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November 2020  |  Newsletter

JobMaker: how your business can take advantage

If your business is thinking of hiring new staff, now is the time, the Government will pay employers a subsidy of sorts for each eligible young worker employed over the next 12 months. The amount of the payment depends on the age of the employee, but may be up to $200 per week for those aged 16 to 29. The rules are not overtly complex, but the scheme is limited to certain types of employees and there are several key conditions that apply to both employers and the new employees so care should be taken.
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Potential changes to the childcare subsidy?

In its Budget reply speech, Labor has earmarked changes to the childcare subsidy should it win the next election which could occur as early as late 2021. As a part of its plan to get the economy back on track and women working more hours, Labor has proposed the removal of the annual cap of $10,560 (per child) on the childcare subsidy from 1 July 2022 and an increase in the maximum childcare subsidy to 90% from 85%. It will also investigate the feasibility of moving to a 90% subsidy for childcare “for every Australian family”.
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Lodge your SAR on time: ATO reminder

SMSFs with a lodgment due date of 31 October has been reminded to lodge on time. According to the ATO, those funds that are more than 2 weeks overdue on any annual return lodgment will have their fund status changed to “Regulation Details Removed” on Super Fund Lookup. This will mean that Australian Prudential Regulation Authority (APRA) funds won’t be able rollover any member benefits to the SMSF, and employers won’t be able to make any super guarantee contribution payments for members of the SMSF.
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