No.76: Full Detailed Federal Budget Report 2020-21

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
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No.75: 2020/21 Federal Budget Highlights, 6 October 2020

2020/21 Federal Budget highlights, 6 October 2020 The Federal Budget for 2020/21 was handed down by the Treasurer, Mr Josh Frydenberg, at 7.30 pm (AEST) on 6 October 2020. Highlights  Due to COVID-19, the economy is expected to shrink by 3.75% with unemployment peaking at 8%. The Budget is heavily weighted towards addressing the impacts
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Client Information Bulletin | October 2020

Topics covered in this edition of our Client Information Bulletin are: JobKeeper scheme (Initial Overview & Extension) Cash flow boost change No GDP adjustment to PAYG instalments for 2020-21 COVID-19 early release of super It’s tax time again Tax changes for 2019-20 Tax losses Personal services income Home office Government grants Company tax rate Small
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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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