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17 December 2020

The Federal Treasurer has released the 2020-21 Mid-Year Economic Fiscal Outlook (MYEFO) in which he indicates the Australian economy is rebounding strongly since the 2020-21 Federal Budget was released. In particular, around 80 per cent of the 1.3 million people who lost their jobs or were stood...

04 December 2020

On 20 November 2020, the Treasury released the Retirement Income Review Final Report finding that “the Australian retirement income system is effective, sound and its costs are broadly sustainable.” However, there are areas where the system can be improved. The report is based on the three...

25 November 2020

The Federal Treasurer has recently announced expanded access to the temporary full expensing of capital assets enabling more large Australian-based businesses with a track record of investing in Australia to qualify for the measure. The proposed legislation is expected to allow Australian...

23 October 2020

On 14 October 2020, the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (‘the Act’) which contains many of the key measures announced in the 2020-21 Federal Budget, received Royal Assent. This legislation which is now law gives effect to many of the important...

24 September 2020

On 23 September 2020, the ATO registered this instrument that sets out seven alternative tests that can be used to determine if the decline in turnover test is satisfied for the purposes of JobKeeper after 28 September 2020, if there is no appropriate relevant comparison period in 2019. This...

23 September 2020

The Federal Treasurer has registered a legislative instrument to allow the extension of the JobKeeper payments scheme through to 28 March 2021 and the Australian Taxation Office (ATO) has issued registered three JobKeeper related legislative instruments.

18 September 2020

On 3 September 2020, the legislation extending the JobKeeper payments scheme to 28 March 2021 was enacted, which also included amendments to the Fair Work Act 2009 (Cth) to extend Fair Work Act concessions allowing Jobkeeper recipients after 27 September 2020 to continue to make JobKeeper...

24 August 2020

JobKeeper rules were recently adjusted to make it easier for businesses to access JobKeeper payments including moving the employee reference date for eligibility from 1 March to 1 July 2020. The 31 August 2020 deadline for satisfying the wage condition for newly eligible employees for JobKeeper...

17 August 2020

On 12 August 2020, the ATO released a draft version of its administrative guidance with respect to outbound interest-free loans between related parties, for comment by 14 October 2020.

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