ATO warns business against using ‘artificial mechanisms’ to cheat schemes

The Australia Taxation Office has cautioned businesses against taking advantage of the government’s most recent expanded asset write-off scheme and the new loss carry-back provision.

by Shared by MyBusiness | 1 Nov, 2020

Full expensing of plant and equipment and the ability to carry back losses are two measures introduced in the budget with the aim of encouraging businesses to invest and accelerate economic growth after the COVID-19 crisis.