December 2020 - Practice Update

JobKeeper Update In welcome news, the ATO is extending the due date for lodgement of the December JobKeeper business monthly declaration to Thursday 28 January 2021 (instead of 14 January 2021).  The key dates are as follows : Between 4 January 2021 and 28 January 2021 – complete the December business monthly declaration (this is an extension...

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November 2020 - Practice Update

Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan...

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September 2020 - Practice Update

Superannuation guarantee rate increase update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an...

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August 2020 - Practice Update

JOBKEEPER UPDATE On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020). As a result, JKPs would now be made over two separate extension periods, being: Extension period 1 – which covers the...

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July 2020 – Practice Update

COVID19 Update and 2020 Tax Returns We are running our next webinar exclusive for Hughes O’Dea Corredig clients on 16th July at midday via Zoom. The webinar will discuss the 2020 tax preparation, how our office will be operating this year due to COVID-19, what information you will need to provide prior to appointments, and...

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May 2020 – Practice Update

Coronavirus: Government’s JobKeeper Payment A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible...

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