3rd Quarter 2021

A time limited 15-month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

Loss carry back is a tax incentive and part of the government's JobMaker Plan. Loss carry back is a refundable tax offset for eligible corporate entities (companies, corporate limited partnerships and public trading trusts). It allows them to carry back tax losses from the 2019–2020, 2020–2021 or 2021–2022 income years to offset income tax liabilities in the 2018–2019 income year or later.

The Australian Taxation Office (ATO) has provided some guidance for companies impacted by COVID-19 and utilising losses. Changes to business operations could potentially impact on whether the company is able to utilise carried-forward losses in the current year or a future income year with reference to the same or similar business tests.

VALUING YOUR ASSETS

There are a few tasks you need to complete before you can lodge your self-managed super fund (SMSF) annual return (SAR). These tasks can take time, so it is a good idea to get them done early to help take the stress out of lodging your SAR by the due date.