Here is our last Tax Newsletter of the year. This month we discuss Financial support from the government to help us get thru these tough times. Topics include:
- Coronavirus Supplement extended (but reduced) – The Federal Government’s Coronavirus Supplement has been extended for a further three months until 31 March 2021, but will be cut to $150 per fortnight from 1 January 2021.
- Additional $250 Economic Support Payments on the way – Two additional Economic Support Payments of $250 each will soon be available to a range of pensioners and concession cardholders.
- ATO advises of PAYG instalment and company tax rate error – An error has meant the recent company tax rate reduction was not applied correctly in ATO systems from 1 July 2020. The ATO will issue new PAYG instalment letters to affected companies reflecting their correct instalment rate or amount.
- ATO post-COVID expectations for businesses – The ATO has warned companies against using loopholes to obtain benefits from the various government stimulus packages and urged them to follow not only the letter of the law, but also the spirit of the law.
- JobMaker Hiring Credit up to $200/week: draft rules – The Federal Government has released an exposure draft of the rules for the JobMaker Hiring Credit, which it announced in the recent 2020–2021 Budget.
For more information, please contact us on 02 9580 3353