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October 2020 Tax Newsletter

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Here is our latest Tax Newsletter covering the recent changes to government programs. Topics include:

  • Keeping you informed about the Federal Budget – The Client Alert team will bring you a special Budget Extra edition on Wednesday 7 October that outlines the key announcements.
  • COVID-19 and FBT: updated ATO advice – The ATO has updated its COVID-19 and fringe benefits tax advice, providing a useful outline of some issues that may arise.
  • ATO updates on new JobKeeper arrangements – An array of new and updated information sheets address the changes to JobKeeper.
  • Extended COVID-19 support and relief measures – Extensions to JobKeeper, the Coronavirus Supplement, early release of super, bankruptcy concessions and the director liability safe harbour are now in place.
  • ASIC grants hardship relief for withdrawals from frozen funds – The Australian Securities and Investments Commission has announced relief for operators of managed funds to facilitate withdrawals by members facing financial hardship during the pandemic.
  • Super choice of fund and enterprise agreements – Recent changes to Australia’s superannuation law mean that the “choice of super fund” regime extends to employees covered by enterprise agreements and workplace determinations made from 1 January 2021.
  • Super guarantee amnesty now closed – The ATO has reminded employers that the superannuation guarantee amnesty closed on 7 September 2020.

Please click below to read more:

October 2020 Tax Newsletter

For further information, please call us on 02 9580 3353

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