The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020/21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow boosts and the enhanced JobSeeker payment has come at a significant cost, Mr Frydenberg said, resulting in a budget deficit of $213.7b, falling to $66.9b by 2023/24. The Budget has been described as an economic recovery plan, which is “all about jobs”.

On the 31st of July, the ATO released a draft Practice Statement outlining the proposed guidelines that are to apply to the remission of the Part 7 penalty imposed in addition to Super Guarantee Charge (SGC) for late lodgment of SGC statements after the conclusion of the amnesty period.

On 23 July 2020, the Minister for Finance, Mathias Cormann and the Treasurer Josh Frydenburg, released the Economic & Fiscal update.

The Federal Government has announced that the JobKeeper scheme will be extended until 28th March 2021 albeit with tighter eligibility requirements and lower rates. Find out the details here

With EOFY fast approaching in a year that has seen businesses, accountants & tax professionals overwhelmed with the ongoing raft of Coronavirus Stimulus Measures, it’s crucial to remind organisations of their upcoming ESS reporting obligations so they can avoid incurring ATO penalties for failing to lodge on time.

With EOFY fast approaching in a year that has seen businesses, accountants & tax professionals overwhelmed with the ongoing raft of Coronavirus Stimulus Measures, it’s crucial to remind organisations of their upcoming ESS reporting obligations so they can avoid incurring ATO penalties for failing to lodge on time.

In its latest move to counteract the economic fallout of COVID-19, the Federal Government will extend its $150,000 instant asset write-off until the end of the year. Originally due to expire 30 June 2020, the instant asset write off is now available until 31 December 2020. 

Last night saw the $130 billion JobKeeper wage subsidy program pass the Senate, making it the largest financial package legislated in Australian history. With more than 730,000 businesses already registered for the JobKeeper support and with many more anticipated, understanding the rules and legislation that apply to this payment is essential.