We are pleased to supply you with the latest edition of Client Alert, which contains information on several important taxation developments up to and including 24 January 2022.
- COVID-19 vaccination rewards: tax implications – While offering rewards or incentives for being vaccinated can be an effective way to help employees and customers to stay safe and businesses to stay open, it’s important to consider that there may be some tax consequences involved for your business.
- Free mental health support for small business – The Federal Government has announced additional funding to extend the availability of free mental health support to small business owners dealing with the current pandemic and recent natural disasters.
- Changes to recovery loan scheme for small and medium enterprises – The SME Recovery Loan Scheme is available to eligible small and medium businesses with up to $250 million turnover, including sole traders and non-profits, but some of its conditions have now been fine-tuned.
- Need more money in retirement? – Retirees who own their own home and need more money in retirement can now access a voluntary non-taxable fortnightly loan payment through the Home Equity Access Scheme.
- Income protection insurance in super: beware of offsets – While income protection insurance through super has the advantage of providing a regular income for a period if you can’t work due to temporary disability or illness, ASIC has raised concerns about the lack of information given to super members, particularly about “offset” clauses.