There is so much happening in the world right now. Here we discuss topics closer to home. This month we discuss:
- Budget personal tax cuts and business concessions – Several tax announcements from the 2020 Federal Budget have now passed into law and the ATO has issued updated PAYG withholding schedules.
- Working from home "shortcut" deduction extended – In recognition that many employees and business owners are still required to work from home due to COVID-19, the 80 cents per hour claiming rate will be available until at least 31 December 2020.
- JobKeeper decline in turnover tests: temporary trading cessation – An additional category for alternative “decline in turnover” tests is now available for entities that temporarily ceased trading for some or all of the relevant comparative period.
- Small business tax options during COVID-19: ATO reminder – The ATO has reminded businesses impacted by COVID-19 that they have a range of tax options to consider.
- Insolvency reforms announced for small businesses – The Government has announced that it will introduce insolvency reforms to help small businesses restructure in response to COVID-19.
- JobKeeper payments satisfy "work test" for super contributions – APRA has published new guidance on the interaction between JobKeeper payments and satisfying the “work test” for voluntary super contributions.
- SMSF asset valuations: concession during COVID-19 – The ATO will not apply penalties for SMSF trustees that have difficulty obtaining evidence to support market valuations of assets due to COVID-19.
- Digital AGMs and signatures: legislative determination – The Government has formally extended the ability for companies to convene AGMs and other prescribed meetings entirely online until March 2021.
Please click the link below to read more about these topics
November 2020 Tax Newsletter
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