(03) 9626 9999
9AM - 5PM Mon - Fri
Level 1, 216 City Road, Southbank VIC 3006

COVID-19 – Government Stimulus Package Announced: What You Need to Know

Dear Clients

The Victorian Premier, Daniel Andrews this morning announced Step 1 measures to be imposed in Victoria at 12.00 midday yesterday, to contain the Coronavirus. The Premier’s announcement focused on limiting peoples attendance at social venues, including;

  • Pubs, registered and licenced clubs (excluding bottle shops attached to these venues), hotels (excluding accommodation)
  • Gyms and indoor sporting venues
  • Cinemas, entertainment venues, casinos, and night clubs
  • Restaurants and cafes will be restricted to takeaway and/or home delivery
  • Religious gatherings, places of worship, weddings or funerals (in enclosed spaces and other than very small groups and where the 1 person per 4 square metre rule applies).


There are no fixed timelines attached to these restrictions being lifted. Unless VACC members fall into one of the above categories they should continue with the running of their businesses but with all care taken to maximise social distancing. Where staff can work from home employers should consider if this is an option for them.Read More

BREAKING NEWS – Government announces increased tax benefits in response to the Coronavirus

The Government has announced its economic response to the Coronavirus in the form of a $17.6
billion economic stimulus package. The package has been marketed as a measure to protect
the economy by maintaining confidence, supporting investment and keeping people in their jobs.
It is expected that an appropriate package of Bills (which will provide further detail in relation to the
proposed measures) will be introduced into Parliament in the final sitting week in March 2020 (i.e.,
presumably from 23 March 2020) for urgent consideration and passage.

Read More

Lifestyle assets continue to be an ATO audit target

The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 as part of its data-matching program.

This information (provided by insurers) is intended to be used by the ATO as part of its compliance profiling activities.

Read More

Super guarantee opt-out for high income earners now law

From 1 January 2020, eligible individuals with multiple employers can apply to opt-out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.

If appropriate for them, they should submit the relevant ATO form to apply for an SG employer shortfall exemption certificate, which releases one or more of their employers from their SG obligations for up to four quarters in one financial year.

The measure only became law on 2 October 2019, so to give eligible employees time to make an application, the ATO will accept applications for the 2019/20 financial year as follows:

  • third quarter commencing 1 January 2020 — lodge on or before 18 November 2019; and
  • fourth quarter commencing 1 April 2020 — lodge on or before 31 January 2020.

A separate application is required for each financial
year.

SMSs for SMSFs!

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial details or member information) are made.

Accordingly, the ATO has urged all SMSF members to ensure they update their contact details either:

  • online at abr.gov.au (with an AUSkey or an ABN linked to their myGov account);
  • through their registered tax agent;
  • by phoning 13 10 20 (for authorised contacts of the relevant SMSF); or
  • by lodging the paper form (NAT 3036).

The ATO has urged SMSF members who are concerned about notified changes to first speak with the other trustees of the SMSF or the authorised