The Australian Government has announced that age pension, JobSeeker and a range of other social security payments will soon be increased. The Government has revealed that on Monday 20th September, the maximum single age pension rate will increase by $14.80 to $967.50 each fortnight. Couples will also receive an increase of $22.40 combined.
The boosts will mean that the annual pension paid to a single person will be $25,155 and will be $37,923 for a couple.
Just under one million Australians receiving JobSeeker and other allowances will also get a 1.4 percent increase, meaning they will get up to $11.90 extra a fortnight.
The amount of money paid to pensions and other receipts is adjusted twice year and according to eh federal government this will be the largest increase since 2014.
“We are ensuring pensioners maintain their purchasing power in the economy, which is bouncing back strongly. This change puts money in the pockets of all Australians who rely on our social security system and, in particular, older Australians,” says Social Services Minister Anne Ruston.
According to government figures there are currently approximately 2.58 million Australians on the age pension.
756,000 people are on a disability support pension and 977,500 are receiving JobSeeker payments.
ATO Announces New Lodgement Support For Tax Agents
On Friday 20th August, the ATO deputy commission Hoa Wood published an open letter to tax agents across the country announcing that practitioners would soon be able to request a deferral for a small number of clients from September onwards.
“If you need some extra time to lodge a small number of client obligations, from September, you will be able to call us to request extra time to lodge for up to five clients,” said ATO deputy commission Hoa Wood.
The announcement proceeds the ATO’s decision to offer similar support for tax agents who were struggling with their lodgement deadlines in May.
As the covid-19 pandemic continues to put pressure on tax agents the ATO and agent-assessed deferrals will also continue to be on offer.
"We understand that Covid-19 continues to put pressure on you, your practice and your clients. Personalised support is available to all tax professionals whenever you need it. Our supported lodgement program is available for when you have been affected by issues such as ill-health, the loss of a key staff member, COVID-19, or if you are generally overwhelmed. With your help, we can co-design a lodgement plan to help get your lodgement program back on track for your entire practice”.
“I’d like to thank you for all your hard work in assisting your clients to navigate the difficulties that continue to affect so many. The support you have provided, while facing your own obstacles, has not gone unnoticed,” said Ms. Wood.
The ATO’s lodgement support has come following a huge increase of workloads for tax agents as a result of the introduction of covid-19 support measures from state governments which relies heavily on the accountant’s expertise to be understood.
The stressed caused by the pandemic and ongoing lockdown restrictions means that , compounded by ongoing lockdown restrictions, has resulted in practitioners demanding a review of the 85 percent on-time lodgement requirement.