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Edition #11.pdf

GFM-the-practitioner-11.pdf
Preview of Edition #11
🔗 Source: gfmwealth.com.au
📊 Size: 1.04 MB
📄 Pages: 4 pages
⬇️ Downloads: 108

Summary

The 2020 Federal Budget introduces several measures to support businesses and individuals, including temporary full expensing for businesses with a turnover of up to $5 billion, allowing them to deduct the full cost of eligible depreciable assets in the first year. The instant asset write-off has been enhanced to $150,000, with eligible assets acquired by the end of the year receiving an additional 6 months to use or install. Temporary loss carry-back will allow companies to offset tax losses against previous profits. Individuals will receive tax relief, with low and middle-income earners receiving up to $2,745 for singles and $5,490 for dual-income families. The budget also addresses shortcomings in the superannuation system, including unintended multiple accounts, high fees, and underperforming products. Additionally, the ATO will require individuals to disclose personal living expenses, and small businesses can qualify for CGT concessions by meeting the Active Asset test.

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Description

The 2020 Federal Budget introduces several measures to support businesses and individuals, including temporary full expensing for businesses with a turnover of...

Technical Information

  • File Format: PDF
  • File Size: 1.04 MB
  • Pages: 4
  • Language: EN
  • Total Downloads: 108
  • Last Updated: 2 days ago

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