September Newsletter 2020 & Details on the Latest Budget Announcement

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September Newsletter 2020 & Details on the Latest Budget Announcement

We are happy to see that Spring is finally here. Is everyone noticing that the birds are singing, the flowers are blooming, and the sun is beaming? How lovely is Spring?

The latest newsletter has been designed to keep you informed on the latest Government developments including Jobkeeper the finishing of Phase 1 and the requirements of Phase 2, and all the recent ATO and budget announcements:

JobKeeper changes: turnover test and employment start date – Prime Minister Scott Morrison announced further changes to JobKeeper on 7 August 2020 regarding the turnover test and employment start date for eligibility.

JobKeeper reference date now 1 July 2020 – For JobKeeper fortnights beginning on or after 3 August 2020, the reference date for determining certain employee eligibility conditions has been changed from 1 March 2020 to 1 July 2020.

PM announces pandemic leave disaster payment for Victoria Pandemic leave disaster payments from the Federal and Victorian governments are now available for workers in Victoria who have no sick leave available but who must self-isolate because of COVID-19.

Loans put on hold and debt forgiveness: ATO’s views – The ATO has “clarified” its position on loans put on hold during COVID-19.

Residency and source of income in the COVID-19 era – The ATO has issued an update on residency and source of income as they affect taxable income for Australian residents and foreign residents whose residency has changed due to the pandemic.

ATO’s employees guide for work expenses updated – This document is designed to assist employees to determine whether incurred expenses are tax deductible and outlines the substantiation requirements.

FBT: cars garaged at employees’ homes during COVID-19 – The ATO has published a fact sheet to assist employers in determining if they have an FBT liability where cars are garaged at employees’ homes because of COVID-19.

Government Budget Announcement – Budget Night 6th October

We are pleased to provide you with both a summary of the announcements as well as a detailed list of the latest Government Budget Announcement for 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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