Question:
Porsche Carrera Cup
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
Leading the pack is Warren Luff’s N2C Carrera Cup Porsche sponsored by us, after winning the first two rounds. Looking forward to Round 3 at Phillip Island on May 23rd!
The Porsche Carrera Cup began in late February this year and Warren Luff is competing with the hopes to beat his performance from last year. He’s definitely in for a fighting chance, lets hope he can keep it up!
The schedule for the next rounds are outlined below:
Round 3 Phillip Island Grand Prix Circuit (Shannons Australian Motor Racing Nationals event) PhillipIsland, VIC May 23-25
Round 4 Townsville 400 Townsville, QLD July 04-06
Round 5 SydneyMotorsportPark Sydney, NSW August 22-24
Round 6 Sandown 500 Melbourne, VIC September 12-14
Round 7 Bathurst 1000 Bathurst, NSW October 09-12
Round 8 Gold Coast 600 Gold Coast, QLD October 24-26
We’ll keep you updated on the progress of the races so make sure to tune in and visit the LOVETTS webpage!
For more information on the Carrera Cup visit their website here – http://www.carreracup.com.au/
For more information on N2C and their programs visit their website here – http://n2c.com.au/
