The Government has announced that it will wind back the eligibility criteria for the JobKeeper Payment scheme for the extended period from 28 September 2020 to 28 March 2021. This is a welcome concession from the announcement made three weeks ago in which the conclusion of the JobKeeper Payment scheme was extended from 27 September 2020 to 28 March 2021. See details of the earlier announcement here.

The National Cabinet has released the ‘Mandatory Code of Conduct: SME Commercial Leasing Principles during COVID-19’ (Code) for small/medium enterprise “SME” tenants.

This Code comes into effect in all states and territories from a date following 3 April 2020 (being the date that National Cabinet agreed to a set of principles to guide the Code to govern commercial tenancies as affected by the COVID19 pandemic) to be defined by each jurisdiction, for the period during which the Commonwealth JobKeeper program remains operational.

As the situation around COVID-19 continues to develop, we understand you may now be working from home and you may incur expenses that you can claim at tax time.

Superannuation Reforms starting 1 July 2017

Review your Superannuation and your plans pre 30th June 2017 and stay on Track!!

On 1st July 2017, some rule changes will come into effect that may impact your retirement strategy

WE THANK YOU!!!

Humpty Dumpty Foundation Fundraiser

Greg Peters, Paul Sharp (Reining Australia President), Carolyn Peters & Stephanie Cooper (Winner of Open/Non Pro Ladies Event)

Back in September 2016 Messenger Murray Picello held a Open/Non Pro Ladies Event Fundraiser at the Australian National Championships in Tamworth with the beneficiary being the Humpty Dumpty Foundation.

Thanks to all our clients Sponsorship, the Humpty Dumpty Open/Non Pro Ladies Event was a great success. Your generous contributions helped raise $8,400.00 for the Humpty Dumpty Foundation!!!!!

All your donations were greatly appreciated and this event would not have been a success without your support.    

So on behalf of Messenger Murray Picello and the Humpty Dumpty Foundation we Thank You!!!       

The new Super Rules have been passed by both houses of Parliament and are just waiting on Royal Assent - generally this is a mere formality.

The key measures which have a commencement date of 1 July 2017 include:

• The concessional contributions cap is reduced to $25,000. This can be made as employer or personal tax deductible contributions (or a mix of both)
• The non-concessional contribution cap is reduced to $100,000 pa (or $300,000 under the bring forward provisions). While you are also prohibited from making further non-concessional contributions where a member’s total superannuation balance is more than $1.6 million.
• Continuation of the low income superannuation tax offset for member’s whose income level is less than $37,000
• Eligibility for spouse contribution rebates are extended, by increasing the annual income threshold to $37,000
• Lowering the income threshold for Division 293 tax to $250,000
• Abolishing the anti-detriment payment
• Introducing a $1.6 million ‘transfer balance cap’ – the limit of the amount that can be transferred to the pension phase, where earnings are tax-free. This $1.6 million cap applies also the death benefit income streams and defined benefit income streams
• Transition to Retirement Income Streams will no longer be eligible for income tax concessions (at the superannuation fund level)
• The new concessional contributions catch-up regime, providing your total super balances are less than $500,000 commences from 1 July 2018.

The government is yet to release the regulations to this new legislation and we suggest our clients should wait to see this detail before rushing to make decisions about their superannuation balances.

For specialised advice on any of the above please contact Carolyn Peters  on 02 9977 8077

The following types of insurance are available to you and includes those which you may have already purchased through Jardine Lloyd Thompson. It should be noted that this list does not include all types of policies available in the various insurance markets. Availability of some classes will be subject to prevailing market conditions.

As business is continually changing we recommend these areas be reviewed regularly to ensure that it is still appropriate for the Company to carry the risk.

Please indicate if you would like any additional information about any of these classes of insurance.

To qualify for the first six concessions businesses must have a total turnover of less than $2 million for the year they use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.

After the 30^th of June 2016 Accountants will no longer be able to give advice on Self-Managed Superannuation Funds unless operating under an AFSL (Australian Financial Services Licence)