October Newsletter 2020

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October Newsletter 2020

It is safe to say that the last couple of months have been a whirl wind. We hope that everyone is doing well and are staying safe. Our thoughts are with all the individuals and businesses doing it tough at the moment. Please feel free to give us a call just for a chat as we are here to help and are happy to listen.  

  • COVID-19 and FBT: updated ATO advice – The ATO has updated its COVID-19 and fringe benefits tax advice, providing a useful outline of some issues that may arise.
  • ATO updates on new JobKeeper arrangements – An array of new and updated information sheets address the changes to JobKeeper.
  • Extended COVID-19 support and relief measures – Extensions to JobKeeper, the Coronavirus Supplement, early release of super, bankruptcy concessions and the director liability safe harbour are now in place.
  • ASIC grants hardship relief for withdrawals from frozen funds – The Australian Securities and Investments Commission has announced relief for operators of managed funds to facilitate withdrawals by members facing financial hardship during the pandemic.
  • Super choice of fund and enterprise agreements – Recent changes to Australia’s superannuation law mean that the “choice of super fund” regime extends to employees covered by enterprise agreements and workplace determinations made from 1 January 2021.
  • Super guarantee amnesty now closed – The ATO has reminded employers that the superannuation guarantee amnesty closed on 7 September 2020.

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

Yours sincerely

The Team at Rittwatchman & Associates

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