VIC COVID-19 Support Package

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The Federal and Victorian Government announced several new and modified support measures as part of their support package. The following summarises some of the key measures that have been announced.

COVID-19 Disaster payment

Employees whose hours of work are reduced due to a compulsory lockdown will be entitled to taxable COVID-19 Disaster Payments. This weekly payment will vary depending on the number of hours lost. The payment will open for applications on day eight of a lockdown. No liquid assets test will apply.

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How to take advantage of the 1 July super cap increase

By Megan Inverarity • 07 Mar, 2024

How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.

The ATO Debt Dilemma

By William Altmann • 06 Mar, 2024

The ATO Debt Dilemma Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

Can my SMSF invest in property development?

By Megan Inverarity • 23 Feb, 2024

Can my SMSF invest in property development? Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur.

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