No.74: Victorian State Government Business Grants

The Victorian Government recently announced further rounds of the Business Support Fund grants under its Business Resilience Package, providing some financial support to Victorian based businesses impacted by the Victorian COVID-19 restrictions. The following are the two latest and current active business grants: 1.  Victorian Business Support Fund – Third Round On 13 September 2020,
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No.73 JobKeeper Extended to 28 March 2021

The Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 8) 2020 (the “New Rules”) extend the JobKeeper scheme from 28 September 2020 to 28 March 2021. Under the New Rules, there are two separate extension periods. For each extension period, an additional “actual decline in turnover test” applies and the rate of the
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No.71: 2020 SMSF Compliance Renewed auditor focus and ATO scrutiny

This Client Alert is relevant to Clients with an Australian Self Managed Superannuation Fund (SMSF). At the end of each financial year Blaze Acumen reviews and considers current audit and ATO issues and how these are relevant to you and your SMSF. As the SMSF trustee, or director of a corporate trustee, you are required
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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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