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Released: 27 March 2020
As the country headed towards a lock-down under Level 4 of the COVID-19 alert level system this week, Parliament passed legislation under urgency on 25 March 2020 to give effect to the Government’s COVID-19 economic support package.
We have previously summarised the Government’s announcements. However, due to the rapidly evolving nature of the situation, it has been difficult for many individuals and businesses affected by COVID-19 to find out detailed information relating to how the announcements apply to their particular circumstances. We have summarised below the key features of the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020 (the Act) and the COVID-19 Response (Urgent Management Measures) Legislation Act 2020 (the Urgent Measures Act) that individuals and businesses should be aware of when considering how the changes apply to their circumstances.
In our latest COVID-19 Tax Tips Alert we cover:
- Tax changes
Restoring building depreciation
- Changes to provisional tax thresholds
- Low-value asset threshold
- Use of money interest (UOMI) remission
- Research and development (R&D) tax credit refundability
- GST on COVID-19 related payments
- Support for individuals
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