Category: COVID19

COVID-19 and trust liquidity issues The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets. “For present entitlements conferred

Economic and Investment Update Webinar – Recording Forecasting in the time of coronavirus The global COVID-19 pandemic has wreaked havoc across the global economy in terms of human cost, curtailed economic activity, and disrupted financial markets. Even as some countries succeed in controlling the outbreak, the case count continues to grow globally, casting a shadow

COVID-19 payments and some issues for companies and trusts With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These stimulus payments

On behalf of TNR Wealth Management and Vanguard invites you to an exclusive webcast on the economic situation today. Forecasting in the time of coronavirus The global COVID-19 pandemic has wreaked havoc across the global economy in terms of human cost, curtailed economic activity, and disrupted financial markets. Even as some countries succeed in controlling

Rental property: Tax approach adjusts for COVID-19 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

Early release of super extended For individuals affected by the adverse economic effects of COVID-19, the government has temporarily allowed eligible individuals to access their superannuation early and tax-free. The government is extending the application period for the measure from 24 September 2020 to 31 December 2020 to increase the scope for individuals who may

JobKeeper 2.0 Update The Government has announced that it will wind back the eligibility criteria for the JobKeeper Payment scheme for the extended period from 28 September 2020 to 28 March 2021. This is a welcome concession from the announcement made three weeks ago in which the conclusion of the JobKeeper Payment scheme was extended

Has your super fund got you covered for insurance? With COVID-19, maybe not. 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

Varying PAYG instalments because of COVID-19 PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage

The Federal Government has announced it is extending the JobKeeper Payment scheme until 28 March 2021. The proposed changes follow an extensive review of the JobKeeper Payment Scheme performed by Treasury. The extension will take effect from 28 September 2020 and aims at assisting businesses that continue to be significantly impacted by COVID-19. JobKeeper Payment

The realities of insuring against cyber crime 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