Our Recent Blogs
Further change to pandemic leave payment.
Following a National Cabinet meeting, the PM announced changes to current COVID-19 settings, which affect the disaster leave payment.
Pandemic Leave Disaster Payment reinstated.
In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022.
Re-contribution of Covid-19 early release super amount.
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.
12-month extension of the temporary loss carry-back measure.
As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
COVID-19 vaccination incentives and rewards.
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination.
Government extends SME Recovery Loan Scheme to 30 June 2022.
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support small and medium sized businesses adversely economically affected by the Coronavirus Pandemic.
Treasurer unveils COVID-19 tests will now be classed a tax deduction.
Treasurer Josh Frydenberg provided a number of updates and announcements, including confirmation the federal government would look to ensure COVID-19 testing expenses are tax deductible when they are purchased for work-related purposes, giving businesses and individuals clarity and assurance.
Varying PAYG instalments due to Covid-19.
Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.
To assist taxpayers who continue to be affected by Covid-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.
Permanent changes to AGMs and electronic communications.
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic.