It seems quite straightforward if your workplace has cut back your hours or the business you own has had its trade halved, but it is less clear cut if you have voluntarily scaled back your hours because of childcare or if you have returned from working overseas because of the virus.
But sole traders whose business is suspended and are ceasing earning income may not be able to do so. Breaking down the latest news and research to understand how the world is living through an epidemic, this is the ABC's Coronacast podcast. You can only make one application for an Australian Tax Office determination between now and June 30, and one application between July 1 and September 25.Taking it all together, a consequence of the super changes has been to create a sizeable tax loophole for those who are relatively mildly impacted by the coronavirus, still earning taxable income, and have the financial capacity to salary sacrifice into super.
If you're still employed you don't meet the ATO COVID-19 guidelines
I hope this doesn’t happen- it’s certainly against the spirit of the law..
Accountants with limited licenses too will need to apply the FASEA standards. They apply to anyone who is authorised under an afsl, limited or not.
Financial advisers will need to remember the FASEA code! They must comply with the spirit & intent of the law, not just the letter of the law! Std 1: “You must act in accordance with all applicable laws, including this Code, and not try to avoid or circumvent their intent.” 1/2
This feels a bit schemey. The intention of the law is to allow individuals to take superannuation they need to support themselves because of the impacts of COVID-19, not to put it straight back in.
Listen to the . They are experts at how to suckle from the government teat. scheme
Seems somewhat irresponsible to publish this IMO.
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