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Can I deduct business assets?
Rules surrounding full expensing of assets In the 2020 federal budget, the government announced new rules relating to fully deducting assets used in your business. This letter is to provide you with a snapshot of the rules, so that you can understand how they affect...
Amending trust deed by 31 December 2020 may avoid land tax surcharge
Amending deed may avoid land tax surcharge A recent revenue ruling in New South Wales has clarified the position of discretionary trusts and foreign ownership of land. Legislation is in affect that applies a surcharge of stamp duty and land tax if the owner of the...
Personal income tax cuts brought forward
The federal government initially announced a seven year individual income tax plan in the 2018 federal budget. The plan would run over three phases, introducing a temporary low and middle tax offset and eventually removing the 37% income tax bracket. Subsequent...
Instant asset write-off — COVID-19 stimulus package
The instant asset write-off currently in ITAA 1997 Div 328 and 40 has been extended to include the vast majority of Australian businesses, in response to the COVID-19 pandemic. Amended legislation now permits businesses with less than $500m in aggregated turnover to...
ATO received over 1.7 million individual 2020 returns
Over $1b refunded to taxpayers The ATO has paid tax refunds of over $1b in the first two weeks of Tax Time amidst the COVID-19 pandemic. As at 14 July, more than 457,000 individual refunds have been issued, totalling more than $1.08b, with an average refund of $2,365....
Government announces HomeBuilder grant $25,000.00
The government has announced that it will introduce a $25,000 grant for eligible owner-occupiers to build a new home or substantially renovate an existing home. The HomeBuilder grant will be available to individuals under the $125,000 income cap ($200,000 for couples)...
Car expenses per kilometre rate for 2020/21
The Commissioner has determined that the rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 72 cents per kilometre for the income year commencing 1 July 2020. The rate applies to the income year commencing 1...
Instant asset write-off extended to 31 December 2020
Instant asset write-off extended to 31 December 2020 The Government has announced that it will extend the $150,000 instant asset write-off for six months to 31 December 2020. Australian businesses with annual turnover of less than $500m will be able to take advantage...
Government announces JobKeeper payment wage subsidy measures
The Government has announced a “JobKeeper” payment relief measure to subsidise wages for all eligible businesses. The amount of subsidy is $1,500 per fortnight, per eligible employee, which works out to be 70% of the median wage in Australia. To be eligible for...
Pension minimum drawdowns reduced by 50 per cent
The Government is temporarily reducing minimum super drawdown requirements for pensions by 50 per cent. The reduction will be available for the 2019/20 and 2020/21 income years. This measure was implemented to support retirees in managing the impact of the: recent...