Need to know more about accessing JobKeeper, superannuation, and tax deductions for working from home?
UAC financial partner WLM Financial has provided a series of articles to assist you.
JobKeeper: The key facts
The JobKeeper payment is a $130 billion scheme to support businesses significantly affected by the coronavirus crisis. The scheme provides for payments of $1,500 a fortnight for each eligible employee of an eligible business. The ATO has released guidelines for businesses and employees including eligibility and how to enrol and claim JobKeeper payments. WLM Financial summarises the key facts and the steps businesses need to take to participate. Click here.
Temporary superannuation measures
The Federal Government has created a series of superannuation measures to help households and businesses deal with the economic impacts of Covid-19. WLM Financial has summarised the details. Click here.
Early super release should be a last resort
As at 16 April 2020, 881,600 Australians had registered an interest with ATO in accessing their retirement savings under the government’s temporary early release of superannuation scheme. The number is expected to rise to 1.6m. People in financial hardship can access up to $20,000 from their super, tax-free. However, anyone thinking of applying for early release of super should be aware of the detrimental consequences the action could have on their retirement income. Read more here.
Short cut method to claim WFH deductions
The ATO has clarified a range of expenses that employees can claim while working from home (WFH). The information is designed to help you track WFH expenses in preparing your 2019/20 tax return. As a simplified alternative, the ATO is allowing a flat-rate, short-cut claim. The method effectively bundles claimable items into a single notional amount of 80 cents for an hour worked from home. Read more here.
SG amnesty: deadline approaching
The superannuation guarantee (SG) amnesty gives employers a one-off opportunity to self-correct errors with employees’ SG payments. The deadline to lodge application forms is 7 September. Because of the impacts of Covid-19, the ATO has said it will work with businesses to establish flexible payment plans. Read more here.