Categories
Uncategorized

Updated NSW COVID disaster payments

I have avoided writing about the NSW (and any other Hotspot zone) disaster payments that people can apply for through MyGov if they lose more than 8 hours work a week. This is for the employees to get directly from Services Australia, and not from the employer, so I did not want to get into […]

Categories
Uncategorized

No “Tax Policy” election

Like in the lead up to the 2007 election, where Kevin Rudd promised (almost) exactly the same tax policy as had been announced 2 days before by Howard & Costello, Albo is going to take tax out of the debate for the upcoming election… Labor in government will uphold the legislated changes to personal income […]

Categories
Uncategorized

JobSaver in NSW

While it is still unclear as you can’t apply till 26 July, we have a bit more information on the NSW “JobSaver” program – NSW government’s JobKeeper equivalent. The will be fortnightly payments of 40% of weekly payroll, with a minimum payment of $1,500 per week and a maximum payment of $10,000 per week (or $1,000 […]

Categories
Uncategorized

NSW 2021 COVID-19 Business Grants

The NSW government is giving one off grants to businesses, and one of the eligibility criteria is a letter from an accountant… aka you! Three different grant amounts will be available depending on the decline in turnover experienced over a minimum 2-week period from 26 June 2021 to 26 July 2021, compared to the same […]

Categories
Uncategorized

Did they just announce another JobKeeper?

Is the question I was asked today. So let’s look at what they announced today for NSW employees and employers. First they increased the COVID-19 Disaster Payment that employees, or anyone can claim through Services Australia. But this I not a “JobKeeper” as the employee approaches Services Australia and proves they are down to their last […]

Categories
Uncategorized

Pay your Div 7A minimum yearly repayments one year later due to COVID-19…

The Commissioner has acknowledged that, as a result of the COVID-19 situation, shareholders who have taken loans from a company may be unable to pay the required minimum yearly repayment required under Division 7A. To help in this situation the Commissioner has indicated he will allow an extension of the repayment period for those borrowers […]

Categories
Uncategorized

Stopping COVID-19 super recontribution strategies

To get a Bill through the Senate (Treasury Laws Amendment (More Flexible Superannuation) Bill 202) the government agreed to two changes two super proposed by One Nation. The most important of the two changes is that from 1 July 2021 a taxpayer cannot claim a deduction for a re-contribution of a COVID-19 early release amount […]

Categories
Uncategorized

Change to Super Choice starts on 1 November 2021

In a blog last week I said changes in choice of super start on 1 July… They have been kicked back to 1 November to give the ATO time to prepare…

Categories
Uncategorized

SMSFs with 5 or 6 members

And the third Bill passed today (but still to be approved by the Government majority in the House of Reps, so pretty much a formality) increases the number of members of a self managed superannuation fund from ‘fewer than 5 members’ (meaning 4 or less members) to ‘no more than 6 members’ (now can have […]

Categories
Uncategorized

Change to Super Choice starts on 1 November 2021

In another Bill passed by the Parliament today (still has to go back to the House of Reps to approve amendments but this is pretty much a formality), the rules regarding default funds in choice of super has been changed for any employee starting employment on or after 1 NOVEMBER 2021… Under the changes, to […]