Monthly update, December 2020

A run-down of the new loss carry back measure

The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as well.

We also look at interest deductions available for rental properties, a development in the rules around active assets and vacant land, and a tightening of compliance in regard to SMSF audits.

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.