The 2020-21 Federal Budget was deferred from its original date of 12 May and handed down on 6 October 2020 by the Treasurer. The budget focused on promoting Australia’s economic recovery from the COVID-19 pandemic and economic crisis.
Here are our insights on some of the proposed measures, including:
- Bringing forward, by two years, stage two of the Personal Income Tax Plan to 1 July 2020
- Allowing businesses to expense capital investment and carry back losses to offset previous years’ profits
- Extension of COVID-19 related support measures including JobKeeper, JobSeeker and a new JobMaker tax credit to support businesses hiring new staff
- Reforms to superannuation to reduce duplicate accounts and improve transparency and performance
- Significant spending measures to support and improve the aged care sector.
More information on these and all of the other main talking points can be found in the FPA Budget Wrap-up.