Now that the whirlwind of Budget week has passed, there is an opportunity to reflect on the implications of the measures announced in the Federal Budget 2020–21. To help tax professionals, the below summary contains a series of practical reference tables to assist in applying the new Budget measures.
A number of the key tax measures are contained in the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (the Budget Act) which was passed by the Parliament on 9 October 2020, just two days after the Bill’s introduction into the House of Representatives. The Bill was enacted on 14 October 2020 as Act No. 92 of 2020.
The key measures discussed in this summary are:
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We’ve made insights on both the Full expensing of depreciating assets and Temporary loss carry back into handy Infographics.
Download full Infographic here
Please note: a factual error in the Full expensing of depreciating assets infographic was corrected on 27 October 2020.
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Please note: the Loss carry back infographic was updated on 17 November 2020
More about the 2020–21 Federal Budget.
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