Accountant Posts

Ahead of the Federal Budget on 6 October 2020, Deloitte Access Economics has forecast an underlying cash deficit at $198.5bn for 2020-21, “just” $14bn worse than the $184.5bn Treasury forecast in the July Fiscal Update.

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Our Senior Tax Writers, Ian Murray-Jones and Stuart Jones will be your Federal Budget guides, bringing you the latest news and taking you through the detail and analysis of the tax and superannuation announcements.

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If accountants ever needed reminding that 2020 is indeed a strange year, look no further than the fact that the 2020 Federal Budget will be brought down on Tuesday, 6 October rather than the traditional “second Tuesday in May”.

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The changing requirements for reporting directors’ fees have intersected with COVID-19 economic stimulus measures, activity statement reporting and Services Australia increasing potential compliance risks. Several issues have arisen which demand attention.

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The ATO has advised that it will not undertake compliance action to consider the validity of a beneficiary’s entitlement, or the application of s 100A of the ITAA 1936, where a trustee is affected by liquidity issues due to COVID-19 and unable to satisfy a beneficiary’s entitlement.

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The Federal Government is extending the application period for the early release from superannuation measure to increase the scope for individuals who may still be financially impacted by COVID-19 to access early release in the coming months.

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