Federal Parliament has recently legislated its $130 billion JobKeeper scheme. This will result in approximately 6 million workers receiving a fortnightly payment of $1,500 through their employer. These employees must have been employed at 1 March 2020 and remain employed during this time.

Further to the COVID-19 superannuation measures that we discussed here, the Australian Taxation Office (ATO), on 3 April 2020, announced further details around, and new measures concerning, COVID-19 and superannuation.

State and territory revenue offices continue to make announcements in response to the COVID-19 crisis. Relevant to many businesses will be the numerous payroll tax changes. The changes include waivers and deferrals for eligible businesses as well as the bringing forward of cuts to tax-free thresholds in some jurisdictions.

Further to my article on the COVID-19 JobKeeper measure, and pending the release of legislation, on 5 April 2020 Treasury further updated and expanded its JobKeeper fact sheets and included a ‘frequently asked questions’ (FAQ) document.

On 29 March 2020 the Federal Government announced changes to the foreign investment review regime as Australia continues to deal with the economic implications of COVID-19.

Once the legislation is passed, effective from 29 March 2020, all proposed foreign investment into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 will require approval, regardless of the value of the investment or nature of the foreign investor. This is to be achieved by reducing to $0 the monetary screening thresholds for all foreign investment under the Act.

As foreshadowed in our earlier article, on 30 March 2020 the Federal Government announced further COVID-19 business support – the JobKeeper Payment.

Under the JobKeeper Payment, businesses significantly affected by Coronavirus outbreak be able to access a subsidy from the Government to continue paying their employees.

The Government and the ATO have announced a number of superannuation measures to offer some relief in relation to the COVID-19 crises.

The COVID-19 virus is having a devastating effect on Australian businesses.

Federal, State, and Territory Governments have introduced a range of business stimulus measures and the Australian Taxation Office (ATO) is supplying administrative support to affected taxpayers. We expect further support initiatives as the crisis unfolds.

The COVID-19 pandemic continues to have far reaching impact on our clients, referrers and staff, their families and communities. We remain committed to helping ensure the health and safety of all people in our broader networks.

The Australian Government has recently issued its response to a legislation review undertaken by the Australian Charities and Not-for-profits Commission (ACNC) titled ‘Strengthening for Purpose:

The Coronavirus (COVID-19) is having a significant impact across Australia. At Sladen Legal we remain acutely aware of the impact this is having, and may continue to have for the foreseeable future, for our clients. We are taking a position of ‘business as usual’ with our offices still being attended, whilst keeping abreast of the evolving direction from various authorities.

As announced in 2019/20 budget, the Government has released draft legislation and draft regulations to extend the work test start date to age 67 and to allow the use of bring forward contributions for persons aged 65 and 66.

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As we previously reported here, in the decision of Thawley J in Greig v Commissioner of Taxation [2018] FCA 1084 the taxpayer was unsuccessful in arguing the loss on selling shares was deductible on the basis he was in the business of dealing in shares. The taxpayer appealed this decision.

When most people think of self managed superannuation funds (SMSFs) they mostly think of a vehicle to provide retirement benefits and their concessional tax treatment. In contrast, the asset protection benefit provided by SMSFs is often not considered.

After being in limbo for a number of years, the bill to introduce the super guarantee amnesty has now passed both houses of parliament and awaits Royal Assent.

Sladen Legal is delighted to announce that Principal, Phil Broderick has been recognised by the SMSF Association by being presented with the SMSF Specialist Advisor (SSA) Top Achiever 2019 Award.

The clampdown by revenue authorities on investigating medical, dental, optometry and other allied clinics is anticipated to continue, with the High Court refusing to grant special leave to appeal the Victorian Court of Appeal’s decision in the Optical Superstore case.

The ATO has released a draft legislative instrument and explanatory statement that would permit a holding trustee/bare trustee to borrow under a limited recourse borrowing arrangement (LRBA).

The recent AAT decision of The Trustee for the Whitby Trust and Commissioner of Taxation
[2019] AATA 5637 signifies the dire tax implications of family trusts failing to observe documentary formalities.