Other Budget Announcements

Other Budget considerations $3.9bn Disaster response funding Australia has seen its fair share of catastrophic disasters this year. In response, the Government has announced the creation of a $3.9bn Emergency Response Fund. The Fund will provide $150m per annum from 2019-20 to 202-24 following a significant and catastrophic natural disaster. This funding is applied where…

work related expenses claim

Fringe Benefits Tax

Benefits during emergencies exempt from FBT If your business assists employees during an emergency, for example floods, bushfires etc, then fringe benefits tax is unlikely to apply to the assistance you provide. While we doubt anyone would be thinking about FBT during a crisis, it’s good to know that the tax system does not disadvantage…

Primary producers

New immediate deduction for primary producers Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the primary producer first uses the asset or has the asset…