Australian Government 2021-22 Budget
- Remove the $450 threshold for super – bad news for employers – you pay more,
- Full expensing of depreciating assets for another 12 months. Note, car limit still applies.
- Loss carry back is extended. This is where current year losses can be applied to a prior year, potentially giving you a refund.
- One more year of LMITO – Low and middle income tax offset i.e. you get more tax back
- You can claim an extra $250 for prescribed course of self education.
- Low income threshold for Medicare levy will increase. i.e. you get more tax back.
- Remove the $450 monthly earnings threshold for super – good news for employees – you get more super.
First Home buyers
- First home owners can access more with the First Home Super savers scheme (FHSS), changing from $30,000 to $50,000
- Single parents now get help to allow them to buy a home with just 2% deposit, limited places available.
- Reduced age limit for downsizer contributions to super from 65 to 60
- If your between 67-74 you can make voluntary contributions without work test
Remember this hasn’t been passed yet …….
Lastly, there’s always conditions, especially when it’s from the government so if you need more details, check out the link below.
Mental Health Recording
New government relief for Northern Beaches small business hardship grant
The one-off grant is determined by eligibility from two tiers.
Tier 1 grant can be up to $3,000 for businesses that had a decline in turnover of at least 30% (compared to the same time as last year) for a two week period between 19th. Dec to 10th Feb.
Tier 2 grant can be up to $5,000 for businesses that had a decline in turnover of at least 50% (compared to the same time last year) for a two week period between 19th. Dec to 10th Feb.
If you live in this area and think you may qualify, please call us to discuss.
New government relief for Flood affected business – Grants up to $50k
Grants can be up to $50,000. To qualify you must live in a flood affected area as per the NSW government list. Please see the following link for more information.
If you live in a listed area and think you may qualify please call us to discuss.