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
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.
Rivers focuses on providing great-value general insurance solutions that work. These solutions are delivered to both individuals and businesses that have been part of the communities in which we have lived and worked for many years.
The superannuation work test serves as a pivotal requirement for individuals navigating the landscape of voluntary contributions to their superannuation fund, especially as they approach and surpass the age of 67. But what exactly does this test entail, and why is it so crucial?