2020/2021 Federal Budget
Lowe Lippmann Chartered Accountants
FEDERAL BUDGET 2021
SUMMARY AND FULL COMMENTARY UPDATES
The 2020/21 Federal Budget was handed down by Federal Treasurer, Josh Frydenberg on the evening of Tuesday 6th October 2020.
Lowe Lippmann is pleased to provide the following commentaries, explaining the key issues released in the budget.
Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
