The 2020-21 Victorian Budget has been handed down. In difficult economic conditions, the State government is focusing on providing businesses with maximum support to ensure a quicker recovery.
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As part of the Government’s aim at supporting economic recovery and creating jobs, some of the proposed measures announced in the recent 2020-21 Federal Budget, centred on changes to individual taxation.
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If your business is thinking of hiring new staff, now is the time, the Government will pay employers a subsidy of sorts for each eligible young worker employed over the next 12 months.
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According to the latest data from the Australian Bureau of Statistics, when it comes to household wealth owner-occupied dwellings are the largest asset held by households.
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The tax-free super component generally consists of non-concessional contributions. Whereas, the taxable (taxed element) component is usually the remaining balance, consisting of concessional contributions and investment earnings.
Read MoreAustralian shares bucked the global trend to post a 1.9% return in October as easing restrictions, low case numbers, and a highly supportive federal budget bolstered confidence. Information Technology (+9.0%) was the top performing sector, followed by Financials (+6.3%). Even the beaten-down banks enjoyed a reprieve having been impacted by provisions, a rise in customer deposits, and contracting net interest margin.
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According to a recent report produced by the Government’s Australian Institute of Health and Welfare, Australians are living longer—with more of those years lived in good health. However, the report also noted that there are areas where improvement can be made.
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For some of us, in terms of estate planning and the management of our affairs, our main focus can often be on drafting a will—and putting arrangements in place for assets (e.g. super) that may not be covered by our will.
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Tax time 2020 is ending soon, if you haven’t lodged yet, there is still time, this year don’t forget to claim your work from home expenses. There are generally 3 ways of claiming work at home expenses, all of which give a different outcome.
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