What's new in Tax 2021
Temporary full expensing: Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets. Corporate tax entities unable to meet the $5 billion turnover test may still be eligible for temporary full expensing under the alternative income test. .
- Backing business investment and enhanced Instant Asset Write Off: In March 2020, as part of the Government’s Coronavirus economic response package, two stimulus measures were introduced to promote business investment in assets and support the economy and jobs.
- Choosing the right depreciation incentive: The government introduced the depreciation incentives to recover from the impact of COVID-19, and find out which is correct for your client.
- Applying 2021 changes to depreciation in tax
- New Exemption /Rollover code added to Item 18 - Capital gains to cater for Additional Housing Discount.
- Reporting aggregated turnover: Taxpayers will report their aggregated turnover by selecting their turnover range.
- Loss carry back offset (company returns): Eligible corporate entities can offset their tax losses against previous tax liabilities through a refundable tax offset.
- Temporary full expensing
- Instant asset write off
- Interaction of tax depreciation incentives
- CGT discount increased to 60% for resident individuals who invest in qualifying affordable housing from 1 Jan
- Loss carry back offset (Company returns)
2021 tax instructions
- Individual tax return
- Company tax return
- Partnership tax return
- Trust tax return
- Fund tax return
- Self Managed fund tax return
MYOB Practice Tax (AU)
MYOB Practice Tax is an online compliance product for all your tax needs. As we are still building the tools, you can join our Early Access Program (EAP).
Click the links to learn more
- Check out our MYOB Status page. It shows the PLS status for ATO and MYOB services.
- For troubleshooting, technical queries or just finding out how it all works in the software, there are a few ways we can help you: