A recent Bill contains amendments that will:
- exempt employers from FBT if they provide training or education to a redundant, or soon to be redundant, employee in order to assist that employee gain new employment (this was announced in last year’s Budget) – applies to benefits provided on or after 2 October 2021;
- extend the low and middle income tax offset for 12 months (this was announced in this year’s Budget);
- exempt from CGT a granny flat arrangement if certain requirements are met, including that the individual having the granny flat interest has reached pension age or has a disability, and that the arrangement is in writing and is not of a commercial nature (this was announced in last year’s Budget) – if the Bill becomes law by the end of June, the change will take effect on 1 July 2021, otherwise it will take effect on 1 July 2022.
Tip! Talk to Southern Business Solutions if you think any of these measures may affect you.
Ref: TaxWise Business October 2021