The latest amendment to the JobKeeper 1.0 rules has been released. This seventh amendment, released on Friday 14 August, encapsulated the changes set out in the 7 August version of the “JobKeeper Payment” fact sheet, as discussed in Tax & Super’s article “When…
IMPORTANT JOBKEEPER UPDATES The Government has decided to extend JobKeeper for a further six months (13 fortnights) from 28 September this year, but eligibility will be based on actual rather than projected turnover declines and the payments will be lower…
The Tax Office has begun bracing for a substantially different tax time this year, noting that it will likely see a flow-on effect from COVID-19 restrictions on work-related expenses claims. ATO assistant commissioner Karen Foat has now urged taxpayers to…
Small businesses located within the 36 Melbourne suburbs that will soon re-enter Stage 3 coronavirus restrictions will be eligible for one-off grants of $5000 from the state government, with applications due to open in coming days. On Tuesday, Victorian Premier…
1. In order to claim a deduction for a personal contribution, a member must give their notice (or variation) by the following dates, whichever occurs first: a. the day they lodge their income tax return for the income year in…
Monthly declaration Jobkeeper You will have to provide a monthly declaration to the ATO – this can be done from the 1st to the 14th day of each month, to receive reimbursements for the payments you have made to your…
Did you know that while almost half of all retirees agree that hiring a financial advisor could make a huge difference when it comes to planning their retirement, only 24% actually have one? Compared to the 47% in the US…
The outbreak of the coronavirus (Covid-19) has many far reaching consequences for people’s health and the economy. The response from both federal and state governments to contain the outbreak has placed restrictions on many businesses and thus they have been…
With all the financial upheaval relating to the coronavirus right now, it’s not hard to see why the share market has gone into meltdown. As those in charge are considering a recession, there’s really no better time to learn how…
The summary of Business Announcements is as follows: FEDERAL GOVERNMENT INITIATIVES: Small & Medium Sized businesses with turnover less than $50m will receive a tax free credit to their ATO account of between $20k and $100k split equally over the…