2020/21 new financial year changes

INDIVIDUALS financially affected by COVID-19 and accessed up to $10,000 of their superannuation last financial year will be able to apply to access a further $10,000 as of today.

More than 2.2 million applications have been approved since the Federal Government’s early access to superannuation scheme started in April, with more than $18.5b withdrawn.

Eligible applicants will have access to their retirement savings in the second tranche as of the start of the new financial year.

Small and medium businesses with turnovers less than $50m will benefit from a reduction in tax, with the rate falling from 27.5pc to 26pc.

The rate will reduce further to 25pc in 2021-22.

The age limit for spouse contributions into superannuation will increase from 69 to 74 as of today.

Parents will no longer be able to enjoy free childcare, with the Federal Government confirming the fee-free package introduced at the height of the coronavirus outbreak will end from July 13.

The $1500 fortnightly JobKeeper wage subsidy for employees of Child Care Subsidy approved service will end on July 20 and replaced with a $708m transition package.

From today, Parental Leave Pay will be available as either Paid Parental Leave period of up to 12 weeks or a 30-day Flexible Paid Parental Leave offering.

The Australian Tax Office’s (ATO) shortcut method that applies to working from home expenses between March 1 and June 30, has ended.

During the period, people can claim a rate of 80 cents per hour for all running expenses.

South Australian households will benefit from cheaper water bills, with the average household expected to save approximately $200 each year, while businesses will save an estimated $1350.

Changes to retail and commercial leasing has come into effect and require landlords to provide the prospective lessee with a copy of the Small Business Commissioner’s information brochure.

The changes intend to increase protection for small-business lessees who pay rent below a certain threshold.

Under the changes, the maximum security bond permitted under a lease will rise from four weeks to three months rent.

The Limestone Coast Landscape Board will officially replace the South East Natural Resources Management board and administer the region’s land, water, pest, plants and animals and biodiversity.

The board is one of nine new regional landscape boards, which from today will administer the new Landscape South Australia Act 2019, including a new metropolitan landscape board, Green Adelaide.

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