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$450 per month threshold for super guarantee eligibility removed

$450 per month threshold for super guarantee eligibility removed Currently, employees need to earn $450 per month to be eligible to be paid the superannuation guarantee. This threshold will be removed so all employees will be paid super guarantee regardless of their income earned. The Retirement Income Review estimated that around 300,000 individuals would receive

Temporary loss-carry back extension – 21/22 Budget issues

Companies with an aggregated turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years. Under this measure tax losses can be applied against taxed profits in a previous year,

2022-04-14T05:28:43+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , |

Temporary full expensing extension – 2021/22 Federal Budget issues

Temporary full expensing extension Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use. Introduced in the 2020-21 Budget, this measure will enable an asset’s cost

Tax (CGT) exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) to their adult child in exchange

2021-06-09T00:28:40+00:00May 10th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , , |
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