The Federal Government has delivered the budget for 2020/21 and here are your Munro’s Client Alerts:
- Personal tax cuts brought forward Immediately
- CGT exemption for “granny flats”
- Low income offsets: new LITO brought forward and LMITO retained
- First Home Loan Deposit Scheme: additional 10,000 places
- Small business tax concessions extended to medium businesses
- JobMaker Hiring Credit
- Wage subsidy for new apprentices
- Instant asset write-off changes
- Outright capital assets deduction until 30 June 2022 for most businesses
- Depreciation rules still relevant
- Company loss carry-back from 2019–2020, 2020–2021 and 2021–2022
- FBT exemption for retraining redeployed employees
- State COVID-19 business support grants: NANE income
- R&D Tax Incentive changes
- FBT record-keeping: reducing compliance burden
- Super Guarantee: no change to rate increase set for July 2021
- Super reforms: accounts to be stapled to members; best financial interests duty; other
We're here to help when you need us
As you know, we provide professional tax services for individuals and business clients across WA and Australia. Some of our specialties include business advisory for new and existing businesses, taxation of real estate, family farm succession planning, estate planning and cryptocurrency accounting.
Please contact us if you require assistance on anything tax or business-related. One of our brilliant team members will be happy to help you.
Looking forward to hearing from you soon.