December 2020: New loss carry back measures, calling time, when vacant land is an active asset and more

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 CGT rules around active assets and vacant land, and a tightening of compliance in regard to SMSF audits. 

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. 

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