• Increasing the base and maximum amounts of the low and middle income tax offset for the 2018/19, 2019/20, 2020/21 and 2021/22 income years and increasing the amount of the low income tax offset from 2022/23;
• Supplementing the same business test with a more flexible similar business test;
• Increasing from $25,000 to $30,000 the threshold below which small business entities can immediately deduct depreciating assets, amounts included in the second element of a depreciating asset’s cost and general small business pools;
• Enabling businesses with aggregated turnover of $10 million or more but less than $50 million in an income year to access instant asset write-off for depreciating assets and certain related expenditure costing less than $30,000.

Confidently and quickly navigate all areas of tax with the Australian Master Tax Guide. Access authoritative commentary, including coverage of recent developments in tax law in response to COVID-19, practical examples, tax planning points, checklists and key tax dates, with ease. This edition is up-to-date to 30 June 2020. Essential for all accountants, tax lawyers, financial advisors and payroll offices.