With the economy in turmoil due to the effects of the COVID-19 pandemic there is no doubt that this is one of the most important budgets in this country’s history.
With that in mind the Government has tried to put measures in place to stimulate the economy, lower taxes and generate employment. Obviously the measures will all need to be legislated but early signs are that the Opposition will support most of the measures announced.
With that in mind we provide a summary of the measures that will affect our clients and associates.
Business Tax
- Expansion of Eligibility for Small Business Tax Concessions
- Instant Asset Write-Off Extended and Expanded
- Temporary Loss Carry-Back for Companies
- Corporate Residency Test
- FBT Changes
- Deferral and Enhancement of Proposed R & D Changes
Personal Tax
- New Tax Brackets meaning tax savings for anyone earning more than $37,000
- Starts from 1 July 2020
Other Business and Tax Issues
- Insolvency Reforms
- Private Health Insurance and age of allowable dependants
- Consumer Credit Reform
- Modern Manufacturing Strategy incentives announced
- Granny Flat arrangements and CGT
- Boosting Apprenticeships Commencements incentives
Kreston Stanley Williamson Team
*Correct as of October 2020
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.
