Income Tax Point-in-Time Service Updates

Wednesday 1 April 2020 @ 10.21 a.m.

The Income Tax Point-in-Time Service has been updated to include the Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (Act 22 of 2020).

Act 22 of 2020

An Act to provide an economic response, and deal with other matters, relating to the coronavirus, and for related purposes. This Act contains amendments relating to the following measures:

  • enhancing the instant asset write-off
  • backing business investment
  • boosting cash flow for employers
  • stimulus payments to households to support growth
  • delegation by Director of Human Biosecurity
  • environmental management charges
  • assistance for apprentices and trainees and the aviation sector
  • providing flexibility in the Corporations Act
  • child care
  • superannuation drawdowns
  • additional support for income support recipients
  • temporary relief for financially distressed individuals and businesses
  • early release of superannuation
  • Medicare levy and Medicare levy surcharge income thresholds
  • intergenerational report
  • deferral of sunsetting.

These amendments have been updated in the Point-in-Time Income Tax Service current to 31 March 2020. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.