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June 2020 Tax Newsletter

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There is a lot still going on in the tax world!  Here is the last Tax Newsletter of the 2019/2020 financial year.  Some topics include:

  • Treasury revises down estimated JobKeeper cost by $60 billion - The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated.
  • Snapshot of Federal COVID-19 pandemic measures - a wide array of Federal supports and arrangements are now in place, including tax-related business measures, superannuation options, social security measures, ATO concessions for individuals, SMSFs and businesses, and arrangements with various financial institutions.
  • JobKeeper: measuring decline in turnover - The ATO has issued a non-binding ruling that explains various aspects of the "substantial decline in turnover" test for employer JobKeeper eligibility.
  • STP exemption for small employers extended to July 2021 - In response to COVID-19, the ATO has extended the Single Touch Payroll exemption for small employers in relation to closely held payees.
  • Processing of super early releases resumes with extra risk filters - The ATO had identified a small number of third parties who could be susceptible to new techniques that criminals are using to try to steal personal data.
  • Directors’ duties still apply despite COVID-19 relief - ASIC has reminded companies, directors and officers to continue to reflect on their fundamental duties to act with due care, skill and diligence, and to act in the best interests of the company.

Please click below to read more on these topics

June Newsletter

If you would like any further information or if you would like to discuss tax planning, please call us on 02 9580 3353

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