The government has halved the minimum pension drawdown requirements for the 2019-2020 and 2020-2021 financial years. The reduced pension drawdown requirements are aimed at helping preserve the capital in an individual’s pension account. This halving of the minimum pension annual drawdown requirement applies to individuals with account based pensions, allocated pensions or market linked pensions…
With the introduction of the JobKeeper legislation and the various ATO and Treasury Explanatory Memorandums and updates, it is timely to re-visit as an employer what you need to do from here for the JobKeeper scheme which runs from the 30 March 2020 to 27 September 2020. Enrolment Review and ensure all eligible employees have…
The National Cabinet (comprising Federal Government & State Governments leaders) have introduced a Mandatory National Code of Conduct for Tenants and Landlords that mandates Landlords to grant small and medium business enterprises rental waivers and rental deferrals effective from the 3 April 2020 where they are suffering Financial Distress and Hardship as a direct result…
The Federal Government’s “JobKeeper” package was introduced to parliament and the legislation was passed on the 8 April 2020. Under the JobKeeper payment package, eligible employers will receive a subsidy of $1,500 for each eligible employee for up to six months. The “Coronavirus Economic Response Package (Payments & Benefits) Bill 2020” provides for the making…
JobKeeper Support Package Q&A The economic impact of the pandemic has been felt widely across Australia with hundreds of thousands of individuals being made redundant, stood down or experiencing reduced work. To support affected businesses and their employees through the COVID-19 pandemic the Government recently announced the “JobKeeper” payment package to help support businesses .…
On the 30th March the Federal Government announced a further stimulus package with the release of the “JobKeeper” payment initiative ($17.6B) aimed at supporting employers to retain their workforce while managing through the commercial disruption of COVID-19. For businesses that have or are facing standing down of employees, the program provides a mechanism to retain…
Further to the Federal Government’s Part 1 Business Stimulus Package ($17.6B) the Government yesterday announced a further stimulus package referred to here as Business Stimulus Package Part 2 ($66B). These business measures announced yesterday by the Government have been provided to support Australian businesses to manage the cash flow challenges and retain employees as result…
In addition to the recent Federal Government announcements, the State Governments have announced a range of tax relief measures in relation to COVID-19. A summary of these measures is outlined below Payroll Tax Victoria Waiver for entire 2019-20 financial year for all businesses with annual taxable wages of up to $3 million Refunds of payroll…
The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7…
The Government has resurrected Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.