The JobKeeper Extension Step by Step

The JobKeeper Extension Step by Step

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper If your business is no longer eligible for JobKeeper payments,...

COVID-19 and trust liquidity issues

COVID-19 and trust liquidity issues

The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a...

The JobKeeper Extension

The JobKeeper Extension

Update 25 Sep 2020: Since our earlier article on 30 August, there have been some updates. A world of of JobKeeper changes arrive on Monday 28th September 2020 and there are some important matters you may need to address. Please click here for a detailed summary:...

COVID-19 and SMSF rental relief

COVID-19 and SMSF rental relief

The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic. This moratorium (and its accompanying code of conduct leasing principles) will inevitably affect SMSFs, which are reasonably...

Tax treatment of COVID-19 payments for companies and trusts

Tax treatment of COVID-19 payments for companies and trusts

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.   The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now....

Rental properties: Tax return adjustments for COVID-19

Rental properties: Tax return adjustments for COVID-19

The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue...

Planning tool to help businesses reopen

Planning tool to help businesses reopen

The Commission has two key roles: to help minimise and mitigate the impact of the COVID-19 on jobs and businesses, and to facilitate the fastest possible recovery of lives and livelihoods.   The government’s National COVID-19 Coordination Commission (NCCC) has...

COVID-19 corporate residency concession

COVID-19 corporate residency concession

The ATO announced an important tax residency concession for foreign incorporated companies during the COVID-19 crisis. Background On 24 March 2020, the government announced a ban on Australians travelling overseas, using powers given to it under the Biosecurity Act...

Alternative turnover test for JobKeeper released

Alternative turnover test for JobKeeper released

When JobKeeper was initially legislated in April, it became quickly apparent that many businesses could not satisfy the prescribed fall-in-turnover tests for eligibility.  Particularly, those businesses that had commenced in the last 12 months, had lumpy and irregular...