Friday 27 Nov 2020
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Latest Accounting News
Hot Issues
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
Articles archive
Quarter 3 July - September 2020
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Quarter 1 January - March 2020
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Quarter 3 July - September 2010
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Quarter 1 January - March 2010
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Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
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Quarter 3 July - September 2008
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Quarter 1 January - March 2008
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Quarter 4 October - December 2001
Minimum Pensions Halved – 2020 & 2021

Retirees have support to preserve their superannuation benefits by changing their minimum pension.



         


Superannuation fund values will have suffered from coronavirus driven financial market volatility, particularly since stock market peaks of February 2020.


The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 income years.


Age

Default minimum draw down rates (%)

Reduced rates by 50% for 2019-20 and 2020-21

Under 65

4

2

65-74

5

2.5

75-79

6

3

80-84

7

3.5

85-89

9

4.5

90-94

11

5.5

95 or more

14

7


 


A similar temporary measure occurred from 2009 to 2011 following the global financial crisis.


This measure will reduce  the need to sell investment assets (at a depressed time) to fund minimum drawdown requirements.


 


 


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