The Federal Budget was released yesterday and these are your Budget Alerts:
Business
- Full Expensing of Depreciables Extended
- Company Carry-Back Losses Allowed for Another Year
- Improved Taxing Point for Employee Share Schemes
- Tax Concessions Associated with Early Stage Innovation Companies Under Review
- SME Recovery Loan Scheme Extended
- Pick Your Own Effective Life for Intangibles
- Introducing the Digital Games Tax Offset
- Expansion to the Apprenticeship Commencements Wage Subsidy
- Compulsory Superannuation to Apply to More Employees
Personal
- Personal Tax Rates Unchanged
- Low & Middle Income Tax Offset Retained
- Self-Education Expenses Simplified
- Simplifying the Individual Residency Rules
- Child Care Subsidies to Change from 1 July 2022
- First Home Super Scheme to be Extended for Withdrawals Up To $50,000
Superannuation
- Goodbye to the Work Test – Greater Contribution Eligibility for Persons Aged 67 to 74
- Downsizer Contributions Eligibility Age Reduced to 60
- SMSF Residency Requirements to be Relaxed
Tax Generally
Proactive Tax Planning 2021
See your Client Alerts email to register for our upcoming webinar where we will address the key items to think about now, in order to reduce and mitigate tax before the end of this financial year.
May 2021 Client Alerts
In addition, these are your Munro’s Client Alerts for May 2021:
- ATO focus in relation to JobKeeper
- ATO targets contractors who under-report income
- Can your business claim a tax deduction for bad debts?
- ATO data-matching: residency for tax purposes
- Independent resolution process for small businesses now permanent
- NSW announces tougher penalties for payroll tax avoidance
- ASIC extends deadlines for financial reports and AGMs
Thanks and we’ll see you for Proactive Tax Planning 2021.