November, 2020 - Business Edge Advisors

A refund on a prior year loss?

November 19, 2020November 16, 2020 by admin

Refunds for Tax Losses If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed … Read more

Investing in your business and get a deduction too.

November 10, 2020 by admin

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be … Read more

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