Hot Issues
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September update of latest COVID-19 initiatives.
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ATO JobKeeper 2.0 guidance surfaces
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Expats Return to Australia – Travel Expenses
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Profession to be relied on for post-JobKeeper turnover certificates
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Update of Superannuation contribution rules from July 1, 2020
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Expats & COVID-19 Impacts on tax residency
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Economic recovery could be slower than anticipated: RBA
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High Court rules in favour of employers on personal leave accruals
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JobKeeper Phase 2 - Latest Update
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Payroll Tax 2020 concessions and JobKeeper
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High alert issued over myGov tax time scam
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Extended director penalty regime to catch out ‘zombie companies’
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SG amnesty deadline - 7 September
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‘Hundreds’ to be contacted in ATO early super compliance blitz
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90,000 SMEs to benefit from new JobTrainer program
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Work Related expenses – 2020
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‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
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Extra Tools & Resources for our clients.
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Year End Tax Deductions – “equipment”
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Home Office Claims 2020
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Early release of super sees ‘high take-up’
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Tax time 2020: ATO homes in on rental deduction claims
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ATO announces Div 7A COVID-19 assistance
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‘HomeBuilder’ grants now available.
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$150k instant asset write-off extended for 6 months
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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JobKeeper documentation ‘absolutely critical’ in ATO audit
Article archive
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Quarter 2 April - June 2020
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Minimum Pensions Halved – 2020 & 2021

Retirees have support to preserve their superannuation benefits by changing their minimum pension.

         

Superannuation fund values will have suffered from coronavirus driven financial market volatility, particularly since stock market peaks of February 2020.

The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 income years.

Age

Default minimum draw down rates (%)

Reduced rates by 50% for 2019-20 and 2020-21

Under 65

4

2

65-74

5

2.5

75-79

6

3

80-84

7

3.5

85-89

9

4.5

90-94

11

5.5

95 or more

14

7

 

A similar temporary measure occurred from 2009 to 2011 following the global financial crisis.

This measure will reduce  the need to sell investment assets (at a depressed time) to fund minimum drawdown requirements.

 

 

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