ACT: COVID-19 support measures extended with lockdown to 17 Sept 2021 – increased by $10,000 for employing businesses and $3,500 for non-employing businesses where those businesses’ turnover has declined by 30 per cent

Tax Month - August 2021

The Federal Treasurer and the ACT Chief Minister have issued a joint media release advising that the COVID-19 economic support measures have been expanded due to the extension of the lockdown in the ACT. The extension is currently due to run to 17 September 2021. See below for further details. [Tax Month – August 2021]    …

AASB 112 Income Taxes, current and future tax consequences – compiled Standard applies on or after 1 July 2021

Tax Month - August 2021

On 30 August 2021, Treasury registered the latest compilation of Accounting Standard AASB 112 – Income Taxes. This compilation incorporates relevant amendments made up to and including 6 March 2020. See below for further detail. [Tax Month – August 2021]     AASB 112 Income Taxes prescribes the accounting treatment for income taxes. The principal issue in accounting for income…