Urgent legislation has been passed to support the package of economic and social measures needed to recover from the impact of the coronavirus outbreak.
The main measures contained in this Bill are:
- Restoring building depreciation
- Increasing the provisional tax threshold from $2,500 to $5,000
- Allowing immediate low-value asset write-offs
- Bringing forward broader R&D refundability
- Allowing use of money interest to be waived
- Allowing greater information sharing
- Allowing more access to the in-work tax credit.