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SA State Budget delivers more business relief
The South Australian State Treasurer Rob Lucas has delivered a State Budget that is "drowning in red ink", in an effort to sustain and stimulate the State economy during the ongoing global pandemic, and help it recover from the major bushfire events of earlier this year. There's a lot in this Budget in terms of healthcare and infrastructure investment, as well as COVID-19 relief measures. But what's in there specifically for Small-Medium enterprises (SMEs)? Here's a few highlights.
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Loss carry-back rules back in play
This year's Federal Budget included a return of the loss carry-back rules. In effect these provisions allow companies that have made a loss in the current year to use that loss to get a refund of tax paid on profits from earlier years. This could provide a handy cash flow injection for businesses struggling through the coronavirus pandemic, but there are some limitations.
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Full expensing of assets - what it means for business
One of the Government's flagship measures announced in this year's Federal Budget was the ability for businesses with annual turnover of up to $5 billion to deduct the full cost of assets they acquire in the year they are installed. Measured in terms of the number of entities, the vast majority of Australian businesses are eligible. But what are the details, and are there limitations?
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