The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was introduced into the House of Representatives on 26 August.
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Tax Legislation Posts
Downsizer super contributions from part disposal of home
ATO advice suggests that a part disposal of a person’s home can be eligible for making a superannuation downsizer contribution under s 292-102 of ITAA 1997.
Read moreGST SARs: ATO’s new GST Governance, Data Testing and Transaction Testing Guide
On 15 July 2020, the Australian Taxation Office (ATO) published the GST Governance, Data Testing and Transaction Testing Guide.
Read moreATO compliance approach to trust liquidity issues due to COVID-19
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.
Read moreWhat does the future hold for tax and super post-COVID-19?
The future of the economy post-pandemic? It’s in the hands of our tax system and superannuation regime. But are they up to it?
Read moreExtension to early release from superannuation
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.
Read moreIs an annual tax on the family home the fairest way forward?
The NSW Review of Federal Financial Relations Draft Report ‘Supporting the Road to Recovery’, released at the National Press Club in Canberra on 1 July 2020, highlights a number of clear areas of tax reform.
Read moreTreasurer flags record $184.5bn Budget deficit
The Treasurer, Josh Frydenberg has released an Economic and Fiscal Update July 2020, forecasting an underlying cash Budget deficit of $85.8bn for 2019-20, rising to $184.5bn for 2020-21 (or 9.7% of GDP).
Read moreJobKeeper extended with cuts and tests ahead
The Government has announced that JobKeeper payments will continue for 6 months beyond its legislated finish date of 27 September 2020, subject to revamped eligibility rules.
Read moreJobKeeper changes ahead: Bookkeepers in the eye of the COVID-19 storm
“We’re breathing at the moment,” said Matthew Addison, Executive Chairman of the Institute of Certified Bookkeepers (ICB) of the lull before the next tax policy storm.
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