This presentation addresses a breadth of topics regarding the federal budget including JobKeeper 2.1, JobMaker and loss carry-back rules
- Check if your business qualifies for the instant asset write-off and identify eligible assets.
- Taxpayers can get a refundable tax off-set for income tax paid in FY19, FY20 or FY21 where they have incurred a tax loss in FY20, FY21 or FY22 (capital losses not eligible)
- No changes in the federal budget to the corporate tax rate. The non-base rate entities remains at 30% and the aggregated turnover threshold remains at $50m.
- From 1 July 2020, the government increased the aggregated turnover threshold for accessing some small business concessions from $10million up to $50million.
- Under the proposed changed to corporate tax residency rules, a foreign incorporated company will only be resident if it has a significant economic connection to Australia.
- From 7 October 2020, Jobmaker hiring credits are available for up to 12 months from the date the new position is created.
Click here to download the JobMaker Factsheet
Click here to download the slides.
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For more on this topic, visit our COVID-19 Resource Centre which contains a collection of articles and updates to help businesses during this challenging time.