Loss Carry Back Rules and Instant Asset Write-Off Rules: Insights and Opportunities
With so much change to keep on top of lately, you may have not be fully aware of the New Loss Carry Back Rules or the Instant Asset Write-Off Rules that were rushed through Parliament, or the opportunities they provide for your clients while the new measures are in place.
Description
Attend and earn 1 CPD hour
FASEA CPD Categories
Estimated 1 CPD hour in Technical Competence
Businesses with aggregated annual turnover of less than $5 billion can carry back losses from the 2020, 2021 and 2022 income years to offset previously taxed profits in the 2019, 2020 and 2021 income year. In addition, they can claim an immediate deduction for depreciating assets acquired after Budget night until 30 June 2022. This session explores what opportunities this provides for your clients while the new measures are in place.
Loss Carry Back Rules and Instant Asset Write-Off Rules: Insights and Opportunities
- Conditions that must be met
- Dealing with tax losses
- Calculating the tax offset
- The assets that do and don’t qualify for the immediate deduction rules
- How the rules apply to assets that are subject to a depreciating asset lease
- Grouping rules and timing rules
- Insights and opportunities
Presented by Gary Poon, Partner, Tax, BDO
Presenters
Gary Poon is a highly experienced Partner in BDO’s Melbourne Tax Team, with 15 years of experience in the tax profession.
Gary has experience in advising government and corporate clients on various tax matters, but his passion lies in complex transactions. Gary takes great pleasure in advising businesses on structuring of investments and restructures for tax-effective divestment of assets, held by both local and foreign shareholders. Gary is known for his interest and experience in the agribusiness industry. Gary’s strengths lie in his attention to detail and his methodical approach to taxation issues. He is highly regarded by his peers for his strong technical skills. Gary has contributed written articles to Bloomberg and Tax & Super Australia, and has presented at various tax discussion groups and forums over the years.