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Coronavirus Update 23-03-2020

CIA tax are open and will always remain open even if we all lock down.

We are constantly checking emails and taking calls (over the weekends as well) to be there for our clients through these different times.

Stay positive, some industries are really booming and some are really hurting, for those that hurt the Government has really stepped up (as we predicted) with stage 2 as follows:  

Supporting Individuals and Households The Australian Government is providing financial assistance to Australians. This assistance includes income support payments, payments to support households and temporary early releases of superannuation. Income support for individualsPayments to support householdsTemporary early release of superannuationTemporarily reducing superannuation minimum drawdown ratesReducing social security deeming rates

Support for Businesses The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses. Boosting cash flow for employersTemporary relief for financially distressed businessesIncreasing the instant asset write-offBacking business investmentSupporting apprentices and trainees

Supporting the Flow of Credit The Government, the Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to ensure the flow of credit in the Australian economy. Timely access to credit is vital for businesses to manage the impacts of the Coronavirus.

State governments are also stepping up with payroll tax refunds and land tax delays. Contact us for your State based assistance’s and we will provide them individually rather than listing all the different States in Australia’s responses.

There is plenty of hope. Every Wednesday at 6pm our senior partner Dr Steven Enticott is on his Facebook live with an update and for questions of any sort. This week it is an update and “Review, Reflect & Re-Direct” in all likelihood we will all be locked down for a period of time to re-think.

Our senior partner (Steven Enticott) is also the Chaplain at the Sandringham Football Club and is always open for a chat on any mental health or spiritual issue.

Keep smiling, tide always turns.

CIA Tax & Coronavirus – Office Changes & Client Advice

CIA Tax & Coronavirus – Office Changes & Client Advice (16-03-2020)

During the past week we had implemented a no handshake policy and for the next few weeks we are implementing a no in-house meetings policy (unless critical / essential) Instead we will use every other method of communication from Email, Phone Conferences, Skype, Zoom, WhatsApp, Facebook Messenger (or whatever digital meeting forum you use).

The office remains open for those who would like to drop or send non digitised documents. There is also a large mail slot at bottom of door for outside business hours.

This is a short term pain for a greater good. Whatever we think of the virus, or the media frenzy around it, the reality is to slow the growth of its spread which is to ease the burden on our medical services who tend to the lesser health resilient amongst us whether that is coronavirus or any other medical condition. Social and professional isolation is a key to playing our part in slowing the virus down, CIA tax are proud to play its small part. 

Thank you for your understanding, any issues always discuss with our senior partners and we will find a way to work something through.

Government Assistances

Some industries will do it tough (think anything travel, events, restaurants) and treasury has responded quickly with a targeted stimulus package that has four major parts. Yet, let us remain positive as other industries will also increase (think anything health, food chain or toilet paper suppliers).

For those industries who will struggle the good news is as follows:

  • Keeping Australians in jobs with $6.7 billion in cashflow assistance for small and medium businesses (up to $25,000 – reduction in tax to pay for their employees)
  • Supporting households with a $750 payment to pensioners, veterans, people on Newstart and other income support recipients
  • Backing business investment with a limited-time investment incentive worth $3.2 billion (instant write off on assets up to $150,000 for business with turnover under half a Billion!)
  • Helping affected sectors with a $1 billion fund for communities reliant on the tourism and education industries 

In addition to the above, the Australian Taxation Office will offer relief on a case-by-case basis to significantly affected taxpayers (everyone!) including through deferring tax payments by up to four months. In coming months expect more global relief / stimulus’s. Far from doom and gloom.

Download all the details here:  https://treasury.gov.au/coronavirus Additionally CIA tax have fact sheets for all of the above measures reply to this email.

CIA tax are here to assist, don’t hesitate – reach out, we can help.

Tips for business (and for effected employees)

Be Pro-active and work together is the key: Flight Centre is a great example of acting fast. At the start of this crisis (and sadly for all in the travel industry it will get worse) they enacted immediate changes to preserve employment until 30 June 2020.

Example Only – the Flight Centre changes

  • Travel Freeze: There is now a freeze on all Flight Centre employee travel including family with the only exception being business-critical
  • Conferences: All Flight Centre conferences will be cancelled from 16 March 2020 until further notice
  • Annual leave: All eligible Flight Centre employees have been asked to book and take a minimum of 1-week annual leave between now and 30 June 2020
  • Long Service Leave: Anyone at Flight Centre with long service due is asked to consider taking it through this period
  • Unpaid leave: Optional unpaid leave is available to all Flight Centre employees
  • Purchase of additional leave: For all Flight Centre staff without any leave owing, there is the option to purchase an additional 10 days leave
  • Reduction of (FTE) Full-time employment: All Flight Centre staff have been offered the opportunity to reduce their FTE by 1 day per week or fortnight until the 30 June 2020. Staff can work a 4-day a week rather than 5-day with their salary reflective of this change

The Flight Centre changes concluded by saying: “We greatly appreciate your support and understanding. If everyone can contribute in a small way it will make a big difference. We have been through similar events in the past and have always emerged bigger, better and stronger”.

It’s a wonderful example that we can all review parts of if we need to apply anything to our own businesses.

The key to any slow down in the economy (it may not be long lasting, or significant) is to keep communicating with the team, your advisors, the tax office, banks, your customers and suppliers, everyone.

CIA tax are here to assist, don’t hesitate – reach out, we can help.

From an occupational health response stay up to date and follow the advice of the government health recommendations and your HR advisors. In particular do not ignore government directions as we’d doubt any public indemnity policy (or any insurance) would cover your risk in doing so.

Investments and Retirement

It is also a worrying time for people with investments and retirement funds – this again is a time to reach out and talk to your advisors.

CIA tax are here to assist, don’t hesitate – reach out, we can help.

In all likelihood and like all other things in the recent past this will soon pass. Let us pause to think on the past two decades with all the market crashes, disasters, health scares, downturns, upturns, whatever – we’ve shown a fair bit of resilience!

In closing

From a mental health perspective now is the time to stop being glued to the media frenzy. Be informed, make some sensible changes and look out for others who are less fortunate and carry on. Daffodils are planted in Autumn, pass through a Winter and beautifully blossom in Spring. Use these interruptions to plant the next blossom.

CIA tax are here to listen, don’t hesitate – reach out, we can help.

The symptoms of coronavirus include:

  • Fever
  • Cough
  • Shortness of breath; and
  • Breathing difficulties

If you suspect you or a family member has coronavirus you should call (not visit) your GP or ring the national Coronavirus Health Information Hotline on 1800 020 080.

3 of CIA’s best tax-time tips!

1. Download the renowned CIA Tax “Tax-Checklist”
By far and away this is our most complimented complimentary service of CIA tax’s each year.

2. Review a copy of last year’s tax return as a starting prompt for collating the required data you’ll need for this year’s tax return.

3. Always see an accountant! Fees are a tax deduction and so to are the travel costs to see one. Great accountants know tax backwards and will ensure better tax results.



CIA’s June 30 – Tax Time Tips

Number 1 tip: Attend – End of financial year tax planning – Dr Steven Enticott
Date: Wednesday 20th of June
Time: 6.00pm to 7.15pm
Location: Kingston Arts Centre 979 Nepean Hwy Moorabbin – Opposite CIA Tax’s Office!
Parking is available at the rear of Kingston City Hall and the Train station 100m away

RSVP: 1300 242 829 or to sje@ciatax.com.au

The CIA tax checklist out in July The BIG tip whilst reviewing the checklist is to pull out a copy of last year’s tax return and review those items as a prompt for collating the data for this year’s tax return.

Co-contributions for super is something you should DO. A 50% matching rate on up to $1,000 of after tax contributions, so a maximum amount $500 FREE from the ATO into your super!!

Income must be under (plus reportable super and FBT) of $51,813 to potentially qualify, details:

Small Businesses prepay your expenses where you can and don’t be too hasty getting out your invoices prior to June 30 if it’s been a great income year.

Don’t forget the $20,000 immediate deduction on assets has again been extended another 12 months (2018) for those with a turnover below $10m.

Stocktakes can be counted on Cost price, Replacement Price or even Actual values which is one of our greatest tax planning tools for those that carry stock.

Super contributions to be claimed in this tax year they need to be paid before June 30 and yes in many cases you should contribute to super for example; An average earner saves 19.5% of tax on their contribution so even if they put the money into the safe cash option of the fund they have already had one great investment year!. However if you are bit on the younger side burdened with a lot of bad debt (non-investment lending) then speak to us about doing the numbers on super contributions first

Super SGT Amnesty Late in paying super? Just don’t be, those days have ended.
There are no more excuses and the ATO are watching every single payment timing with draconian penalties pending. However, if you have been slightly remiss the ATO has one last amnesty brewing in the wings – Details attached and at: https://www.ato.gov.au/Tax-professionals/Newsroom/Superannuation/Superannuation-Guarantee-Amnesty/

(Also, a very handy tool to leverage an employer who hasn’t paid your super!!)

Employees make sure you have paid for all your work-related expenses prior to June 30. Bring costs forward when you’ve had a great income year as this tip becomes even more important.

Made a capital gain during the past year, for example, the sale or part sale of a business (including investments the business has made), shares or a property. If the answer is a ‘yes’ then you should be thinking about your options for managing the CGT liability. Start by looking for capital losses to offset the CGT liability (or losses carried forward from prior years) and consider selling out losses before June 30 to offset gains – call us to discuss other methods.

For the Federal Budget update click here

For the Victoria State Budget update click here

Medicare levy surcharge and Rebate Reduction income tests
For the rates of Medicare levy surcharge that applies or the amount of rebate you are entitled to see the rebate and surcharge levels applicable for 2017/8 are.


• Single parents and couples (including de facto couples) are subject to family tiers.
• For families with children, the thresholds are increased by $1,500 for each child after the first.

Superannuation Personal super contributions made that are to be claimed as a deduction (now that salary and wage earners can claim.) No major changes for 2019 tax year (phew!) For all of us the concessional cap payments into super are $25,000 includes super SG and salary sacrifices.

For under 65’s they may be able to also contribute $300,000* Non-Concessional all at once.
For over 65’s they will need to pass the work test and forget about it over 75 sadly.

*Superannuation has become so complex never contribute until you’ve cleared it with advisors

Superannuation Spouse Contribution of $3000 The amount of the offset is 18 per cent of the spouse contribution you make (max. offset of $540) reducing your own tax. Spouse income must be under $37,000 to get the full offset, then it gradually reduces to zero at $40,000.

Don’t forget – Sunglasses, Hats and Sunscreen for taxpayers that work in any outdoor occupation (including driving) they are tax deductible However they cannot be claimed unless you keep the receipt!

Repairs and maintenance on investment properties? Consider bringing forward so you can enjoy your tax deduction in the current financial year.

Pre-paying interest Say, on a loan of $300,000 it may cost $15,000 but it could get you up to $7350 back as a tax refund this year. Requires a negotiation with your lender!!

Claim Everything This one each year is a bit tongue in cheek, though correctly claiming expenses is our expertise. Your job is to think of absolutely anything that has a connection with your incomes and let us measure the appropriateness of claim.

SINGLE TOUCH PAYROLL (Shouting to get your attention!) – If you have 20 or more employees on 1 April 2018 it’s mandatory to adopt STP reporting for 1 July 2018 (everyone else at 1/7/19).

The Small Business Superannuation Clearing House (SBSCH) service has become part of ATO online services; that is the ATO online portal or you can log into your MyGov service.