Loss carry-back provisions allow tax losses from the 2019–20, 2020–21 or 2021–22 years to offset previously taxed profits from 2018–19 or later (see company tax rates).New or amended business measures applying from 2020-21 include (not exhaustive): A number of measures extend into the 2020-21 year and beyond.įor an overview of the measures see: Coronavirus response measures. The Coronavirus response comprised a number of measures announced and legislated beginning from March 2020. The age limit for access to the bring-forward arrangements is extended to those aged 65 and 66.The age limit for spouse super contributions increased from 69 to 74 years.This aligns the Work Test with the eligibility age for the Age Pension. From JAustralians aged 65 and 66 are able to make voluntary superannuation contributions, both concessional and non-concessional, without meeting the Work Test. Loosening of super contributions rules for older Australians, taking effect from the 2020-21 financial year, include: There are limited exclusions from the rules for certain life events occurring within 6 years of becoming a foreign resident. The ATO has advised that late interest and other penalties will be reduced, provided the taxpayer seeks to comply “within a reasonable timeframe”。 Temporary residents who are Australian tax residents are not affected by the change.Īs the legislation became law on 12 December 2019, affected taxpayers will, if necessary, need to lodge or seek amendments for relevant tax returns back to 2016-17. The 2017 budget measure to deny access of foreign tax residents to the CGT main residence exemption from 7:30PM (AEST) on excluded properties held prior to this date until 30 June 2020. Budget 2021 () made no further changes to the 2020-21 tax scale, but retained the Low and Middle Income Tax Offset for an additional year from 1 July 2021. The nominal tax free threshold of $18,200 is effectively raised to $23,227 for low income earners after inclusion of the Low Income Tax Offset and the Low & Medium Income Tax Offset. For a taxpayer with taxable income of $45,000, the tax saving is $1,080.
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