Month in Review - November 2020
Australia’s economic recovery has found solid footing, underpinned by low Covid-19 case numbers nationwide and news of successful vaccine trials. After weeks of zero new case numbers, Victoria has relaxed its restrictions. Up to 100 people can attend public gatherings such as weddings, while one quarter of office workers can return to the office (this will increase to one half from 11 January 2021). At its December meeting the Reserve Bank of Australia left interest rates unchanged at a record low 0.10%. The board anticipates no increase in the cash rate for at least three years, while the size of the bond purchase program will remain under review and dependent on the outlook for jobs and inflation.
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Underwriting guidelines: Pursuits & pastimes
According to the World Health Organisation, physical activity is any bodily movement produced by skeletal muscles that requires energy expenditure. Examples of this can include activities such as sporting and leisure
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Legislative update: Taxation & social security
As we approach the 2020 festive season and begin to turn our eyes to some well-earned R&R, it’s important to highlight that a number of key Bills recently passed through the parliamentary process and became Acts.
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Retirement Income Review report: Key findings
In our article, ‘Australia's three-pillar retirement income system’, we discussed in detail Australia’s retirement income system—a three-pillar approach, which has been pursued by the Government for the last few decades.
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Budget super reforms on the horizon
The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at reducing unnecessary fees.
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ATO post-COVID expectations for businesses
ATO has recently outlined its expectations for businesses post-COVID. It largely warned companies against using loopholes to obtain benefits from the various government stimulus packages.
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SMSF asset valuations: COVID-19 concessions
Due to COVID-19 impacts on the 2020 and 2021 financial years, the ATO has provided a concession for trustees of SMSFs in relation to valuation evidence.
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2020-21 Victorian Budget: what’s in it for me?
The 2020-21 Victorian Budget has been handed down. In difficult economic conditions, the State government is focusing on providing businesses with maximum support to ensure a quicker recovery.
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Taxation update: Personal Income Tax Plan
As part of the Government’s aim at supporting economic recovery and creating jobs, some of the proposed measures announced in the recent 2020-21 Federal Budget, centred on changes to individual taxation.
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