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PO Box 396, Kilmore, VIC Australia 3764
Phone: 1300 267 222 Fax: (03) 5782 2021 Email: enquiries@cmpavic.asn.au Web: www.cmpavic.asn.au
Chairperson: Garry Cranny
Deputy Chairperson:
Ass. Chairperson: Jason Rudge
Treasurer: John Pititto
Members: Craig Banthorpe, Anthony Bateup, Tim Bird, Andrew Burdett, Jason Comben, Ashley Day, and Drew Phillips
Ass. Chairperson: Jason Rudge
Ass. Vice Chairperson:
Members: Miles Beamish, Graham Gordon, David McKelvie, Tej Panesar, Chris Prowse, Mark Quinn, Mark Thompson and Alexis Valenza
General Manager: Dr Elizabeth Gibson
Member Services Manager: Gavin Moreira
Admin Support Officer: Alissa van Geet
Honorary CEO: Ron Kerr
Secretary: Sarah Andrew
Development Manager:
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Tax breaks for Businesses from Federal Governments 2020 budget
Below is a PLAIN SPEAK table & summary of the Temporary Full Expensing of Depreciating Assets tax incentives and Loss “Carry Back” Tax Opportunities announced in the Federal Government’s 2020 Budget on 6th October 2020.
The Government will support businesses by enabling them to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022.
Businesses (turnover < $50M) are able to deduct the full cost of eligible capital assets (both new and second hand) and cost of improvements to existing eligible assets acquired from 7:30pm AEDT on 6 October 2020 and first used or installed by 30 June 2022.
Businesses (turnover $50 – $500m pa) can still deduct 100% of eligible second-hand assets costing < $150K ex GST that are purchased by 31 December 2020 and first used or installed by 30 June 2021.
Small businesses (turnover < $10m pa) can also deduct the balance of their simplified depreciation pool at the end of 2021 and/or 2022.
The Temporary Loss “Carry Back” Tax Opportunities
What is a Franking Account Deficit?
If you would like to know more, the Government Fact sheet link here has excellent explanation with examples (see pages9-12) https://budget.gov.au/2020-21/content/factsheets/download/tax_fact-sheet.pdf
Miles Beamish, Partner Equipment Finance (VIC)
M: 0410 774 506
E: miles@finlease.com.au
W: finlease.com.au
(CMPA Associate Member since 2015)