Insights

Following the end of the legislated Superannuation Amnesty Period which ran to 7 September 2020, the ATO released a draft Practice Statement (PS LA 2020/D1) to provide guidance to ATO staff in relation to Part 7 penalties on late Superannuation Guarantee Charge (SGC) Payments. It notes that where SGC is paid late (i.e. after the 28th day of the month following the end of the quarter) there will be a minimum penalty of 100% of the SGC amount and a maximum of 200%. The ATO staff will not have discretion to reduce the penalty below 100% where the employer hasn’t voluntarily come forward to lodge an SG Statement prior to any ATO compliance action.

On Tuesday, 6^th October, Federal Treasurer Josh Frydenberg handed down the 2020/21 Federal Budget, outlining a further $98 billion in financial economic support, however acknowledging a $200 billion deficit – the biggest since World War II.

Parliament has signed-off on the JobKeeper 2.0 extension, which introduces a new fortnightly payment scheme for participants from 28 September 2020 to 28 March 2021.

As part of the Federal Government's Press Conference earlier today, Federal Government & Treasury have announced the extension of its COVID-19 economic support programs: JobKeeper & JobSeeker; with new changes taking effect from 28 September 2020.

The ATO has announced its extension of the time-limited ‘Shortcut’ Calculating method for Working from Home deductions, in light of increased COVID-19 restrictions in Victoria.

As part of the new Single Touch Payroll legislation introduced last year, there are a number of End-of-Year Payroll Reporting changes which now require action having entered Financial Year 2020/21.

Available any-time, this series features Ian Walker - Managing Director & Smiljan Jankovic - Director, as they discuss the latest in tax news and legislative updates from across the month of June.

In response to the impacts on Micro & Small Businesses as a result of COVID-19, the Queensland Government has announced the release of its limited-time Small Business Adaption Grant.

It's no secret that COVID-19 and its impacts may have forever changed how we do business, both now and in the future. The arguable greatest change? Remote working and an employees' ability to work from home as a norm!

As the ever-changing circumstances surrounding COVID-19 continue to impact the business environment and day-to-day commercial operations, SME business owners need to be fully prepared to face the uncertain challenges which may arise in the immediate future.