Introduced with the Federal Budget, the “full expensing” 100% write-off of eligible business assets is a welcome measure that many business owners may want to take advantage of. Also, with the extension to the JobKeeper scheme, a set of alternative decline in turnover tests are now available, should a business not fit the general patterns of business activity.
We also look at property transactions and the payment of GST on settlement, and remind taxpayers that although the ATO’s auditing activity had taken a back seat during the worst of the COVID-19 crisis, there is reason to expect that this will be taken up again very soon.
We hope you will find the topics interesting and thought provoking.
Please contact us if you wish to discuss how the points raised in this newsletter specifically affect you.