The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of a patent box offering tax concessions on income derived from medical and biotech patents Tax and investment incentives for the digital economy Extension of the low and middle income tax offset Child care subsidy increase for families with multiple children $17.7 billion over 5 years to reform aged care $2.3 billion on mental health infrastructure and programs New and extended home ownership programs for first home owners and single parents
The New Lifetime Director ID, Tax exemptions for Granny Flats, When Expenses and Investments are not at Arm's Length
Superannuation Changes from 1 July 2021, How to treat - JobKeeper handbacks, Professional Service Firms - treatment of profits under fire.
JobKeeper - will you need to return it, COVID-19 Vaccinations and the Workplace, FBT 2021
How to sell your business, the FINAL stage of JobKeeper, and Simplifying small business insolvency
The JobMaker Hiring Credit - are you an eligible employer, which new employees are eligible and what tests need to be passed, in order to receive JobMaker.
2021 Risks Opportunities, extended December JobKeeper deadlines, first JobMaker deadlines looming and your last chance to access COVID-19 Early Access to Super.
JobMaker Hiring Credits: What We Know So Far, Tax deductions for investing in your business, Refunds for Tax Losses, PAYG Tax table reminder, JobKeeper clawback begins, APRA reveals $34.4bn super early release
The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: 1) Personal income tax cuts from 1 July 2020 2) A $4 billion JobMaker Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old 3) $110 billion in infrastructure investment over 10 years 4) Immediate deductions for business investment in capital assets 5) Changes to how companies can manage losses 6) Access to generous tax concessions for a wider range of businesses.
Our October newsletter give a brief outline of JobKeeper: The next steps and what the government has done in Preventing a Tsunami of Insolvencies post COVID-19 support measures.