The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to...

From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account has been inactive for more than 16 months....

The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider. The JobKeeper payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 from...

Access our Wallace Partners Client Information Newsletter July 2020 below:

More support for taxpayers in the face of the COVID-19 health crisis has just been announced in the form of a suspension of the indexation of tax instalments for the 2020-21 income year. Both income tax (PAYG) and GST instalments are included, which the government says affects 2.2 million and 81,000 taxpayers respectively. Indexation, using...

There are no restrictions on how the money released under the new coronavirus compassionate ground early release scheme is spent. This means that an eligible individual is free to spend this money on anything they choose, or save it for future expenses. They are also free to recontribute any unused amounts back into their superannuation...

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. So, before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if...

Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this year. Businesses with a turnover of up to $500 million a year will be allowed to continue...

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone...

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. Annual general meetings...