Insights

As the Festive season approaches, on behalf of the entire team at Archer Gowland Redshaw, we would like to extend a very Merry Christmas and a Happy New Year to you and your loved ones.

Following its initial inception earlier this year, the Federal Government has provided a further extension to eligibility requirements surrounding it’s ‘SME Recovery Loan Scheme’, supporting more small to medium businesses to mitigate the economic impacts of the COVID-19 pandemic.

To our valued community of clients, networks, and industry associates,

At Archer Gowland Redshaw, our continued focus is to ensure valued clients and our network of industry associates receive the latest, contemporary business insights, advice and solutions - designed to help build your business.

On Tuesday, 11^th May, Federal Treasurer Josh Frydenberg handed down the 2021/22 Federal Budget, with a focus on stimulating the domestic economy through measures to better fund the individual taxpayer, increase consumer spending, expand incentive to businesses (allowing them to hire, innovate, and grow), and foster job creation.

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.