Australian shares faced a very tough March as measures to combat the spread of the coronavirus, along with the economic dislocation globally, hit businesses hard. The only good news was sign of a relief rally late in the month as markets began pricing in stimulus measures announced by the government, but no sector has made it through this period unscathed.

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The ATO has expanded and extended their independent review service to encompass income tax, GST, excise, luxury car tax, wine equalisation tax, and fuel tax credits. The service was originally scheduled to run for 12 months from 1 July 2018 but has now been extended until 31 December 2020. In addition, the service now appears not to be limited to any one state or territory ll business disputes in Victoria and South Australia). The use of the service does not preclude you from seeking other dispute options.

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Before the disruption of the Coronavirus epidemic, the government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions. However, since the epidemic, the earliest these measures could conceivably become law would be August.

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Enrolment for the JobKeeper payment is now open. For the tens of thousands of businesses that registered their interest, you can now follow some simple steps to enrol and ensure you meet the record-keeping requirements. Some of the more basic steps include eligibility requirements for both the business and nominated employees. Other requirements include notifications of the nominated employees and record-keeping of required notice, as well as paying nominated employees the specific JobKeeper amount by the end of April.

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If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibility and other options that may be available to you. It won’t cost you an arm and a leg either, ASIC has recently granted a temporary AFS licensing exemption to allow registered tax agents to provide certain financial product advice

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SMSFs that own real property cannot give a tenant that is a related party, a rental price that is less than the market value. However, due to COVID-19, many landlords are voluntarily giving their tenants a reduction in rent or a waiver of rent to help them survive the economic downturn. This is in addition to the common set of principles announced by the National Cabinet which encourage tenants and landlords to agree on rent relief.

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Flexible working arrangements can include, among other things, remote working. In this video, the Wall Street Journal showcases how to create an ergonomic working environment. While there can be benefits to remote working, there also can be challenges – these may need to be appropriately managed by both the employer and the employee. In this video, the Wall Street Journal showcases how to create an ergonomic working environment to help reduce work-related repetitive strain injuries.

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The establishment of an appropriate measure to mitigate a negative outcome that arises from an adverse event, whether expected or not, is an important consideration.  However, the importance and benefit of doing so is often not truly realised until an adverse event occurs.  When an adverse event occurs, the outcome for those with an appropriately established measure and those without can be vastly different. One may stave off a negative outcome while the other may not.

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Small to medium employers who intend to claim the “cash flow boost payment” (minimum of $10,000 and a maximum of $50,000) announced in the second round of stimulus hoping to receive an injection of cash should beware. The “payment” is not actually a payment, rather it is a credit that will be offset against of the liabilities that appear on the BAS and any debits in a taxpayer’s RBA.

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