Applying the 2020-21 Federal Budget changes in practice
Thursday, 19 November 2020
Assets that can and cannot be deducted immediately Dealing with small business pools Common problem areas and practical issues
In the 2020-21 Federal Budget, the Government announced that businesses with aggregated annual turnover of less than $5 billion would be able to claim an immediate deduction for depreciating assets acquired after Budget night until 30 June 2022. The new rules have already been rushed through Parliament.
The New Instant Asset Write-Off Rules Webinar covers the technical detail and practical application of the key changes to the depreciation rules that are likely to impact on your business clients over the next couple of years.
We work through the timing rules, identify which assets can qualify for an immediate deduction, what to do with SBE general pools and the restrictions that apply to some larger business entities and groups.
The assets that can qualify for the immediate deduction rules (and what will miss out)
How the rules apply to assets that are subject to a depreciating asset lease
The grouping rules that need to be considered
The modified rules that apply to entities with turnover of $50m or more
How the timing rules apply
Planning considerations
Our Presenter
Michael Carruthers
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Hayes Knight group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy
Michael is a member of the advisory panel for the Board of Taxation and is a member of the reference group for the Board’s review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
Register
Individual
$195 Member $235 Non-member
Office*
$430 Member $480 Non-member
*The office rate applies per office location (maximum temporarily increased to 20 participants per office location). The PD points for all attendees will be recognised.
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Your recording will be available for3 months from the date of purchaseand can be viewed as many times as the registered person likes within those 3 months. Once watched, your PD hours will be recorded on the personal profile of the participant.
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