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.
- 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