NO.70: Director Identification Numbers (DIN)

The Australian Government recently introduced legislation requiring all company directors, including foreign and alternate directors, to obtain a Director Identification Number (DIN). Every director will have one unique number that will link that director with each company they are appointed. The application process and register of DINs will be controlled by the Australian Securities and
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No 69. COVID-19 Latest Updates – JobKeeper Extension

The Government has today announced an extension to the JobKeeper Payment until 31 March 2021. In summary: To continue to participate after 28 September 2020, employers need to reassess their eligibility for the JobKeeper extension with reference to their actual turnover in the June and September quarters 2020. Organisations will need to demonstrate that they have
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No. 67 Catch up Carried Forward Unused Concessional Contribution Cap Amounts

We note that the previous version sent contained incorrect information. This has now been updated and we apologise for the inconvience. __________________________________________________________________________________________________________________________________________ The year ending 30 June 2020 marks the first year that it is possible for those who meet certain conditions to make concessional contributions in excess of the regular cap of $25,000 per
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No.66 Australian Government announces Incentives for Philanthropic Funds to provide more support to donation recipients

The Australian Government has announced an incentive for Private Ancillary Funds (PAFs) and Public Ancillary Funds (PuAFs) to provide more support to donation recipients during the COVID-19 pandemic period. According to the Government’s media release on 6 May 2020, a recent report by JB Were estimates that COVID-19 may have impacted charitable giving, seeing donations
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No.65 COVID-19 Latest Updates – JobKeeper Payment

The Government is continuing to introduce legislative changes and provide further guidance to businesses seeking to apply for the JobKeeper Payment. Extended date for initial wage payment and enrolment The Commissioner of Taxation has extended the time available to employers to pay their employees and still be able to claim back the first two fortnight
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No.64 COVID-19 Latest Updates – JobKeeper Payment

The ATO has started releasing key information to assist businesses affected by COVID-19 to assess their eligibility to access the JobKeeper payment to continue to pay their employees. Employers can choose to participate in the JobKeeper payment and nominate the employees they want to claim the JobKeeper payment for. It is not compulsory. Eligible employers
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No.63 COVID-19 Update – JobKeeper Payment

On 30 March 2020, the Government announced a $130 billion JobKeeper Payment to help keep Australians in jobs as the country seeks to deal with the significant economic impact from the Coronavirus. Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees.
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No. 62 COVID-19 Update – Superannuation Edition

On 22 March 2020, the Australian Government announced a stimulus package that included measures to support retirees in response to the COVID-19 impact on superannuation savings. The main measures relating to retirees and superannuation are as follows: 1.  Temporarily reducing superannuation minimum drawdown rates The Government is temporarily reducing superannuation minimum drawdown requirements for account-based
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No.61 COVID-19 Update – Response from the State Governments

Victoria’s Economic Survival Package The Victorian Government announced a $1.7 billion economic survival and jobs package.  As part of the package, the Victorian Government will provide the following support. Full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses (SMEs) with payroll of less than $3 million. Payments will start flowing
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