Loss Carry Back Tax Offset

New legislation to enable corporate entities to utilise losses across prior year tax liabilities have received royal assent on the 14 October 2020 and has taken effect.

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Expert tips for 30 June!
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Expert tips for 30 June!

To keep your end of financial year as smooth as possible, here are a few tips to ensure your 30 June runs effortlessly.

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Allocation of Professional Firm Profits

On 1 March 2021, the ATO released its Draft Practical Compliance Guideline PCG 2021/D2, which sets out its intended compliance approach to the allocation of professional firm profits. If you operate a professional firm including, but not limited to, accounting, architectural, financial services, medical and engineering the PCG may require a review of your arrangements.

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Australia Taking Off?
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Australia Taking Off?

  • Post Category:News / Tax

There are winners and losers every year in every budget address, and the 2021/22 budget is no exception. This year’s announcements contain two key themes: recovery and innovation. The Treasurer has announced several measures that aim to push Australia’s small businesses beyond COVID-19’s orbit into a new age of technology and development.

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Budget Update 2021-22
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Budget Update 2021-22

Read our detailed 2020-21 Budget Report here.

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The Power of Choice – Instant Asset Write-Off
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The Power of Choice – Instant Asset Write-Off

Recently Treasury Laws Amendment (2020 Measures No 6) Bill 2020 was tabled in parliament and it provides a critical update to Federal Treasurer Josh Frydenburg’s budget night announcements regarding the full expensing of eligible assets through to 30 June 2022.

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