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Federal Budget - October 2020

On 6 October 2020, the Treasurer presented the Federal Budget which had been deferred in May due to the COVID-19 pandemic. As expected, the Budget included numerous measures directed at helping the economy get back on its feet. We summarise the most important announcements below.

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Applications for a limited number of Small Business Grants now open until 24 August

Applications are now open for a limited number of Tasmanian Government's new $5,000 Small Business Sustainability and Recovery Grants which will be available to assist small businesses impacted by border closures and public health restrictions. These will be awarded through a competitive merit-based assessment to eligible businesses. We have summar...

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$150,000 instant asset write-off threshold to be extended to 31 December 2020

On 9 June 2020, the Treasurer announced that the $150,000 threshold for the instant asset write-off (IAWO), which was made available to businesses with turnovers of up to $500m on 12 March 2020 and was due to expire on 30 June 2020, will be extended for another 6 months to 31 December 2020.

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“Downsizer” super contributions for those who are 65 and older

Many Australian retirees find that they want a smaller home, or a home more suited to their empty-nest requirements. For some, selling the family home can be a great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Older Australians are the beneficiaries of the fed...

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Superannuation Guarantee Amnesty - action required by 7th September 2020

Almost two years after it was initially announced in May 2018, the Superannuation Guarantee Amnesty (‘Amnesty’) finally became law on the 6th March 2020 and will end six months later, on the 7th September 2020. The Amnesty presents a unique, one-off opportunity for employers to catch up with their overdue superannuation guarantee (‘SG’) obligatio...

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COVID-19 Latest Developments

We are committed to helping our clients through these challenging times and one of the key ways we can do this is to assist you with navigating the raft of support measures available. We are constantly updating our COVID-19 info hub with the information about the latest relief measures, grants, concessions and other support resources from the Feder...

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Important incentives, concessions and assistance available

On Sunday 22 March the Federal government announced a second tranche of economic stimulus measures for individuals, businesses and charities aimed at providing financial support to Australians affected by the coronavirus crisis. These measures are in addition to the stimulus announced on 12 March and these packages combined total $189 billion acros...

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ATO Business Portal Authentication Method to Change in March 2020

The Australian Taxation Office (ATO) are changing the digital authentication method which enables access to their online portal from AUSkey to myGovID. If you are currently using an AUSkey to access the ATO Business portal or for any other reason, then you have until 27 March 2020 before AUSkeys are phased out completely and replaced with myGovID...

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Christmas Parties and Gifts

It is the season to be jolly! Well that is what the Australian Taxation Office says when providing a reminder to employers about Christmas gifts and parties!

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Single Touch Payroll – All employers must now comply!

Since that time the ATO has been working in conjunction with the software industry to ensure the transition for these business types would be as smooth and as low cost as possible. We have been proactively encouraging or facilitating our clients to transition to STP and looking for solutions to lodgement requirements under the new regime.Whilst 1 J...

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