Infrastructure Programs Get A Boost

The Budget isn’t leaving all the responsibility of economic recovery to businesses and households, there was also an additional $7.5 billion spending for new national-level infrastructure projects. This funding is in addition to the $100 billion infrastructure fund (over ten years) announced in previous Budgets. In addition, $3.5 billion has been allocated for upgrades to the […]

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Digital Adaption Announcements

Digital Adaption Announcements JobMaker Digital Business Plan – $800m for a series of measures to help Australia become a leading digital economy by 2030 and to improve productivity, income growth and jobs by supporting the adoption of digital technologies by Australian businesses. Cyber security program  – $1.7B to improve cyber security within government agencies and increase the confidence […]

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Business Investment Announcements

Business Investment Announcements Extension of the Instant Asset Write-Off – An extension of this program out to June 2022 to allow businesses to immediately depreciate eligible assets, with no cap on the value of these assets. This not only directly benefits small businesses that invest but some of these assets will be purchased from or […]

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Job Creation Announcements

JobMaker Hiring Credit – a 12-month wage subsidy for businesses that hire 16 to 35 year olds for at least 20 hours per week, who were on JobSeeker. It will be a $200/week subsidy for those under 30 and $100/week for those aged 30-35. It’s expected that employers will report JobMaker Hiring Credits using Single Touch Payroll. […]

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Income tax cuts designed to support spending

Individual income tax rate and tax offset changes brought forward The legislated changes to the individual income tax rates will be brought forward from 1 July 2022 to 1 July 2020. Individual tax offsets will be realigned from 1 July 2020, with the legislated increase to the low income tax offset (LITO) brought forward, and […]

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How secure is MYGOV?

With the federal government aggressively pushing everyone to sign up to the use of MYGOV, the following should be a sobering reminder of what can go wrong. We had an interesting call from the ATO last night, They were querying why the income and expenditure on a client’s tax return did not correspond to their […]

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