid19

COVID-19 relief measures for SMSFs extended

SMSFs impacted by COVID-19 due to the extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021/22 financial year. The relief was originally offered by the ATO to SMSFs for the 2019/20 and 2020/21 financial years where certain situations may have caused SMSF trustees to contravene superannuation law. For

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COVID-19 superannuation announcements

There has been an update from the regulators (ATO and APRA) regarding two measures that support individuals impacted by the COVID-19 pandemic. 1. ATO: Recontribution of COVID-19 early release amounts Clients can now recontribute amounts they withdrew under the ‘COVID-19 early release of superannuation program’ without them counting towards their non-concessional cap. Although clients may

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The new JobKeeper wage subsidy package

The government announced at the end of March a further massive subsidy for businesses to help them retain employees so they are ready to get back to business when the current coronavirus issues subside.  The new subsidy is called a JobKeeper payment. The key things to note about this are: The payment will be made

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JobKeeper Subsidy

In this video, John Jeffreys, Tax Counsel of Tax and Super Australia explains the JobKeeper (not JobSeeker) subsidy that was announced by the Federal Government on 30 March 2020.

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Free webinar recording: COVID-19 stimulus package

There is confusion, and some anger, over the way the package operates for businesses. In this webinar, John Jeffreys, Tax Counsel of Tax & Super Australia, explains the package and answers your questions.  Cov\ered in the free webinar recording below: Full details of the “cash flow boost” – who gets it, how much, and when

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Will COVID-19 affect the operation of the SG amnesty?

Some of your business clients may wish to apply for the superannuation guarantee amnesty but may also, given the coronavirus crisis, be concerned that as a result of COVID-19 their circumstances may change and they will not be able to pay the liability. The ATO has committed to work with taxpayers in these circumstances to

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COVID-19 stimulus package explained: Tax team special commentary

A legislative package has been pushed through Parliament which contains a number of bills that implement the government’s economic response to the spread of the coronavirus. The relief package of bills consisted of eight separate bills. The legislation has now passed both houses of parliament. Instant asset write-offThe income tax law was amended to increase

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Early release of superannuation for COVID-19: Details on eligibility

A set of bills now in Parliament, otherwise known as an omnibus bill, spells out the government’s response to the COVID-19 crisis. Schedule 13 of the omnibus bill amends the SIS Regulations and RSA Regulations to allow individuals affected by the coronavirus to have up to $10,000 released from their superannuation or retirement savings account

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Steps the ATO is taking to get your clients through COVID-19

The ATO has committed to implement a series of administrative steps to help Australian taxpayers who will go through financial difficulty as a result of the COVID-19 pandemic. The Commissioner Chris Jordan is encouraging businesses affected by the coronavirus to get in touch with the ATO to discuss relief options. “We know that many businesses

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