COVID-19 Early Release of Super - applications close 31 December 2020

If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early.  If you are considering utilising this measure, we recommend you consider seeking financial advice appropriate to your circumstances before doing so.

What is it?
The Government permitted eligible citizens and permanent residents of Australia or New Zealand to access up to $10,000 of their super, tax free, in each of the 2019-20 and 2020-21 financial years.  Applications for the 2019-20 financial year closed on 30 June 2020.

Applications for the 2020-21 financial year close on the 31 December 2020.

Who is eligible and assessing your eligibility
Eligibility needs to be carefully considered, and despite no supporting documentation is required to be lodged with the application, appropriate records need to be retained if the ATO wants to review your eligibility at later date.

How to apply?
Applications are made via your myGov account through ATO online services.  If you don't already have a myGov account you will need to create one to apply for this measure.

More information can be found here or you can get in touch with us if you have any queries regarding early release of super.

NSW State Budget 2020-21
Treasurer Dominic Perrottet delivered the NSW State Budget on 17 November.  Some of the measures targeted to small business included;

Payroll tax relief

• Payroll tax rate cut from 5.45% to 4.85% for 2 years to the end of 30 June 2022, backdated to 1 July 2020;
• Payroll tax threshold also increased from $1 million to $1.2 million for the 2020/21 and subsequent financial years.

Also, businesses that fall below the payroll tax threshold will be able to apply for $1,500 in digital vouchers to assist with government fees, including local government.

The team at Milroy Accounting wish you all a great Christmas and a Happy New Year.

Our office will be closed for a well deserved break from Tuesday 22 December to 11 January.