November Newsletter 2020

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November Newsletter 2020

Can you believe Christmas is only around the corner, where has the time gone?? The November Newsletter is discussing the budget cuts, job keeper deadlines, data matching on apprentices and so much more.

  • Budget personal tax cuts and business concessions – Several tax announcements from the 2020 Federal Budget have now passed into law and the ATO has issued updated PAYG withholding schedules.
  • Working from home “shortcut” deduction extended – In recognition that many employees and business owners are still required to work from home due to COVID-19, the 80 cents per hour claiming rate will be available until at least 31 December 2020.
  • Job Keeper decline in turnover tests: temporary trading cessation – An additional category for alternative “decline in turnover” tests is now available for entities that temporarily ceased trading for some or all of the relevant comparative period.
  • Data-matching program: apprentices and trainees – The Department of Education, Skills and Employment has commenced a new ongoing data-matching program with the ATO in relation to the Supporting Apprentices and Trainees measure.
  • Small business tax options during COVID-19: ATO reminder – The ATO has reminded businesses impacted by COVID-19 that they have a range of tax options to consider.
  • Insolvency reforms announced for small businesses – The Government has announced that it will introduce insolvency reforms to help small businesses restructure in response to COVID-19.
  • Job Keeper payments satisfy “work test” for super contributions – APRA has published new guidance on the interaction between Job Keeper payments and satisfying the “work test” for voluntary super contributions.
  • SMSF asset valuations: concession during COVID-19 – The ATO will not apply penalties for SMSF trustees that have difficulty obtaining evidence to support market valuations of assets due to COVID-19.
  • Digital AGMs and signatures: legislative determination – The Government has formally extended the ability for companies to convene AGMs and other prescribed meetings entirely online until March 2021.

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

Yours sincerely

The Team at Ritwatchman & Associates

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