JobSeeker COVID supplement extended but reduced
25 Feb
JobSeeker COVID supplement extended but reduced

JobSeeker COVID supplement extended but reduced

The JobSeeker COVID supplement has once again been extended for a further 3 months accompanied by an associated cut in rate. The first extension was due to end on 31 December 2020, but the extension will allow the supplement to run until 31 March 2021 which will be welcome news for many individuals still struggling with unemployment. However, beware that the original supplement rate of $550 per fortnight, which was cut to $250 per fortnight in September, will be further cut from 1 January 2021 to $150 per fortnight.

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25 Feb
Visibility of super in family law proceedings delayed

Visibility of super in family law proceedings delayed

Proposed changes to allow electronic information sharing between the ATO and the Family Law Courts in relation to super assets held by relevant parties during family law proceedings has been delayed. The measure was initially proposed to commence in July 2020 but is now predicted to commence July 2021 at the earliest, with the government citing the complexity involved in the mishmash of different family law jurisdictions in each state as the main reason. Once in place, it is hoped the measure will result in more timely and equitable property splits.

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25 Feb
Budget super reforms on the horizon

Budget super reforms on the horizon

The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at reducing unnecessary fees by ensuring super is paid to a single default account for employees, increasing transparency of super products via the introduction of a rankings website, conducting annual performance tests for various super products to tackle fund under-performance, and ensuring trustees act in the best financial interest of their members. The proposals are currently in consultation stage and are not yet law.

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11 Feb
Reminder: more businesses need to lodge TPAR

Reminder: more businesses need to lodge TPAR

With the ultimate distraction of the pandemic, many businesses around Australia may not be aware that they will be required to lodge a Taxable Payments Annual Report (TPAR) for the first time this year. Not only has the TPAR expanded to include road freight, information technology, and security, investigation or surveillance services this year, due to COVID-19, businesses such as restaurants, cafés, grocery stores, pharmacies or other retailers that have hired contractors to deliver goods to customers may also be captured under the regime.

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11 Feb
SMSF in-house asset exemption due to COVID-19

SMSF in-house asset exemption due to COVID-19

To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft legislative instrument. The instrument proposes to provide an in-house asset exemption for an asset that is attributable to the deferral of rental income measures implemented to provide COVID-19 financial relief. SMSFs using this exemption may be required to keep documentation to ensure that the parties continue to deal with each other on an arm’s length basis.

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SPRINGWOOD OFFICE
19 Ferguson Road
Springwood NSW 2777

Phone 02 4751 4444
Fax 02 4751 4135

PENRITH OFFICE
Suite 14/20-24 Castlereagh St.
Penrith 2750

Phone 02 4722 8138
Fax 02 4722 8137

Email advice@rea-associates.com.au
Map
SPRINGWOOD OFFICE
19 Ferguson Road
Springwood NSW 2777

Phone 02 4751 4444
Fax 02 4751 4135

Map
PENRITH OFFICE
Suite 14/20-24 Castlereagh St.
Penrith 2750

Phone 02 4722 8138
Fax 02 4722 8137