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Hot Issues
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Part 1 – Budget reminders. Under the Hood.
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Part 2 – Budget reminders. Under the Hood.
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Part 3 – Budget reminders. Under the Hood.
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Comprehensive list of COVID-19 initiatives and packages.
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Businesses not meeting obligations warned as ATO restarts compliance programs
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Employers cautioned over ‘hard and fast’ decline in turnover eligibility
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‘Follow the spirt of the law’, warns ATO
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$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
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Budget 2020 - A very comprehensive break down.
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Budget 2020 - Fact Sheets
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Budget 2020 - At a Glance, Overview, Outlook
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Temporary home office expenses shortcut extended again
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JobKeeper extension – changes implemented
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JobKeeper Participants – are “workers”
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Commissioner registers updated JobKeeper alternative tests
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Varying Pay As You Go (PAYG) Instalments
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Reminder of Medicare Levy Surcharge (MLS)
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September update of latest COVID-19 initiatives.
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ATO JobKeeper 2.0 guidance surfaces
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Expats Return to Australia – Travel Expenses
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Profession to be relied on for post-JobKeeper turnover certificates
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Update of Superannuation contribution rules from July 1, 2020
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Expats & COVID-19 Impacts on tax residency
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Economic recovery could be slower than anticipated: RBA
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High Court rules in favour of employers on personal leave accruals
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JobKeeper Phase 2 - Latest Update
Article archive
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Quarter 3 July - September 2020
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Quarter 2 April - June 2020
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Quarter 1 January - March 2020
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Quarter 4 October - December 2019
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Quarter 3 July - September 2019
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Quarter 2 April - June 2019
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Quarter 1 January - March 2019
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Quarter 4 October - December 2018
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Quarter 3 July - September 2018
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Part 3 – Budget reminders. Under the Hood.

 

The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed. 

 

       

Temporary full expensing of eligible capital assets

Most businesses are now able to claim full deductions for depreciation assets.

Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets in the year they are first used.

Full expensing in the year of first use will apply to:-

  • new depreciating assets;
  • the cost of improvements to existing eligible assets;
  • for small and medium businesses (aggregated turnover of less than $50 million – second-hand assets

Applies to eligible capital assets acquired from 7.30pm AEDT on 6 October 2020 and first used or installed by 30 June 2022

 


 

Temporary loss carry-back for companies

Eligible companies can elect to carry back tax losses from the 2019-20, 2020-21 or 2021-22 income years to offset previously taxed profits in 2018-19 or later income years.

The effect of the election will be to generate a refundable tax offset and it will first be available when lodging the 2020-21 tax return, subject to the amount carried back not being more than the earlier taxed profits and not generating a franking account deficit.

The new loss carry-back measure is designed to promote economic recovery by providing cash flow support to previously profitable companies that COVID-19 has turned into loss making businesses – many such businesses might find it difficult to survive or re-employ staff if they had to wait years to get tax relief for the losses under the present system.

As with a similar scheme operated in 2012-13, the carry back is notional – it is not necessary to amend the prior year return – the benefit is received in the assessment for the year in which the election is made.

The tax refund will be available on election by eligible businesses when they lodge their 2020-21 and 2021-22 tax returns.

 


 

JobMaker Plan Boosting Apprenticeships Wage Subsidy

From 5 October 2020 to 30 September 2021, businesses of any size can claim the wage subsidy for a new, or recommencing, apprentices or trainees.

Eligible businesses will be reimbursed 50% of an apprentice or trainee’s wages, up to $7,000 per quarter, capped to 100,000 places.

 

 

 

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