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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...
Loss carry-back available for companies
One part of the federal Government’s JobMaker Plan, announced in the 2020 federal budget, will temporarily allow an eligible company to carry-back a tax loss. Broadly, this measure will be in place for three income years, from 2019/20 to 2021/22. A company will be...
COVID-19 (NSW): stamp duty reduced for first home buyers
COVID-19 (NSW): stamp duty reduced for first home buyers The NSW Government will reduce stamp duties on newly built homes and vacant land for eligible first home buyers from 1 August 2020. The threshold above which stamp duty will be charged on new homes for eligible...
NEW CHANGES STUDENT VISA
NEW CHANGES: The Government will recommence granting student visas in all locations lodged outside Australia. This means when borders re-open, students will already have visas and be able to make arrangements to travel. International students will be able to lodge...
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...