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Special COVID-19 Superannuation Condition of Release Extended
By WSCAdmin | Created on October 15, 2020
Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered.
Expanded eligible employee definition for JobKeeper
By WSCAdmin | Created on September 12, 2020
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020.
Forecasting during a pandemic
By WSCAdmin | Created on September 12, 2020
Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent.
Plan, review and adjust
By WSCAdmin | Created on September 12, 2020
Your budget should be your best estimate of what is likely to occur based on current knowledge. To manage change, you can scenario plan where your budget forms the baseline, but you also forecast best and worst case scenarios based on potential risks and their likelihood (for example, the impact of another lockdown).
Has COVID-19 devalued your business?
By WSCAdmin | Created on September 12, 2020
Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.
Superannuation guarantee amnesty ends 7 September 2020
By WSCAdmin | Created on September 12, 2020
Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch up on past unpaid super without incurring a penalty.
Question of the month
By WSCAdmin | Created on September 12, 2020
My business received a grant from the State Government. Do I pay tax on it?
Superannuation guarantee rate increase update
By WSCAdmin | Created on September 12, 2020
Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee ('SG') have continued to be tossed around!
JobKeeper 2.0 - tweaks to the 'Decline in Turnover' Tests
By WSCAdmin | Created on September 12, 2020
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).
JobKeeper Alert
By WSCAdmin | Created on September 12, 2020
With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights.
$2.5bn JobTrainer package what you need to know
By WSCAdmin | Created on July 22, 2020
The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities.
JobKeeper 2.0 & Other Measures
By WSCAdmin | Created on July 22, 2020
The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities.
COVID-19 and Division 7A relief
By WSCAdmin | Created on July 10, 2020
A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the loan from the private company.
Minimum wage increases by 1.75%
By WSCAdmin | Created on July 10, 2020
An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.
Regulations confirm no SG obligation on JobKeeper payments where work is not performed
By WSCAdmin | Created on July 10, 2020
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020.
Increased flexibility for Parental Leave Pay for self-employed
By WSCAdmin | Created on July 10, 2020
From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.
The ATO on COVID-19 fraud warpath
By WSCAdmin | Created on July 10, 2020
We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed.
JobKeeper and termination payments (breakout box)
By WSCAdmin | Created on July 10, 2020
An employment termination payments (ETP) is a lump sum payment made to an employee when their job is terminated.
Treasury Laws Amendment (2019 Measures No 3) Bill 2019
By undefined | Created on July 10, 2020
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law.
Treasury Laws Amendment (2020 Measures No 3) Bill 2020
By WSCAdmin | Created on July 10, 2020
Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law.
Funding for the arts what’s available and how can you get it
By WSCAdmin | Created on July 10, 2020
The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs and are expected to have a positive economic impact.
Have casual workers been granted annual leave?
By WSCAdmin | Created on June 2, 2020
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.
What's changing on 1 July?
By WSCAdmin | Created on June 2, 2020
Company tax rate reduces to 26% for base rate entities
1 July company tax rate reduction
By WSCAdmin | Created on June 2, 2020
Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.
The ATO’s JobKeeper audit targets
By WSCAdmin | Created on June 2, 2020
The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance.
How to get your payroll right
By WSCAdmin | Created on March 12, 2020
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
FBT hot spots
By WSCAdmin | Created on March 12, 2020
With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.
Surviving a Crisis Coronavirus and Beyond
By WSCAdmin | Created on March 12, 2020
Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses.
CGT and the family home expats and foreigners excluded from tax exemption
By WSCAdmin | Created on February 10, 2020
This does not mean that you must have diversity in your fund. A lack of diversity might be a strategic decision by the trustees but you need to be able to prove that the strategy was an active decision.
Bushfire support and assistance
By WSCAdmin | Created on February 10, 2020
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.
