COVID-19 and your SMSF

COVID-19 has had an impact on many SMSFs. We look at the key issues.

SuperannuationJPR BUSINESS GROUP10 August 2020smsf, superannuation, self managed super funds

Temporary Occupational Health & Safety Regulations

Temporary Occupational Health and Safety (COVID-19 Incident Notification) Regulations 2020 (OHS COVID-19 Regulations) which commenced on Tuesday 28 July 2020.

Your questions answered. Working from home

During lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs?

TaxationJPR BUSINESS GROUP6 August 2020working from home, tax deductions, Taxation, Tax

JobKeeper changes: What's new in JobKeeper 2.0

On 21 July 2020, the Government announced that due to the ongoing COVID-19 crisis, the JobKeeper Payment Scheme will be extended by six months until 28 March 2021, from the original end date of 27 September 2020. The period of the extended scheme comprises 13 fortnights - ie. the proposed extension doubles the length of the original scheme.

Increased flexibility for Parental Leave Pay for self-employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.

Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days.

JobKeeper and termination payments

An employment termination payments (ETP) is a lump sum payment made to an employee when their job is terminated. ETP’s are generally made up of unused sick leave or unused rostered days off, payment in lieu of leave, genuine redundancy payments, etc.

ATO on the warpath: COVID-19

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package.

Minimum wage increases

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.

JPR BUSINESS GROUP1 July 2020employment law, minimum wage, taxation, fairwork commission

1 July company tax rate reduction

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.

What is happening with casual workers and annual leave?

News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.

At present, there is no global change granting Australian casual workers paid leave. The case however, highlights the long running problem of determining over time, who is a permanent staff member and entitled to paid leave and other benefits, and who is a casual worker entitled to a casual loading.