Bonsella November Newsletter

November 20

Our latest eNewsletter includes information on the following topics:

Budget personal tax cuts and business concessions – Several tax announcements from the 2020 Federal Budget have now passed into law and the ATO has issued updated PAYG withholding schedules.

Working from home “shortcut” deduction extended – In recognition that many employees and business owners are still required to work from home due to COVID-19, the 80 cents per hour claiming rate will be available until at least 31 December 2020.

JobKeeper decline in turnover tests: temporary trading cessation – An additional category for alternative “decline in turnover” tests is now available for entities that temporarily ceased trading for some or all of the relevant comparative period.

Data-matching program: apprentices and trainees – The Department of Education, Skills and Employment has commenced a new ongoing data-matching program with the ATO in relation to the Supporting Apprentices and Trainees measure.

Small business tax options during COVID-19: ATO reminder – The ATO has reminded businesses impacted by COVID-19 that they have a range of tax options to consider.

Insolvency reforms announced for small businesses – The Government has announced that it will introduce insolvency reforms to help small businesses restructure in response to COVID-19.

JobKeeper payments satisfy “work test” for super contributions – APRA has published new guidance on the interaction between JobKeeper payments and satisfying the “work test” for voluntary super contributions.

SMSF asset valuations: concession during COVID-19 – The ATO will not apply penalties for SMSF trustees that have difficulty obtaining evidence to support market valuations of assets due to COVID-19.

Digital AGMs and signatures: legislative determination – The Government has formally extended the ability for companies to convene AGMs and other prescribed meetings entirely online until March 2021