Coronavirus

Deferrals of Interest Due to COVID-19

By Warren Kruger / November 16, 2020 / 0 Comments

  | | | Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be ‘capitalised’). However, it is important to recognise in such situations that, […]

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Employees on JobKeeper can Satisfy the ‘Work Test’

By Warren Kruger / November 14, 2020 / 0 Comments

  | | | The Australian Prudential Regulation Authority (‘APRA’) has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an individual, superannuation funds should consider the individual to be ‘gainfully employed’ for the purpose of the ‘work test’, even if that individual has been fully stood down and is not actually […]

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COVID-19 and Loss Utilisation

By Warren Kruger / November 11, 2020 / 0 Comments

  | | | The ATO understands the way some businesses operate has been impacted as a result of COVID-19. Some of these impacts may have resulted in changes that affect whether they are able to utilise their carried-forward losses in the current or a future income year. For companies to utilise their carried-forward losses […]

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Special Coronavirus Superannuation Condition of Release Extended

By Warren Kruger / October 20, 2020 / 0 Comments

| | | Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire on 24 September 2020. […]

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Tax Treatment of JobKeeper Payments

By Warren Kruger / October 13, 2020 / 0 Comments

| | | Broadly, JobKeeper Payments received by an employer are assessable income to the employer. Likewise, the payments an employer subsequently makes to an employee that are funded (in whole or in part by the JobKeeper Payment) are generally allowable deductions to the employer. The ATO has recently issued some guidance for employers in […]

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Expanded Eligible Employee Definition For Jobkeeper

By Warren Kruger / September 22, 2020 / 0 Comments

  | | | Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020. This is primarily because: the eligible employee test has been extended from 3 August 2020 to include eligible employees who were employed on 1 July 2020 (in addition to the original 1 March 2020 […]

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