There are a number of action items you can undertake prior to 30 June 2021 relating to the loss carry back tax offset. This Bulletin covers various considerations for entities as part of year-end tax planning.
Victorian Treasurer Tim Pallas announced a number of further tax changes in the state Budget handed down on 20 May 2021 that will impact a wide range of Victorian businesses.
Ahead of the Victorian State Budget which will be handed down this coming Thursday, Treasurer Tim Pallas has announced tax increases that are intended to raise an extra $2.7 billion over the next four years.
The Federal Budget 2021-22 underpins the striking economic recovery experienced in the Australian retail automotive industry starting in mid-May 2020, with many of the measures announced putting the industry in good stead to invest in growth, expansion and their employees in the Budget’s forecasted period.
The Federal Budget 2021-22 was built against the backdrop of an ongoing global pandemic and the faster than expected economic recovery to date. The resilience and resurgence of much of Australia’s economy has been supported by a range
of temporary Government initiatives designed to help businesses and individuals navigate the unprecedented upheaval in the Australian and global economies.
The Government announced a range of expenditure measures to stimulate growth in key sectors, while also addressing priority policy areas, including the country’s digital capabilities and funding to support women.
The Government will maintain changes to reduce personal income tax. This measure is designed to continue to stimulate the economy by increasing the disposable income available to individuals.
The Government has provided further support for capital investment by businesses and assistance with cash flows by extending the “temporary full expensing” measure as well as the loss carry-back offset for an additional income year. Important changes to the minimum threshold for the superannuation guarantee charge (SGC) have also been announced.
The Government has committed to the introduction of the Corporate Collective Investment Vehicles regime (CCIVs) regime, with a revised start date. There has also been a number of minor technical changes announced to the Taxation of Financial Arrangement (TOFA) rules relating to portfolio hedging and foreign currency.
The Government has announced a significant change to Australia’s individual tax residency rules, as well as some other cross-border proposals of note.
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