May 2020 Newsletter

Current as of 21 May 2020
Volume 144

Jobkeeper – FAQs
We are now into the second claim month of Jobkeeper and there have been a few practical questions that we’ve been asked, and we’d like to share them with you. If your business is claiming Jobkeeper, or you are thinking of claiming, then please click on this link to go to the full article.

Self Managed Superannuation Funds & COVID-19 Measures
You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early. Similarly, rental relief for your SMSF property tenant may also be available.

We have outlined these measures in our article, please click here to view.

BE WARNED – The scammers are still rife!
We have written about this in past editions of S & W Insight but we have to return to the subject as the problem just does not go away. We continue to have clients telling us about being contacted by people trying to scam them. The methods change but the aim is the same – to extract money from you any way they can.

Scamwatch offer some suggestions on how to protect yourself from scams. These are included in our full article.

Business Tax Planning – Year End. What you should do before 30 June!
Around this time of year, in the S & W Insight, we usually go through all the things that you should be doing running up to year end. We believe we have trained our clients well and they do not need full details of what to do but rather just a reminder of the items for them to undertake. You should be proactive in planning for the year end to make sure you do everything you legally can to make sure you don’t pay any more tax than you absolutely have to.

With the volatile business environment caused by COVID-19, it is imperative that you maintain cashflow and availing yourself of any tax concessions prior to 30 June will only help you with this.

The basic tax planning strategies you need to review by year end are listed in our article.

DISCLAIMER
This newsletter has been produced by Stanley & Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation.