Coronavirus grants now tax-free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill…

Getting your clients ready for the next phase of recovery

It’s been a year no one really expected: a pandemic shut the economy and the Australian government opened a tap of stimulus worth A$259 billion so far. That government support has helped many small businesses hit hard by restrictions imposed…

Client Alert - December 2020

Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has been extended for a further three months. The Supplement payments were due to end on 31 December 2020, but the latest extension will allow…

Explanatory Memorandum - December 2020

Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has once again been extended for a further three months, accompanied by an associated cut-in rate. The first extension was due to end on 31 December…

NSW State Budget

The 2020-21 New South Wales Budget focuses on stimulus and job creation to overcome the impacts of COVID-19. Here are the highlights as they affect businesses. The New South Wales (NSW) Government handed down its 2020-21 Budget on 17 November…

Explanatory Memorandum - November 2020

Budget personal tax cuts and business concessions now law The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 received Royal Assent on 14 October 2020 as Act No 92 of 2020. It implements several tax announcements…

Client Alert - November 2020

Budget personal tax cuts and business concessions now law Several tax announcements from the 2020 Federal Budget have now been passed into law. These include bringing forward changes to the personal income tax thresholds so that they apply…

Federal Budget - October 2020

PERSONAL TAXATION Personal tax cuts brought forward to 1 July 2020 In the Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from…

Explanatory Memorandum - October 2020

Keeping you informed about the Federal Budget The Australian Government will hand down its Federal Budget for 2020–2021 on the evening of Tuesday 6 October 2020. The Client Alert team will, as usual, work to bring you a special Budget…

Client Alert - October 2020

COVID-19 and FBT: updated ATO advice The ATO has updated its COVID-19 and fringe benefits tax (FBT) advice, providing a useful outline of some issues that may arise due to an employer’s response to COVID-19. Working from home devices Items…