noelmay

Directors of a company may become personally liable for tax payable on Goods and Services Tax (GST), Wine Equalisation Tax and Luxury Car Tax which is not paid to the ATO by their company. From the tax quarter starting 1st April 2020, these types of taxes will be included under the director […]

Legislation before Parliament will totally deny the CGT Main Residence Exemption for Australians who are no longer Australian tax residents. For the purposes of the bill, a ‘foreign resident’ is defined as being someone who is not a tax resident of Australia. Taxpayers who remain Australian tax residents will not […]

Tax Free payment to assist businesses to pay wages Eligibility The payment will provide cash flow assistance for businesses: with a turnover of less than $50 million that employ staff, between 1 January 2020 and 30 June 2020. How it works Businesses will receive an amount equal to 50% of the […]

– Great news, but it has some strings attached. Benefit The Government is increasing the instant asset write off threshold from $30,000 to $150,000 Eligibility All businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30th June 2020. Asset by Asset The $150,000 threshold […]

The Government is introducing a time-limited 15-month investment incentive to support business investment and economic growth over the short-term, by allowing businesses to adopt accelerated depreciation rates. Benefit Deduction of 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance […]