04 Feb 2021 Treasury
The Tax Benchmarks and Variations Statement supplements other Federal Government publications by providing information on Australian Government tax benchmark variations. The Statement provides annual information on Australian Government tax benchmarks and variations, as required by section 12 of the Charter of Budget Honesty Act 1998.
Revenue estimates published in budget papers and the taxation statistics made available by the Australian Taxation Office focus on incomes that are subject to tax and the revenue the Government collects.
Read more here.
Accounting bodies release joint statement on full expensing of depreciating assets measure and small business entity pooling
The accounting bodies have released a joint submission to the Federal Government dealing with the recent legislative amendments contained in Schedule 1 to the Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (the amendments). The submission relates to an anomaly with the full expensing of depreciating assets measure as it applies to small business entities (‘SBEs’). The bodies making the submission were Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, Law Council of Australia, Tax & Super Australia and The Tax Institute.
The amendments are intended to provide businesses with flexibility to choose whether to apply the full expensing of depreciating assets measure on an asset-by-asset basis. However, this flexibility is not available to SBEs. The accounting bodies submit this may be "particularly problematic" for discretionary and unit trusts that are commonly used in the SME sector.
Read more here.