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ATO Announcement: June Jobkeeper Payments Assessable in 2021 Income Year
The ATO has confirmed that JobKeeper payments for fortnights ending in June 2020 will be assessable in the following 2020-21 income year.
Fair Work Commission releases 2020 wage decision
On 19 June 2020 the Fair Work Commission (FWC) released its 2020 wage decision. A 1.75% increase will be applied to Award rates and to the national minimum rate. The increase of 1.75% is lower than the latest CPI figure of 2.2%. The minimum weekly wage will move to $753.80 per week or $19.84 per hour which is a weekly increase of $13.
Director Identification Numbers to be issued for all company directors
The Government recently passed Bills to amend the Corporations Act 2001 to introduce a ‘Director Identification Number’ (DIN).
Round Two for $10,000 Small Business Adaption Grant
The Queensland Government announced a second round of funding for the $10,000 Business Adaption Grant Program with applications opening on 1 July 2020, funding will be approved on a first come first served basis until the $100 million pool is allocated.
How to prepare for June 30 and what you should consider
As we edge closer to 30 June, business owners should take the time to estimate how the 2019/2020 year will end up, take a snapshot of the year and determine what tax liability is likely to result and most importantly what the options are to minimise those liabilities.
2020 Year End Tax Planning Guide
2020 Year End Superannuation Planning Guide
Greensill Decision causes Angst for non-resident investors
The Federal Court of Australia recently handed down a decision which may alter the way tax non-residents structure their investments into Australia in the future.
Casual employment – one step closer to irrelevance?
A decision of the Federal Court released on 21 May 2020, has further complicated our understanding of what is a casual employee and what does the 25% casual loading compensate employees for.
ASIC Lodgement Extension for 2020
ASIC has again provided further relief to Australian companies affected by COVID-19 and is permitting all companies with a reporting / balance date up-to 30 June 2020 (7 July 2020 in some cases) to lodge their financial statements with ASIC up-to one month after the normal lodgement date for the financial report.