This presentation addresses a breadth of topics regarding the federal budget including JobKeeper 2.1, JobMaker and loss carry-back rules

Webinar summary

Key takeaways: 
  • Check if your business qualifies for the instant asset write-off and identify eligible assets.
  • Taxpayers can get a refundable tax off-set for income tax paid in FY19, FY20 or FY21 where they have incurred a tax loss in FY20, FY21 or FY22 (capital losses not eligible)
  • No changes in the federal budget to the corporate tax rate. The non-base rate entities remains at 30% and the aggregated turnover threshold remains at $50m.
  • From 1 July 2020, the government increased the aggregated turnover threshold for accessing some small business concessions from $10million up to $50million.
  • Under the proposed changed to corporate tax residency rules, a foreign incorporated company will only be resident if it has a significant economic connection to Australia.
  • From 7 October 2020, Jobmaker hiring credits are available for up to 12 months from the date the new position is created.


Download Resources:

Click here to download the JobMaker Factsheet

Click here to download the slides.

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For more on this topic, visit our COVID-19 Resource Centre which contains a collection of articles and updates to help businesses during this challenging time.