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May 07, 2020 / News
Financial Reporting Developments
The AASB has been very active during the past two months, issuing a number of new requirements. Nexia Australia Technical Director Martin Olde highlights some of the key changes as well as financial reporting considerations relating to COVID-19. Read more
May 07, 2020 / News
50% Reduction in Pension Drawdowns
The superannuation law requires a minimum amount to be paid from a pension account each year in order for the account to be treated as being in retirement phase, and entitle the fund to income tax exemption on income arising from assets represented by the account. Read more
May 07, 2020 / News
Early Release of Superannuation
Eligible members of super funds (including SMSFs) are able to apply for two amounts of up to $10,000 each. Read more
May 07, 2020 / News
Deferrals of Super Lodgements and Payments
There are a number of things you can do if COVID-19 has affected your fund’s cash flow or your ability to fulfil your duties as trustee. Read more
May 05, 2020 / News
JobKeeper – Deadline to notify your employees: $4,200 penalty each if you miss it
The JobKeeper Rules were amended on 1 May, following an announcement by the Treasurer on 24 April. This reflects the sound judgement of enacting framework legislation that delegated lawmaking power to the Treasurer, from which the JobKeeper Rules came, so that any required amendments could be implemented quickly. Read more
Apr 30, 2020 / News
JobKeeper – Is your business a square peg trying to fit into a round hole?
A key requirement for a business to qualify for the JobKeeper payments is that it has suffered a 30%+ decline in turnover (50%+ for those with group turnover above $1 billion). The JobKeeper Rules contain the “basic test” for measuring a business’s decline in turnover. It generally operates by comparing your predicted turnover for a period (say, month of April 2020) to the equivalent period in 2019 (April 2019). Read more
Apr 28, 2020 / News
COVID-19 Stimulus and Support Measures for NFP’s
We have summarised the COVID-19 related stimulus and support measures that are available for Not-for-Profit (NFP) entities. Read more
Apr 27, 2020 / News
Treatment of COVID-19-related rent concessions
The Australian government’s mandatory Code of Conduct for Commercial Leases introduces a range of rent concessions for lessees, including rent reductions and rent deferrals. Read more
Apr 21, 2020 / News
JobKeeper payments & Cash flow boost
For a step by step guide into what you need to do in relation to the JobKeeper payments and Cash flow boost. Read more
Apr 10, 2020 / News
JobKeeper - immediate things to do
In an evolving situation with only a short time to act, we’ve focussed here on the more immediate things you need to do. A series of Fact Sheets and Frequently Asked Questions documents with a lot of information on the JobKeeper Payment program have been issued. However, with framework legislation passed, and the detailed rules now finalised by way of delegated legislation, some of that information is now obsolete. Read more
