Business Tool:

Tax Facts Datacard 2020/2021

27 November 2020

The BDO in Australia 2020-2021 Tax Facts Datacard is now available and provides general tax information for business and individuals, as well as miscellaneous compliance issues for the current year of 2020-2021.

The BDO Tax Facts Datacard has been released a little later than usual to take into account measures announced in the deferred Federal Budget held on 6 October 2020.

Highlights include various Government measures to assist taxpayers as a result of the impact of Covid-19, in particular:

  • Changes to individual tax rates to provide tax relief to assist economic recovery
  • Generous concessions enabling taxpayers to deduct the full cost of qualifying capital assets
  • Loss recoupment concessions for corporate tax entities enabling them to temporally claim tax losses against a prior tax year’s income tax liability, and
  • Jobkeeper.

If you have any queries in relation to the information contained in the BDO Tax Facts Datacard, we suggest you contact your BDO professional adviser, who will be pleased to assist.