Updates to the 2020-21 Federal Budget

The much-anticipated 2020-21 federal budget has been announced and it has one simple goal, to get the Australian economy back on track. The budget outlines a path to growth with considerable investment into response and recovery support. This includes increased employment initiatives and a COVID-19 response plan.

In an effort to boost consumer and business confidence, the budget also includes numerous positive tax-related measures for both businesses and individuals. As well as this, industries are also supported by the budget including Agriculture, Education, Real Estate, Infrastructure, Child Care and Aged Care industries.

What’s included?

  • Personal income tax cuts
  • Cash handouts to pensioners and welfare recipients
  • A $4 billion ‘JobMaker’ Hiring Credit
  • New and second-hand capital asset write-offs
  • Changes to how companies can manage losses
  • Access to generous tax concessions for a wider range of businesses
  • Research and development incentives including new energy and modern manufacturing initiatives

Download Budget 2020-21 Client Guide