Grants – Victorian Government Business Support Fund 3

September 24th, 2020

You may be entitled to the Third round of Victorian Government Business Support Grants On 13 September 2020, the Victorian Government announced a new support package to help businesses survive the impacts of continued coronavirus (COVID-19) shutdown restrictions and to keep Victorians in jobs.  Business Support Fund 3 specifically targets businesses in industry sectors that [...]

FBT: cars garaged at employees’ homes during COVID-19

September 3rd, 2020

The ATO has published a fact sheet to assist employers in determining if they have an FBT liability where cars are garaged at employees’ homes because of COVID-19. The fact sheet states that the ATO will accept that an employer isn’t holding a car for the purposes of providing fringe benefits where the car isn’t [...]

ATO’s employees guide for work expenses updated

September 3rd, 2020

The ATO has updated its employees guide for work expenses for 2019–2020. The document is designed to assist employees to determine whether incurred expenses are tax deductible, and outlines the substantiation requirements. The following are highlighted as being new for 2019–2020: • The additional method for calculating running expenses incurred as a result of working [...]

Residency and source of income in the COVID-19 era

September 3rd, 2020

The ATO has issued an update on residency and source of income. It deals with issues from the perspectives of an Australian resident and a foreign resident in the context of a change of residency due to COVID-19. In terms of Australian residents, the update addresses those who are temporarily overseas and those who have [...]

Loans put on hold and debt forgiveness: ATO’s views

September 3rd, 2020

The ATO has “clarified” its position on loans put on hold during COVID-19. The ATO will consider a debt to be forgiven for tax purposes if: • the debtor is somehow relieved from the legal obligation to repay it; or • there is evidence that the creditor won’t insist on repayment or rely on the [...]

PM announces pandemic leave disaster payment for Victoria

September 2nd, 2020

Prime Minister Scott Morrison announced on 3 August 2020 a Federal Government “pandemic leave disaster payment”. The payment will be a one-off amount of $1,500, available to workers in Victoria who have no sick leave available who have to self-isolate for 14 days as a result of an instruction by a public health officer. It [...]

JobKeeper reference date now 1 July 2020

September 2nd, 2020

For JobKeeper fortnights beginning on or after 3 August 2020, the reference date for determining certain employee eligibility conditions has been changed from 1 March 2020 to 1 July 2020. The purpose of this change is to extend the scope of JobKeeper so that “it also benefits employers of more recently engaged employees”. Importantly, the [...]

JobKeeper changes: turnover test and employment start date

September 2nd, 2020

Prime Minister Scott Morrison announced further changes to JobKeeper on 7 August 2020. The changes are intended to ensure that eligibility for the revised JobKeeper scheme – to commence on 28 September 2020 – will be based on a single quarter tax period, rather than multiple quarters as previously announced. Employees hired as at 1 [...]

Super contributions beyond age 65 from 1 July 2020

August 11th, 2020

The Assistant Minister for Superannuation Senator Jane Hume has welcomed the recent amendments to Australia’s superannuation regulations that allow more people to make voluntary superannuation contributions from 1 July 2020. The changes allow people aged 65 and 66 (ie under age 67) to make voluntary super contributions (both concessional and non-concessional) without meeting the work [...]

Banks further extending loan repayment deferrals

August 11th, 2020

The Australian Banking Association (ABA) has announced a new phase of support to assist customers to get back to making their loan repayments. With the six-month loan repayment deferral period set to end on 30 September, the ABA said customers with reduced incomes due to COVID-19 will be eligible to apply for an extension of [...]

  Liability limited by a scheme approved under Professional Standards Legislation.