Loss carry back provides a refundable tax offset that eligible corporate entities can claim: after the end of their 2020–21 and 2021–22 income years in their 2020–21 and 2021–22 company tax returns. Eligible entities get the offset by choosing to carry back losses to earlier years in which there were… Read More »Loss Carry Back Tax Offset
The ATO has updated the information on the behaviours, characteristics and tax issues of privately owned and wealthy groups that attract our attention. This includes: key risks relating to business structures such as consolidations, international transactions, ineligible businesses accessing lower company tax rates and self-managed superfunds new issues for transactions relating… Read More »What attracts the ATOs attention.
If you are a business, use this table to find out what concessions you can access based on your aggregated turnover. When we say ‘turnover’, we mean ‘aggregated turnover’. The concessions have various start dates beginning from 1 July 2016. Note: Most concessions have additional eligibility requirements. Business concessions Concession Turnover less… Read More »Small Business Concessions at a glance
Improvements to be made to full expensing measure The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. Editor: The government initially announced in the 2020/21… Read More »Monthly News Round up