From 1 April 2021 the top individual tax rate will increase to 39% from 33%. The 39% will be applied to income earned by individuals over $180,000 per annum. All other tax rates, including the corporate tax rate, remain unchanged.
New research by Mastercard found smaller firms have been among the hardest hit during the COVID-19 pandemic, but it prompted just more than half of them to accelerate their shift to e-commerce sales.
Level 3 means people are instructed to work from home, as well as non-essential businesses where they can, and limit travel.
From today 1 March 2021, the Alliotts team will be operating from home offices and available to assist with all your accounting, tax and business needs.
But economist Chris Richardson, from Deloitte Access Economics, is upbeat about 2021 — so much so, his business outlook for the year is: “We got this.”
He expects Australia will see some important recovery this year provided vaccines start to be administered in Australia from next month, state borders remain mostly open and virus numbers remain suppressed.
So what are his key predictions?
In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses. One sector hardest hit is that of small businesses and the Australian Government has now finalised a new restructuring process for small businesses, commencing on 1 January 2021.