December Newsletter 2020

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December Newsletter 2020

From the team at Rittwatchman & Associates we would like to wish you a very Merry Christmas and Happy Safe New Year.

We are pleased to supply you with the latest edition of Client Alert, which contains information on several important developments up to and including 20 November 2020

Coronavirus Supplement extended (but reduced) – The Federal Government’s Coronavirus Supplement has been extended for a further three months until 31 March 2021 but will be cut to $150 per fortnight from 1 January 2021.

Additional $250 Economic Support Payments on the way – Two additional Economic Support Payments of $250 each will soon be available to a range of pensioners and concession card holders.

ATO advises of PAYG instalment and company tax rate error – An error has meant the recent company tax rate reduction was not applied correctly in ATO systems from 1 July 2020. The ATO will issue new PAYG instalment letters to affected companies reflecting their correct instalment rate or amount.

ATO post-COVID expectations for businesses – The ATO has warned companies against using loopholes to obtain benefits from the various government stimulus packages and urged them to follow not only the letter of the law, but also the spirit of the law.

JobMaker Hiring Credit up to $200/week: draft rules – The Federal Government has released an exposure draft of the rules for the JobMaker Hiring Credit, which it announced in the recent 2020–2021 Budget.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Our practice will be closed from Monday 21st December 2020 and will reopen on Monday 11th January 2021, until then we would like to wish you all the best for a safe and festive season and a Happy New Year. 

Here are a few happy snaps of our Xmas Party.

Yours sincerely

The Team at Ritwatchman & Associates

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