Growthwise in Newcastle, New South Wales | Business service

Growthwise

Locality: Newcastle, New South Wales

Phone: +61 2 4927 8982

Address: 59 Parry Street 2300 Newcastle, NSW, Australia

Website: http://www.growthwise.com.au

Likes: 1382

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• Business service
• Tax preparation service
• Accountant
• Financial service

25.01.2022 TAX CUTS FOR BUSINESSES : LOSS CARRY-BACK TAX OFFSET Not exactly a tax cut however some great news for businesses who incur losses due to COVID downturns or investment in assets they can now write off in full. Losses incurred in 201920, 202021 and/or 202122 can be carried back against profits made in or after 201819. Eligible companies may elect to receive a tax refund when they lodge their 202021 and 202122 tax returns.... Eg Let’s assume you made a profit in the 2019 tax year and paid tax of $20,000. In 2020 tax year, due to Covid19, you made a tax loss of $50,000 & didn’t have to pay any tax. In the 2021 tax year you make another loss of $50,000. When you lodge your 2021 Income tax return you will claim the $100,000 of losses and the $20,000 tax paid in your 2019 tax return will be refunded to you. #Budget2020

15.01.2022 Here's our #Budget2020 Recap Video - we'll also have a blog post up shortly UDPATE: Full blog post here: https://www.growthwise.com.au/news/2020/federal-budget-2020

12.01.2022 JOBMAKER Designed as an incentive to take on additional employees aged between 16 and 35 years old who are currently on JobSeeker. The position must be an 'additional' position meaning you need more employees than previous. It's $200 per week for those 16-29 and $100 per week for those 30-35 years old. Payment is made for up to 12 months. The position must have been created after 7th October. #Budget2020

11.01.2022 R&D For businesses with a turnover of less than $20million the R&D offset will be set to 18.5% above the Company Tax Rate. No $4million cap on Annual Cash refunds either. These changes take effect 1 July 2021 #Budget2020

07.01.2022 PENSIONERS For those on Age Pension, Disability Pension, Veterans, Carer Payments & Family Tax Benefit recipients will receive 2 x $250 lump sum cash payments. One in December and then another in March ... #Budget2020

05.01.2022 TAX CUTS We all love tax cuts. The Low Income Offsets will continue... AND The current tax rates are decreasing and they are being backdated to 1st July The table below shows the new tax rates & you can find an awesome little calculator here https://budget.gov.au/calculator/index.htm?income=100000 #Budget2020

01.01.2022 DEPRECIATION In more good news for businesses ANY ASSETS purchased from 7.30pm tonight 6th October until 30 June 2022 will be able to be written off in FULL. No $150k cap, you can now depreciate the entire amount when purchased & ready for use. #Budget2020