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Accountants Melbourne - COVID-19 - tax and super changes


Various tax, superannuation and income support measures are in place to support individuals and business taxpayers to weather the impact of the COVID-19 outbreak.
• Tax-free cash flow boost payments for employers with turnover of under $50m delivered as an automatic credit in the ATO’s activity statement system.
• JobKeeper payments for eligible employers to pay employees $1,500 per fortnight, before tax, for up to six months.
• Eligible small businesses can access a wage subsidy of 50% of an apprentice or trainee's wage from 1 January to 30 September 2020, capped at $21,000.
• Instant asset write-off threshold increased from $30,000 to $150,000 and access expanded to include businesses with an aggregated annual turnover below $500m, for new or second-hand assets first used, or installed to be ready for use between 12 March 2020 to 30 June 2020.
• accelerated depreciation deductions for businesses with an aggregated turnover below $500m can deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost, from 12 March 2020 to 30 June 2021 to new Div 40 assets. Small business entities, depreciation expenses currently claimed at 15% can be claimed at 57.5% for assets held and used or installed ready for use between 12 March 2020 and 30 June 2021.
• Two payments of $750 each for social security, veterans and other income support recipients. Jobseeker Payments, among others , will be supplemented with an additional fortnightly payment of $550.
• Individuals in financial distress can seek to release $10,000 from their super in 2019/20, and another $10,000 in 2020/21.
• super drawdowns: minimum payment amounts for account-based pensions will be reduced by half in 2019/20 and 2020/21
Details of ATO administrative relief available at https://www.ato.gov.au/General/COVID-19/
ATO Emergency Support Infoline 1800 806 218

NICK BHALLA
DIRECTOR ACCOUNTS NEXTGEN
ACCOUNTS NEXTGEN PRIVATE LIMITED
Melbourne OfficeLevel 19,180 Lonsdale StreetMelbourne, VIC 3000
Contact Us: (03) 9015 8540
Visit Us: Accountants Melbourne


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