Tax Bulletin – February 2021
This month the ATO have issued rulings on employee travel expenses, outlining the principles, common scenarios and a new timeframe that the ATO will accept as an employee travelling. In addition, trusts with Family Trust Elections and potential Family Trust Distribution Tax liabilities are now on the ATO radar. LEGISLATION UPDATE Federal Budget—Superannuation measures Treasury Laws Amendment (Your Future, Your […]Tax Bulletin – October 2020
Several Federal Budget measures have quickly passed through Parliament, including the temporary full expensing and loss carry back rules. Consultation for the JobMaker rules has been released, and recent cases include an interesting GST decision on the subdivision of land by a company. FEDERAL BUDGET UPDATES Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 has […]FEDERAL BUDGET 2020/21 – SNAPSHOT FOR SMES AND INDIVIDUALS
The Government has handed down its 2020/21 Federal Budget with plenty of tax measures. The most significant announcements for the SME market are the introduction of a full deduction for acquisition of capital assets (not subject to a cost limit) and the loss carry-back rules being re-implemented for a temporary period. Personal Tax Rate Cuts As expected, the Government has […]