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Reduced 26% company tax rate starts 1st July
In a little bit of non-COVID news, the company tax rate is set to reduce from 27.5% to 26% on 1st July this year, for 'base rate' entities. This isn't a new measure, but rather is in accordance with the timeline of cascading rate cuts passed by Parliament a few years back.
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COVID-19 $150,000 Instant Asset Write Off limit extended to 31st December 2020
The Federal Government has announced that the $150,000 Instant Asset Write Off limit will be extended for another six months to 31st December 2020, for businesses with annual turnover of less than $500 million.
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COVID-19 JobKeeper: Declarations must be lodged by 14th June
The Federal Government's JobKeeper program is now in full swing, and eligible businesses must submit a declaration after the end of each month before they can receive their JobKeeper payments.
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