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2019-20 has been an unusual year. This year, more than ever, we want to ensure that we help you achieve the best result possible, as well as reducing your tax exposure and minimising the risk of an audit by the regulators.

Here’s some of the big changes to bear in mind in collating your 2020 year tax information:

The Australian Cyber Security Centre has now issued a high alert over myGov-related scams as tax time scams increase.  The high alert comes after the ATO reported increasing instances of myGov-related SMS and email scams.

As you may have heard this week, the Federal Government has announced another round of stimulus/support measures past the end of September, extending support for eligible businesses through to March 2021.

While of course there is no legislation yet, here is what we know so far.

There are few things to note in regards to JobKeeper:

1. You can still qualify for JobKeeper
2. You only have to qualify in one period
3. JobKeeper is assessable income

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To reopen, many businesses may be required to collect and store customer, employee and contractor information, including name, email and mobile number. This information will help authorities trace any COVID-19 infections if they occur. The way the information is collected and stored must also comply with privacy laws and time limits.

This has been and continues to be a worrying and uncertain time, with constantly changing messages about COVID-19 and its impact on our health, lives and the economy.

Our message is simple. We are here to support you, and work with you now, through the next few months and when the crisis ends.

The business landscape has shifted significantly. Many of our clients have been forced to shut down their businesses. This is causing increasing levels of stress, but also giving business owners time.

As many of you are aware, the Australian government acted quickly to introduce several packages of support for businesses and individuals impacted by the Coronavirus crisis.  While it was fantastic to have such rapid response from our government in its efforts to help those affected, there were wide-ranging unintended consequences including significant uncertainty about eligibility for the measures.  In particular the complex JobKeeper legislation was the subject of many mixed messages from ATO and Treasury, as well as raising numerous questions about situations that had not been considered in the original legislation. 

The Government has introduced a package of measures to provide assistance to eligible individuals financially impacted by the Coronavirus (COVID-19) including the temporary early release of super. This is a single payment of up to $10,000 in both the 2019/2020 and 2020/2021 financial years.

Here are some points to consider before applying to release your super: