Whats new for 2021?
Asset Write off - Full expensing of an asset is available to Small Business Entities regardless of whether it is utilising simplified depreciation for assets acquired and first used between 7.30 pm AEDT on 6 October 2020 and 30 June 2022.
Carrying back tax losses - Companies with a turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21 and 2021-22 income years to offset previously taxed profits in the 2018-19, 2019-20 and 2020-21 income years.
The good news for you is that I continue to be focused on keeping up to date with the ever changing taxation landscape whilst getting the best results possible for you.
To ensure that your tax refund is not denied or reduced by the ATO, I strongly recommend that you give attention to the documentation requirements concerning the claims that you are likely to make in the 2021 income year. This means ensuring that you have your receipts or other substantiating documents on hand to justify your claims.
I continue to strive to make my service exceptional – so contact me to book either your: in-home, telephone, email or drop-and-go tax appointment at your earliest convenience. I look forward to hearing from you soon.
Asset Write off - Full expensing of an asset is available to Small Business Entities regardless of whether it is utilising simplified depreciation for assets acquired and first used between 7.30 pm AEDT on 6 October 2020 and 30 June 2022.
Carrying back tax losses - Companies with a turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21 and 2021-22 income years to offset previously taxed profits in the 2018-19, 2019-20 and 2020-21 income years.
The good news for you is that I continue to be focused on keeping up to date with the ever changing taxation landscape whilst getting the best results possible for you.
To ensure that your tax refund is not denied or reduced by the ATO, I strongly recommend that you give attention to the documentation requirements concerning the claims that you are likely to make in the 2021 income year. This means ensuring that you have your receipts or other substantiating documents on hand to justify your claims.
I continue to strive to make my service exceptional – so contact me to book either your: in-home, telephone, email or drop-and-go tax appointment at your earliest convenience. I look forward to hearing from you soon.