Statistics tell us that divorce is a fact of life with one in three 1st marriages ending in divorce, and one in two 2nd marriages ending in divorce.
In this webinar, we discuss the tax impacts you need to know with divorce and relationship breakdowns including some of the areas that may impact you and where you may need assistance from an accounting and tax perspective.
Obtaining proactive advice in the early stages will help avoid long term issues.
KEY OUTCOMES:
On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
