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Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
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Part 3 – Budget reminders. Under the Hood.

 

The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed. 

 



       


Temporary full expensing of eligible capital assets


Most businesses are now able to claim full deductions for depreciation assets.


Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets in the year they are first used.


Full expensing in the year of first use will apply to:-


  • new depreciating assets;
  • the cost of improvements to existing eligible assets;
  • for small and medium businesses (aggregated turnover of less than $50 million – second-hand assets

Applies to eligible capital assets acquired from 7.30pm AEDT on 6 October 2020 and first used or installed by 30 June 2022


 



 


Temporary loss carry-back for companies


Eligible companies can elect to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits in 2018-19 or later income years.


The effect of the election will be to generate a refundable tax offset and it will first be available when lodging the 2020-21 tax return, subject to the amount carried back not being more than the earlier taxed profits and not generating a franking account deficit.


The new loss carry-back measure is designed to promote economic recovery by providing cash flow support to previously profitable companies that COVID-19 has turned into loss making businesses – many such businesses might find it difficult to survive or re-employ staff if they had to wait years to get tax relief for the losses under the present system.


As with a similar scheme operated in 2012-13, the carry back is notional – it is not necessary to amend the prior year return – the benefit is received in the assessment for the year in which the election is made.


The tax refund will be available on election by eligible businesses when they lodge their 2020-21 and 2021-22 tax returns.


 



 


JobMaker Plan Boosting Apprenticeships Wage Subsidy


From 5 October 2020 to 30 September 2021, businesses of any size can claim the wage subsidy for a new, or recommencing, apprentices or trainees.


Eligible businesses will be reimbursed 50% of an apprentice or trainee’s wages, up to $7,000 per quarter, capped to 100,000 places.


 


 


 


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24th-November-2020