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January/February 2021 Newsletter


New measures applying from 1 January 2021 The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others): The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small businesses [...]

January/February 2021 Newsletter2021-02-16T10:24:20+11:00

November 2020 Newsletter


Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward 'Stage two' of their Personal Income Tax Plan [...]

November 2020 Newsletter2021-02-16T11:24:56+11:00

October 2020 Newsletter


Special COVID-19 Superannuation Condition of Release Extended Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire [...]

October 2020 Newsletter2021-02-16T11:20:42+11:00

September 2020 Newsletter


Superannuation guarantee rate increase update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee ('SG') have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an [...]

September 2020 Newsletter2021-02-16T11:15:10+11:00

August 2020 Newsletter


Extension of the JobKeeper Payment Sadly, many Australian businesses are a long way from trending back to 'normal' as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications. The JobKeeper Payment, which was originally due [...]

August 2020 Newsletter2021-02-16T11:08:26+11:00

May 2020 Newsletter


Coronavirus: Government’s JobKeeper Payment A major part of the Government’s response to the Coronavirus (or 'COVID-19') pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible [...]

May 2020 Newsletter2021-02-16T10:59:15+11:00

April 2020 Newsletter


Coronavirus: Government announces new tax measures The Government has announced a number of economic responses to the Coronavirus (or 'COVID-19') pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for businesses with an [...]

April 2020 Newsletter2021-02-16T10:51:41+11:00

March 2020 Newsletter


Court confirms ATO's position on foreign income tax offsets The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets ('FITO'). An Australian tax resident had sold some US investments and paid [...]

March 2020 Newsletter2021-02-16T10:51:49+11:00
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