The instant asset write off concession was increased from $30,000 to $150,000 effective from 12 March 2020 and was one of the measures that the government announced to stimulate the economy during the COVID-19 pandemic. This concession was due to
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Jobkeeper payments
The Jobkeeper wage subsidy was announced on 30 March 2020 and the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was passed and received Royal Assent on 9 April 2020. The Jobkeeper scheme broadly provides as follows: The scheme
Read moreCash Flow Boost
The outbreak of the Corona virus has caused significant disruptions globally and the government has unleashed a number of economic packages to support businesses in managing their short to medium term cash flow challenges. The first package was announced on
Read more2019/20 Federal Budget
On Tuesday night the government delivered a clear pre-Election Budget focusing on two key voting blocs. Individuals earning up to $126,000; and SME’s with turnovers under $50 million. The Tax Cut Plan is not new, indeed it was announced last
Read moreDo you earn Personal Services Income?
DO YOU EARN PERSONAL SERVICES INCOME? This is an important question for many contractors, because if the answer is “Yes”, the contractor can be limited in what deductions they are able to claim and who pays the tax on their
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