For Businesses
Tax incentives extended
- Temporary full expensing. The temporary investment tax incentive announced in last year’s Budget has been extended for a further 12 months until 30 June 2023 giving businesses additional time to utilise the incentive and including for projects requiring longer planning times. Businesses with a turnover up to $5 billion will be able to deduct the full cost of any eligible asset they purchase for their business, including the cost of improvements to existing assets, until 30 June 2023.
- Temporary loss carry-back provision. Companies will now be permitted to carry back tax losses for an extra 12 months from the 2019/20, 2020/21, 2021/22, and now 2022/23 income years to offset previously taxed profits in 2018/19 or later income years. This too applies to businesses with an aggregated turnover of less than $5 billion.
Age Care
- Response to the Royal; Commission into Age Care Quality and Safety. The Government announced an additional $17.7 billion over five years for aged care. Some of the proposals include:
– 80,000 additional Home Care Packages over the next two years
– introducing a new star rating to allow Aged Care recipients and their families to
compare Aged Care providers on performance, quality and safety
– implementing a new funding model – increasing the Government’s Basic Daily Fee
supplement by $10 per day per resident, and
– from early 2022, informal carers and older Australians will benefit from increased
funding to improve access to respite care and support through the Government’s Carer
Gateway.
Contact Us
