Australia Announces Budget Measures

By Global Tax Weekly

The Australian Government announced in its Budget that it would be bringing forward personal tax cuts that had been scheduled for 2022.

The Australian authorities additionally unveiled new reliefs for businesses, announcing that from October 6, 2020, until June 30, 2022, businesses with turnover up to AUD5bn will be able to deduct the full cost of eligible depreciable assets of any value in the year they are installed. The cost of improvements to existing eligible depreciable assets made during this period can also be fully deducted.

The Government also outlined plans for enhanced incentives for research and development, and revealed that companies with turnover up to AUD5bn will be allowed to offset losses against previous profits on which tax has been paid, to generate a refund.

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