Below are some articles to assist our great clients in navigating this uncertain time. We are here to support you during this unprecedented time, please contact your Nexia Edwards Marshall Advisor to discuss.
The AASB has been very active during the past two months, issuing a number of new requirements. Nexia Australia Technical Director Martin Olde highlights some of the key changes as well as financial reporting considerations relating to COVID-19. Read more
The superannuation law requires a minimum amount to be paid from a pension account each year in order for the account to be treated as being in retirement phase, and entitle the fund to income tax exemption on income arising from assets represented by the account. Read more
The JobKeeper Rules were amended on 1 May, following an announcement by the Treasurer on 24 April. This reflects the sound judgement of enacting framework legislation that delegated lawmaking power to the Treasurer, from which the JobKeeper Rules came, so that any required amendments could be implemented quickly. Read more
A key requirement for a business to qualify for the JobKeeper payments is that it has suffered a 30%+ decline in turnover (50%+ for those with group turnover above $1 billion). The JobKeeper Rules contain the “basic test” for measuring a business’s decline in turnover. It generally operates by comparing your predicted turnover for a period (say, month of April 2020) to the equivalent period in 2019 (April 2019). Read more
In an evolving situation with only a short time to act, we’ve focussed here on the more immediate things you need to do. A series of Fact Sheets and Frequently Asked Questions documents with a lot of information on the JobKeeper Payment program have been issued. However, with framework legislation passed, and the detailed rules now finalised by way of delegated legislation, some of that information is now obsolete. Read more