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 […]
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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.
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.
The broadening of the income tax system under then Treasurer, the Hon Paul Keating, to encompass capital gains tax (CGT), from 20 September 1985 represented a profound structural shift in Australia’s federal income tax system.
On Tuesday, the Federal Government released details of its extension to the JobKeeper scheme beyond September 2020. As previously announced, the JobKeeper payment will be extended for two periods, being the December 2020 quarter and March 2021 quarters.
Under proposed amendments to the JobKeeper rules, employers who previously qualified for JobKeeper 1.0, but do not qualify for JobKeeper 2.0, may continue to issue certain directions to their employees beyond 27 September 2020 if they can demonstrate a minimum 10% decline in turnover for the relevant quarter.
The Victorian Government has announced a new support package which includes further tax relief measures.
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