In the midst of global economic uncertainty, it is no surprise that the Federal Budget 2020-21 is focussed on the roll-out of an enormous Government spending program, supported by a wide range of quickfire measures to encourage business investment and job creation. Whilst not focussed on long-term structural reform, the Budget is pragmatic in the circumstances.
Significant measures have been announced to support capital investment by business through an expanded instant asset write-off regime, coupled with a tax loss ‘carry-back’ rule which may provide additional cash to businesses. Additional measures are to be introduced to ensure certain Victorian Government Business Support Grants are not taxable. Return to Federal Budget hub Significant […]
There has been an increase in the Small Business Entity turnover threshold allowing more medium-sized businesses the ability to access various concessions.
The Government will bring forward previously legislated changes to reduce personal income tax to take effect retrospectively from 1 July 2020. This measure is designed to stimulate the economy by increasing the disposable income available to individuals. The cuts will be a welcome boost to the local economy and is one of the key initiatives of the Government’s JobMaker Plan.
To improve cash flow pressures for small business, the Federal Government has established a public Payment Times Reporting Scheme (the Scheme) whereby businesses and Government enterprises with total annual income of over $100 million will need to bi-annually report on their payment terms and times for their small business suppliers.
Saying that 2020 has been a trying year for the economy is a significant understatement. The Australian Government and State Governments have provided considerable support to people and businesses throughout the various stages of restrictions. And while the situation in Victoria indicates we still have a long path towards recovery, we need to think about how Australia’s economy can recover and grow post-COVID.
We recently asked for your input on the key issues and policy areas most important to you ahead of this year’s Federal Budget.
The Commissioner has released details of the alternative tests that will apply for the purposes of JobKeeper 2.0. These alternative tests will apply where the actual decline in turnover test is not otherwise satisfied in relation to the September or December 2020 quarters.
When the Modern Slavery Act 2018 (Cth) (the Act) came into force on 1 January 2019, the 31 December 2020 deadline seemed reasonable.
The Commissioner has released legislative instruments that provide alternate rules to enable entities to determine the correct payment rate for eligible employees and business participants under JobKeeper 2.0.
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