COVID-19 pandemic and associated government policy has provided challenges for the superannuation industry, particularly for trustees to provide appropriate information. ASIC has recently outlined its interim corporate plan, which includes protecting consumers from harm at a time of heightened vulnerability. This includes ensuring that trustees are communicating effectively with members on issues. While ASIC notes that a range of regulatory activities has been postponed, trustees’ compliance and legal obligations remain unchanged.

The due date for the SMSF annual return for some self-managed super funds is fast approaching. Trustees now have less than one month to lodge the return. If you’re the trustee of an SMSF and have already finalised the audit, remember you don’t have to wait until the due date to lodge. The ATO recommends lodging on time as any returns more than 2 weeks late will result in the status of the SMSF on Super Fund Lookup to be changed to “Regulation details removed” and impact on super guarantee payments made to the fund.

As the Australian economy gets back on its feet, the government has been very vocal about winding back various JobKeeper and JobSeeker measures. If you’re a business that still needs a little bit of a helping hand with hiring more workers, you can take advantage of the JobMaker Hiring Credit scheme which gives eligible businesses payments of up to $200 a week for each additional employee hired (depending on the age of the employee). Unlike the JobKeeper, eligible employers can keep the JobMaker payment to grow their businesses.

In the middle of the COVID-19 pandemic, the NSW government has released what it hopes will be a roadmap to recovery for the State in the form of its 2020-21 Budget. For individuals, the most significant change is the government exploring a possible transition from the current “inefficient” stamp duty and land tax system to a broad-based tax on property. For businesses, sweeteners include payroll tax changes, digital vouchers to help with government costs, support apprenticeships and trainees, and revitalising Sydney’s CBD.

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