Ahead of the 2020-21 Federal Budget, the Government has announced a range of new tax concessions for small and medium sized businesses.
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Stuart Jones
Stuart Jones is a Senior Tax Writer with Thomson Reuters and a respected commentator on all matters superannuation. Stuart is the author of the Australian Superannuation Handbook and contributes extensively to other Thomson Reuters’ services, including the Australian Tax Handbook.
Posts by Stuart Jones
Westpac agrees to $1.3bn penalty for AML/CTF breaches
Westpac and AUSTRAC have agreed to a $1.3bn penalty for over 23 million alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
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$199bn deficit leaves room in Budget for tax cuts: Deloitte Access Economics
Ahead of the Federal Budget on 6 October 2020, Deloitte Access Economics has forecast an underlying cash deficit at $198.5bn for 2020-21, “just” $14bn worse than the $184.5bn Treasury forecast in the July Fiscal Update.
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Downsizer super contributions from part disposal of home
ATO advice suggests that a part disposal of a person’s home can be eligible for making a superannuation downsizer contribution under s 292-102 of ITAA 1997.
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ATO compliance approach to trust liquidity issues due to COVID-19
The ATO has advised that it will not undertake compliance action to consider the validity of a beneficiary’s entitlement, or the application of s 100A of the ITAA 1936, where a trustee is affected by liquidity issues due to COVID-19 and unable to satisfy a beneficiary’s entitlement.
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Treasurer flags record $184.5bn Budget deficit
The Treasurer, Josh Frydenberg has released an Economic and Fiscal Update July 2020, forecasting an underlying cash Budget deficit of $85.8bn for 2019-20, rising to $184.5bn for 2020-21 (or 9.7% of GDP).
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JobKeeper extended with cuts and tests ahead
The Government has announced that JobKeeper payments will continue for 6 months beyond its legislated finish date of 27 September 2020, subject to revamped eligibility rules.
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Div 7A and COVID-19 affected borrowers: ATO 12-month payment extension
The ATO has granted a 12-month payment extension for COVID-19 affected borrowers concerning the requirement to make the minimum yearly repayment for Div 7A purposes.
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Additional $66bn for business in second Government stimulus package
The Treasurer said this second economic response package brings the Government’s total package to $189bn (or 9.7% of GDP), when combined with the initial $17.6bn package announced on 12 March 2020, and the $105bn of RBA funding to support lending to SMEs.
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