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November Client Alert

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 23 October 2020:

  • 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.