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.
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
In this video, John Jeffreys, Tax Counsel of Tax and Super Australia sets out an example of the ability to claim the new instant asset write-off that became law from 12 March 2020 as part of the COVID-19 response by the Federal Government. It demonstrates how a small business that purchased an asset in January
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
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
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
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
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