written by:
Josh McMullen
The 2020 Federal Budget was handed down on Tuesday 6 October. Following is a summary of the headline measures. BUSINESS Extension of the Instant Asset Write-Off – businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. “Full expensing”…
written by:
Darren Hagarty
The Instant Asset Write-Off Scheme was due to end on 30 June 2020, however the Government has announced that it will now remain in place until 31 December 2020. Under the scheme, a business can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The Instant Asset Write-off can be used for multiple assets, as…
written by:
Darren Hagarty
On 30 March 2020, the Federal Government unveiled their latest economic response to the Coronavirus, a $130-billion government wage subsidy known as the JobKeeper Payment. Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a…
written by:
Josh McMullen
In response to the escalating Coronavirus crisis, the Government yesterday announced a raft of further measures to assist businesses and individuals. These measures are all subject to the passage of legislation through Parliament. Firstly, the Government last week announced a range of measures that it and the banks are putting in place to support businesses over the coming months. Loan Repayment Relief Banks will defer loan repayments for six months…
