Budget 2020-21 Update
Posted 6 Oct '20
Posted 6 Oct '20
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
– Personal income tax cuts from 1 July 2020
– A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on more employees aged 16-35 years old
– $110 billion in infrastructure investment over 10 years
– Immediate deductions for business investment in capital asset
– Changes to how companies can manage losses
– Access to generous tax concessions for a wider range of businesses
With the end of temporary full expenses, it is important to be aware of the updated rules for asset depreciation and the benefits of the instant asset write-off (IAWO) scheme. This breakdown of changes and guide will help you understand these changes and how they might affect you and your business.
It’s important to keep in mind that the Australian Taxation Office (ATO) has become more strict on these deductions, so it's crucial to understand the rules and keep accurate records. This guide is here to help you, understand what is required when you claim home office expenses on your tax returns. By following these tips, you can maximise your tax return and stay compliant with tax regulations!
As June 30th rapidly approaches, it's important to consider strategies that can help you minimise your tax liability for 2024. Whether you're a chippie, doctor, engineer, sales rep or architect, considering some of these tips below and whether they apply to your circumstances may save you paying more in tax than necessary.