The National COVID-19 Coordination Commission (NCCC) has developed a 14-page COVIDSafe plan to assist businesses to keep their staff, clients and community safe as their business operations recommence. The guide includes advice on ensuring people’s safety, how to adapt your business now and in the future and how to access support and assistance. Please click [...]
HomeBuilder is a temporary measure intended to help the residential construction market recover from the COVID-19 crisis. The program will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The eligibility criteria and conditions include that the contract is signed between [...]
For the 2019/20 and 2020/21 financial years, the ATO has announced that for commercial property owned by a SMSF, the trustee as the landlord may in certain circumstances be able to offer a tenant rent relief because of the financial impacts of COVID-19. This relief measure is also applicable for business owners who rent their [...]
As 30 June 2020 approaches, now is the time to consider available options to reduce your income tax in the current financial year (2020FY). The 2020FY has been extraordinary, starting with the devastation of the eastern seaboard bushfires which was followed by the significant economic and social upheaval associated with the arrival of the COVID-19 [...]
Building wealth tax effectively within your SMSF should be a priority and approaching the end of the financial year is the ideal time to review your strategy in context of your financial affairs as a whole. Adjustments may be required to help you take advantage of the tax-efficient retirement savings environment, cost benefits and flexibility [...]
The Government's two Coronavirus economic stimulus packages deliver relief measures for members of superannuation funds, including SMSFs: Temporarily reduce superannuation minimum drawdown rates Early release of superannuation Reducing social security deeming rates The Government is also expected to issue guidance this week in relation to Rent relief for SMSF tenants. Here's our summary of these [...]
COVID-19 relief measures have been announced by the Federal Government, the NSW State Government, the Australian Tax Office (ATO) and the banking sector. Please view/download our summary of the key measures, eligibility requirements and relevant dates. View/Download COVID-19 Relief Measures Our summary was also published in the CA ANZ's online magazine Acuity. To [...]
On 11 March 2020 COVID-19 was declared a pandemic by the World Health Organisation. The Australian Government's quarantine measures require self-isolation for 14 days for anyone entering Australia, from any international location. Early social distancing is recommended for everyone in Australia and this will have impacts on our home and working lives. To protect visitors, [...]
The Australian Government has announced a $17.6 billion economic response to address the economic impacts of the Coronavirus outbreak. The response is intended to support confidence, employment and business continuity. Key measures include: SUPPORTING BUSINESS INVESTMENT Increasing the instant asset write-off - Effective immediately, the instant asset write-off threshold has been increased from $30,000 [...]
An employee can ‘sacrifice’ part of their salary or wages into super contributions under an agreement with you, the employer. You then pay the sacrificed amount to your employee’s super fund on their behalf. Benefits for the employee: salary sacrificing is a tax effective way of increasing their super, provided they stay within their contribution caps. Benefits for the [...]
