We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 23 July 2021:

  • ATO tax time support – The ATO has a range of year-end tax time options to support taxpayers who have been affected by the COVID-19 pandemic and recent natural disasters.
  • Hardship priority processing of tax returns – If your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expediting the release of any refund to you.
  • Workplace giving versus salary sacrifice donations – If you’ve made donations through workplace giving or salary sacrifice arrangements with your employer and you want to claim a deduction in your tax return, it’s important to know that different tax treatments apply.
  • Employers beware: increase in super guarantee – From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%.
  • COVID-19 lockdown support – If your business or employment income has been affected by recent COVID-19 related lockdowns in New South Wales, Victoria and South Australia, financial help is available from both the state and Federal governments.
  • Are COVID-19 grants and funding tax free? – Most people would think that money provided by the Government to support people and business during a crisis would be tax free. But, the tax laws don’t work like that.

Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.