Businesses are the big winners from the Federal Government's COVID-19 recovery Budget, receiving almost twice as much in tax breaks as households.
Between them, Treasury estimates these two measures will cut taxes for eligible businesses by $31.6 billion over the next four years. To encourage businesses to bring spending forward and invest more now, the full amount of an asset can now be claimed as a tax deduction up front,"It is a game changer. It will unlock investment," Treasurer Josh Frydenberg said in his speech.
Normally, if a company makes losses it has to wait until it returns to profitability to claim them as an offset on its tax bills. It can't be claimed at the same time as JobKeeper and employees must work at least 20 hours per week. Tax concessions currently available to small businesses with an annual turnover of up to $10 million will now be available to businesses with a turnover of up to $50 million.exemptions from FBT on car parking, phones and laptops provided to employeesThe tax breaks and wage subsidies come on top of targeted assistance to various sectors of the economy, much of which was flagged ahead of the Budget.
ie businesses will pocket the money as has always happened in the past! 🤷♀️🙁
Good news for job creation.
Real shock there. The liberal party still tries to peddle the lie of trickle down economics
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