Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme.
The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to
businesses that are flood-affected.
Dealing with excess before-tax super contributions
Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund
members need to be aware of the implications for when they exceed the concessional contributions cap.
The financial year is almost over, but there are still effective strategies you may be able to put in place.The aim is to make sure you pay
no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so,
in the on-going COVID-19 environment.
Some payments are not counted as income by the ATO
It is possible to receive certain payments that do not need to be included as income in your tax return. However some of these amounts may
be used in other calculations, and may therefore need to be included elsewhere in your tax return.
Refinancing loan interest may be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships
are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the
debts that business may incur.
The JobKeeper 2.0 Guide contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice.
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.