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Federal Budget 2020-21: Business tax

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 […]

Federal Budget 2020-21: Personal income tax

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.

The Payment Times Reporting Scheme

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.

Fostering a strong business environment is the key to Australia’s economic recovery

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.

JobKeeper 2.0: Alternative decline in turnover tests

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.

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