With most tax professionals now returning to work after the holiday break, this is the ideal time to do a stocktake of the status of recent tax, superannuation and related Bills which may affect tax practitioners and their clients in 2021. This article...
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The latest tax news & updates.
Bills status – January 2021
With most tax professionals now returning to work after the holiday break, this is the ideal time to do a stocktake of the status of recent tax, superannuation and related Bills which may affect tax practitioners and their clients in 2021. This article...
Temporary full expensing opt-out Bill has passed Parliament
On 10 December 2020, the Treasury Laws Amendment (2020 Measures No. 6) Bill 2020 (the Bill) passed both Houses of Parliament. It now awaits Royal Assent. The Bill makes changes to the temporary full expensing and Backing Business Investment (BBI) measures by:...
Temporary full expensing of depreciating assets
The new temporary full expensing rules provide businesses with a turnover of up to $5 billion with an immediate deduction for 100 per cent of the cost of eligible depreciating assets. The provisions are set out in new Subdiv 40-BB of the Income Tax...
Loss carry back for companies
An optional, temporary loss carry back for companies has been introduced by the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020, which received Royal Assent on 14 October 2020. The Act inserts new Div 160 into the ITAA 1997....
Eichmann wins – Land used to store tools, equipment and materials is an active asset
Background Eichmann v FCT [2020] FCAFC 155 (Eichmann's case) is about whether a block of land used by a building, bricklaying and paving business connected to the Taxpayer for the storage of work tools, equipment and materials was an ‘active asset’, defined...
Federal Budget 2020-21 tax measures have passed Parliament
Federal Budget 2020–21 On Tuesday, 6 October 2020, the Treasurer handed down the Government’s Federal Budget 2020–21. TaxBanter Resources: Our 2020-21 Federal Budget at a glance infographic (also displayed below) Our 2020-21 Federal Budget Summary Our 2020-21...
I’ve been out of the tax game for a while … surely nothing has changed?
Changes in the tax landscape, big and small Almost invariably, the quick ‘introduce yourself’ at the start of every one of TaxBanter’s Tax Fundamentals sessions reveals a participant who is getting back into the game after a stint on the bench. Whether it has just...
What tax initiatives will be in next week’s Federal Budget?
The Treasurer will deliver its 2020–21 Federal Budget at 7.30pm (AEDT) next Tuesday, 6 October 2020. Back in March, the Government announced the deferral of the Budget — from its usual calendar place on the second Tuesday of May — due to the unprecedented economic...
The new alternative decline in turnover test — what’s changed?
On 23 September 2020, the Commissioner registered the Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules (No. 2) 2020 (the Instrument), accompanied by an Explanatory Statement, which...
JobKeeper extension — Commissioner’s determinations
On 15 September 2020, the Treasurer registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 which sets out the rules for JobKeeper 2.0 — i.e. the extension of the JobKeeper scheme from 28 September 2020 to 28...
