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Notes Online Home 2021 Tax Schools Day 2 What’s new for business in 2021?
Major changes to business tax returns in the 2021 income year
In this segment of the notes we investigate the major changes to business tax returns in the 2021 income year. In particular:
- New reporting requirements for companies claiming the NEW temporary loss carry back tax offset
- Businesses claiming certain tax concessions now required to report their ‘aggregated turnover’
- New requirement for beneficiaries to separately report trust distributions from testamentary trusts
- Legislative changes affecting the preparation of business returns for the 2021 income year
- Summary tables of the key changes impacting the 2021 business returns