What the “full expensing” write-off deduction means for business - Tax Accountants Liverpool
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022.
Federal Budget 2020-21
We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty.
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New data matching programs initiated by Federal Government - Tax Accountants Hervey Bay
Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds.
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JobKeeper rules, conditions and payment rates have changed - Tax Accountants Gosnells
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another version in place from then until 28 March.
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COVID-19 and trust liquidity issues - Tax Accountants Geelong West
The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary's entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets.
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Where you stand with vehicles and the boosted instant asset write off - Tax Accoutants Geelong
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles.
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