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August 2020 Newsletter

August 2020 Newsletter

Jobkeeper Extension – new rules and urgent tasks to attend to
The existing JobKeeper rules and eligibility will remain unchanged until 27 September 2020, but from 28 September changes will apply to payment rates, additional turnover tests will be brought in and there are changes to the eligibility for employees.  In our article we go into detail on these 3 changes.

SMSFs – A new financial year in COVID-19 times 
During these unprecedented times it is important to ensure trustees continue to meet their annual regulatory obligations and remain complying throughout the year ahead.  We outline in our article the reduced minimum pension requirements, how to access your early release of super and changes to concessional and spouse contributions.

Super Amnesty end 7 September 
Now is the time to finalise any access to the Superannuation Guarantee Amnesty with the due date drawing near. If this does apply to you, please read our article and ensure you make the necessary payments required or discuss with the ATO your personal circumstances to allow for any payment plans.

$3,000 Grants for Small Businesses
The NSW State Government has announced a grant for small businesses.  This grant can be used for purchases or eligible expenses made from 1 July 2020, where no other government support is available.  In our article we list down examples of what the grant can be used for and how to apply.

Kreston Stanley Williamson Team

*Correct as of August 2020

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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