Updates

Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be

The Australian Prudential Regulation Authority (‘APRA’) has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an individual, superannuation funds should consider the individual to be ‘gainfully employed’ for the purpose of the ‘work test’, even if

2020 is a tough year for everyone but a Christmas and Year End Plan should still be in place to reward all the hard works and efforts; your clients, your employees and yourself have put in to endure this difficult

The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The

The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll

In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year. Mr Bell, was a construction worker who predominantly worked on a construction

Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain

Broadly, JobKeeper Payments received by an employer are assessable income to the employer.  Likewise, the payments an employer subsequently makes to an employee that are funded (in whole or in part by the JobKeeper Payment) are generally allowable deductions to

Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020. This is primarily because:    the eligible employee test has been extended from 3 August 2020 to include eligible employees who were employed

On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).  As a result, JKPs will now