super

5 minute tax updates: 14-18 September

JobKeeper 2.0 rules have been releasedThree legislative instruments released on JobKeeper extensionAll your JobKeeper extension questions will be answeredUpdated guidance on JobKeeper from ATOQuo vardis GST?Land duty valuations: New guidance from Victorian SROFASEA confirms dates and venues for 2021 examsAcquisition of economic entitlements in VictoriaSun will not have set on permitted worker permits, so re-issuing

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Some ATO forms that SMSF trustees may need

SMSF trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some of the required forms here (you could even bookmark this page,

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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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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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TSA calls for SG amnesty to be extended as COVID-19 overwhelms employers

Tax & Super Australia (TSA) has called for the recently legislated Super Guarantee (SG) amnesty to be extended for at least a further six months to give employers whose businesses have been impacted by the COVID-19 pandemic time to re-group. “Time is already ticking down for employers, with the six-month amnesty period having started on

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ATO administrative relief a part of the coronavirus package

As part of the government’s coronavirus response package, it has provided for the ATO to give administrative relief for some tax obligations for people affected by the coronavirus outbreak, on a case-by-case basis (see more here). Business operatives affected by the coronavirus should contact the ATO to discuss relief options. Options include: deferring by up

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